Column: Another mark against Trump's coronavirus tax cut — most of it would go to the rich
This finding is important because it is becoming increasingly clear that the chief victims of the crisis will be low-income service workers who can’t do their jobs from home, whose workplaces — restaurants, bars and so on — are being closed by government order, and who have virtually no financial cushion. The imperative, therefore, is to get cash into their hands, now.
“A payroll tax cut would help those lucky enough to keep their job and would provide a bigger break to those with more earnings,” ITEP reported. “Sending checks to every household would be a far more effective economic stimulus because it would immediately put money in the hands of everyone who would likely spend it right away, pumping it back into the economy.”
ITEP’s finding that a payroll tax cut would be regressive isn’t surprising. The payroll tax, which funds Social Security and part of Medicare, is highly regressive, meaning it falls more heavily on the middle- and working-class than the rich.
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