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Brancaccio: Oh, so we might actually not see this because the employers are like, there’s too much confusion here. And if bankruptcies continue at that pace, the number could rival the bankruptcies of 2010, after the Great Recession. I think the last thing an employer wants to do is withhold the entirety of your Christmas paycheck because you owe payroll taxes for the prior four months.

What’s going to happen to retailers, especially with the holiday shopping season approaching? CNN's Lauren Fox and Manu Raju contributed to this report. It reduced the employee-side tax by 2 percentage points.

I want to ask you about the cut in payroll tax that the president has ordered up in the name of pandemic relief.

Trump’s push to cut payroll taxes has opened a Democratic line of attack. © 2020 Minnesota Public Radio. Congress would likely replenish the Social Security and Medicare funds with general revenues, like it did in the past.

But Senate Finance Chairman Chuck Grassley, a Republican from Iowa, warned this week that a payroll tax cut would create a "public relations problem.". President Donald Trump signed executive actions over the weekend in the name of tiding people over during a pandemic at a time that Congress can’t agree on a longer-term package of aid.

President Donald Trump during a news conference in the White House briefing room on Tuesday.

But it won't immediately help companies that have laid off employees or remain shut down. "People would think that we're hurting Social Security funds when we're really not," Grassley said. But they can’t rely totally on predictive modeling. President Trump and Republicans got much of the tax code they wanted in 2017. He is now balancing the potential benefits of giving working people more money in their paychecks — at least temporarily — versus undercutting his own pledge from the 2016 campaign that he would protect entitlement programs. Beyond the complicated legal questions about whether Mr. Trump can circumvent Congress by using executive actions to create his own tax-and-spend policies, and the economic debate about whether a payroll tax even helps the right people (it does nothing for the unemployed), the proposal leaves Mr. Trump juggling political priorities. Congress would have to decide how much to reduce the rate and how long the tax holiday would last. A cut to the employer-paid tax would give companies a little more liquidity and may help those struggling to pay rent and other bills. The national unemployment rate stands at 8.4% , after hitting a peak of 14.7% in April. An analysis from the Institute on Taxation and Economic Policy found that the … In a second term, he would face expiration dates on those and push for more tax cuts.

Goldwein: They could.

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On Monday, Mr. Biden capitalized on the opportunity. When Mr. Trump announced that he was unilaterally deferring payroll taxes to bring economic relief to struggling Americans, he and his aides thought it would allow them to frame him as pro-worker. It was then extended through 2012, costing an additional $115 billion, according to the Congressional Research Service.
Are people still waiting for unemployment payments? People’s shopping habits have ebbed and flowed depending on the state of COVID-19 cases or lockdowns. Trump’s push to cut payroll taxes has opened a Democratic line of attack.

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President Donald Trump keeps pushing Congress to include a payroll tax cut in the next economic relief package. David Brancaccio: Help me with this. However, I think a lot of employers are probably just going to keep withholding that payroll tax under the assumption that Congress does not act to cancel it permanently.

The loans are forgivable if the business used the money to keep employees on the payroll -- but they were meant to cover only two months' worth of costs.

Trump Tax Reform Calculator - Trump Tax Reform - GOP Tax Bill | Calculators by CalcXML.

Marc Goldwein, senior policy director for the Committee for a Responsible Federal Budget, spoke with “Marketplace Morning Report” host David Brancaccio and the following is an edited transcript of their conversation. His second-term tax platform remains vague. Goldwein: That’s right. Trump directed limits to evictions, and student loan payments can be deferred until the end of the year.

For retailers, the last three months of this year will be even more critical than usual for their survival as they look for some hope around the holidays. Yes. Trump extended extra unemployment benefits to $400 per person, shifting some of that payment burden onto states, though it’s unclear if states will comply at a time money is so tight. Read more here on what they are doing about it. Let’s just keep it status quo until we get some clarity.

President Donald Trump has been pushing for a payroll tax cut. That means there are millions still waiting.

But while a payroll tax cut would increase worker paychecks, it only helps people who are currently working.

Some might not be back in business until the virus is under control and states can fully reopen. That, too, is complicated. Marketplace is a division of MPR's 501 (c)(3).

The president supports the cuts to the payroll tax, but what he’s been able to do by executive [action] is just delay the payment. There is no way to know exactly how many people have been waiting for months and are still not getting unemployment, because states do not have a good system in place for tracking that kind of data, according to Andrew Stettner of The Century Foundation.

BDO USA said 29 big retailers filed for bankruptcy protection.

“Donald Trump said that if he’s re-elected, he’ll defund Social Security,” he tweeted. Payroll tax cuts have had mixed results in the past, and some economists argue that it's not the best way to boost the economy right now.

Are we going to see another wave of grocery store shortages? A report out Tuesday from the accounting consultancy BDO USA said 29 big retailers filed for bankruptcy protection through August. Your investment in Marketplace helps us remain paywall-free and ensures everyone has access to trustworthy, unbiased news and information, regardless of their ability to pay. Congress can always act, and what the president is trying to do is put their feet to the fire and say, well, I’m going to cancel the payroll tax for now anyway, so if you don’t cancel it permanently, there’s going to be a big balloon payment. Even with the payroll tax cut from Trump’s executive action, companies might continue withholding David Brancaccio , Meredith Garretson , Erika Soderstrom , …

An emergency loan program created by Congress made money available for small businesses hurt by the pandemic. It’s a cut now, but unless Congress acts, people would eventually have to pay what is due? How are you reading this? President Donald Trump during a news conference in the White House briefing room on Tuesday. Well, public health officials are warning that we could see a second wave of the virus before the end of the year.

Now more than ever, your commitment makes a difference. But by his own calculations, only about 60% of people who have applied for benefits are currently receiving them. Do employees have a say in whether to go on payroll tax holiday?

A handful of Republicans brought up concerns about a payroll tax cut at a party lunch Tuesday with Treasury Secretary Steven Mnuchin and Trump's chief of staff, Mark Meadows, according to a person in the room.

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Washington (CNN)President Donald Trump is pushing Congress to include a payroll tax cut in the next economic relief package. EIN: 41-0953924, Payroll tax cut could mean Social Security benefits run out sooner, Trump considers carrying out COVID-19 economic relief with executive orders. What do the wealthy think of Joe Biden’s plan for taxes and economic rebuilding? Can even a deal to cut oil production increase prices amid COVID-19? The payroll tax cut implemented in 2011 reduced federal tax revenue by $112 billion in its first year. "Maybe three people raised it and they were all saying the same thing: Maybe this isn't necessary," the person said. Updated 1939 GMT (0339 HKT) July 21, 2020.

But the move comes with political risks. There’s a lot of ambiguity to employers as to whether they’re even allowed to reduce the withholding, let alone whether it’s the wise thing.

Brancaccio: Now, Congress could act as part of whatever bigger thing they may or may not do.

And so what he said is that any payroll taxes that are due over the next few months can be paid on Dec. 31, which means that, ultimately, the bill will still come due.
With President Trump's signature the Tax Cut and Jobs Act is now law and described as the most significant overhaul of the American tax system in decades. Marc Goldwein: That’s right. Employers match the amount.

And there’s a temporary cut in payroll taxes to put cash into the pockets of people who do have work. “We can’t let that happen.”, The Democratic National Committee amplified the line of attack the next day, blasting out a statement that highlighted “At Least 7 Times Trump Said He Will Permanently Eliminate Funds To Social Security And Medicare.”. A payroll tax cut would reduce the amount taken out of workers' paychecks to. Currently, workers pay about 7.65% of their wage and salary incomes.

President Donald Trump is pushing Congress to include a payroll tax cut in the next economic relief package. Domestic workers still don't have safety protections on the job, Small businesses await clarity before applying for PPP loan forgiveness, College admissions is a business, and the pandemic could upend it. Donate today — in any amount — to become a Marketplace Investor. The president has given Democrats an opening to raise Social Security cuts as an issue in the final months of an election in which his support among older voters already appears to be shaky. So, grocers are going to have to trust their guts. And this time retailers want to be prepared if there’s high demand for certain products.

Congress has already spent $3 trillion to help rescue the economy, which is likely to lead. Trump previously vowed a middle-class tax cut during the November 2018 midterms, but it never happened. A payroll tax cut would do nothing to help the, For the workers who would see more take-home pay, the benefit would be felt only over time -- similar to.

A temporary payroll tax cut was implemented in 2011 in the aftermath of the financial crisis.

Eliminating the payroll tax could jeopardize the funding stream for Social Security, which is one of the government’s most popular programs, providing benefits to about 65 million people.

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