What is the federal payroll tax for Social Security Medicare trump wants to slash?
Payroll taxes are taken from both employers and workers to help fund government programs such as Social Security and Medicare. Currently, employers and workers each pay 6.2% towards Social Security, or 12.4% total. The Social Security payroll tax phases out for incomes above $137,700.
https://mysmudgingblog.blogspot.com/2020/09/106-million-jobsterminate-tax.html
trump’s 10.6 Million Jobs Stat Masks a Complex, Weak Unemployment Picture
BY BRENDAN COLE ON 9/11/20 AT 4:27 AM EDT
https://www.newsweek.com/trump-jobs-unemployment-stat-coronavirus-1531139
Fact check:
trump doesn’t outperform other presidents despite 2 months of strong job gains
Katie LandeckUSA TODAY
The unemployment rate now is11.1%. In April, it was 14.7%, dropping in May to 13.3%. To put that in perspective, the unemployment rate spiked at 10% during the Great Recession and 10.8% in June 1983. And despite jobs regained, the country is still down nearly 15 million jobs compared to February.
The number in the claim “no president in American history averaged higher than 224,000 jobs in one month” may come from a CNN report in February that examines Trump and former President Barack Obama’s jobs numbers. It compares Trump’s first three years in office with Obama’s final three years, finding that employers added an average 224,000 jobs in those Obama years.
What’s True
On Aug. 8, 2020, U.S. President Donald Trump said he intended to “terminate the tax,” referring to Social Security and Medicare payroll taxes. It’s a step that would — if taken in isolation — remove nearly 90% of funding for Social Security benefits, and thus likely pose a threat to the continued existence of those programs.
What’s False
In the same remarks, Trump also articulated different and conflicting plans for payroll taxes, saying variously that he would forgive four months’ worth of deferred payroll tax obligations, that he would extend the deferral of payroll tax obligations, and that he would permanently “cut” payroll taxes.
What’s Undetermined
It’s unknown whether Trump had a plan to replace the shortfall in Social Security funding in the event that he eliminated payroll taxes.
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