The president wants us to believe that the economy is both booming because he’s doing a great job, and in such a fragile state that the Federal Reserve needs to cut rates and Congress needs to cut taxes. It doesn’t work like that.
Photo: SAUL LOEB/AFP/Getty Images The president would like you to know that the economy is amazing, “very strong,” “the best in the world, by far” with the “lowest unemployment ever in almost all categories.” The vice-president says “our economy is thriving, and Americans are winning.” Commerce Secretary Wilbur Ross says “American companies and workers are succeeding together” because of Trump’s policies.
The why of the payroll tax cut would presumably be the same as the why when Congress last did a temporary payroll tax cut in 2011. The point of the policy would be to stimulate the economy by putting more money in consumers’ pockets and reducing the disincentive that taxes on labor income create for working and hiring.
And there would be problems on the other side of the aisle. Republican lawmakers love tax cuts, but payroll tax cuts are not their favorite kind of tax cut. They are more inclined to believe tax cuts on capital income boost growth , and wealthy Republican donors stand to benefit only very modestly from a cut in Social Security taxes, which apply only to the first $132,900 of labor income.
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