21 windows wrote:
It seems that Senate republicans are against Trump's emergency economic stimulus ideas (a large payroll tax cut) after they had a "gathering". They indent to let coronavirus matters get worse if they don't get some political concessions.
Speaking to reporters after the meeting, Trump called the gathering “great” and said there was “tremendous unity.”
“I don’t think any decision whatsoever has been made," said Sen. John Kennedy (R-La.).
One reason multiple Republicans and White House aides oppose the payroll tax cut is because they doubt it will do much to calm economic fears.
Senate Majority Leader Mitch McConnell (R-Ky.) has privately told several allies in recent days he personally opposes the payroll tax cut idea Trump has endorsed .... McConnell has made clear he “detests” pursuing this particular policy, which would probably add to federal debt and deficits, and he has said many conservative GOP senators share his view.
I'm not particularly in favor of a payroll tax cut and have some doubt about its effectiveness to combat a flu epidemic, but I do want to point out the hypocrisy of the Republican Senators here.
payroll taxes are recessive. Republicans were all in favor of cutting taxes on the wealthy where almost all of the benefit goes to those who are upper middle class or better. They did not have concerns about debt and deficit then. Of course some of them just lied and said economic growth meant the tax cut would pay for itself. Tax cuts for lower income earners are a far better way to stimulate the economy than tax cuts for the wealthy. Of course the Republicans don't favor cutting the regressive taxes. If they were really concerned they could, of course, include pay-fors in terms of raising the rates on dividends, or go back to the previous top marginal rate, etc....deficit neutral and stimulates the economy...