It will help the Black community enormously which is why the Democrats oppose it. Gotta keep Black folks down on the Democrat plantation. Democrat party – same as it ever was.
Trump’s payroll tax cut boosts blacks ‘most,’ could add 2M-3M jobs: Analysis
By Paul Bedard, Washington Secrets Columnist | July 06, 2020 12:58 PM
Black workers, the economy, and the jobless would benefit from President Trump’s proposed payroll tax cut, part of the negotiations for a new coronavirus stimulus package, according to an anti-tax group.
In a new report provided to Secrets, the Committee to Unleash Prosperity said that Trump’s No. 1 goal of cutting taxes will help African Americans “disproportionately” because they pay more in paycheck taxes, according to studies.
In addition, the study, which was authored by outside Trump adviser Stephen Moore and Casey Mulligan, a former Trump chief economist for the Council of Economic Advisers, said that the cut could lead to the creation of 2 million to 3 million new jobs by curbing hiring costs for employers.
And, they said, it could add 1 percentage point to economic growth. The report is show below.
Congress and the president are currently negotiating the next stimulus deal. It could also include another round of stimulus checks and new business initiatives.
However, there is little time to push it through. Congress is currently on an extended July Fourth holiday and only plans to be in Washington for three weeks between now and Labor Day.
“It’s hard to imagine much gets done,” said a key Senate Republican staffer.
The new report put a focus on the impact of the payroll tax cut on black workers. It noted that they could benefit more. That is because they generally earn less, and thus, their earnings aren’t protected as much from the Social Security old age, survivors, and disability insurance tax.
It explained: “Blacks pay a higher share of the income in payroll taxes for several reasons. First, their earnings are lower, and fewer blacks hit the earnings ceiling on the OASDI tax. One study found that whites are 2-3 times more likely to earn over the earnings cap for OASDI taxes. Second, employer-sponsored health insurance is deductible from the pay roll tax (and income tax too), but blacks are less likely to have that (47%-71%).”
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