Some analysts suggest a cut can do more harm than good.
he is considering a payroll tax cut that would put money back into everyday Americans’ pockets, but it could impact funding for Medicare and Social Security, increase the deficit and might not even work to stimulate the economy.
Payroll taxes are used by the government to fund programs like Medicare and Social Security, which means that cutting payroll taxes would reduce money going into those funds.in revenue over two years, according to the Committee for a Responsible Federal Budget, a bipartisan policy think tank.According to, however, every $1 a worker gets back in their paycheck translates to 80 additional cents contributed to the country’s gross domestic product .
Despite that figure, analysts also believe low unemployment means any economic stimulus from a payroll tax cut would be nominal, since businesses can’t hire workers fast enough to match consumer spending.
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