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JLeslie's avatar

Do you think the US should do a payroll tax reduction in response to COVID-19?

Asked by JLeslie (65558points) March 13th, 2020 from iPhone

What measures do you think the fed should do?

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11 Answers

elbanditoroso's avatar

As I read things about it this morning,

1) it will take too long to put in place (i.e. a couple months)

2) it only helps people who are working (i.e. not stay-at-home parents, or kids)

And it is incrementally small.

So, no.

janbb's avatar

Also, it drains the Social Security funding which is very bad. Things like paid sick leave would be much more effective and useful.

MrGrimm888's avatar

At this time, Trump still plans to kick 700,000 people off of food stamps April 1st. The sad irony is that those people, will probably be affected the worst by the pandemic. I don’t know what they’re going to do.

Call_Me_Jay's avatar

Doesn’t do anything for people who aren’t working. Layoffs have already started.

johnpowell's avatar

Cool, a tax cut on the wages I don’t have.

MrGrimm888's avatar

The government is going to have to do something, about all these people losing wages…

I think we’re a few days away from shutting down most businesses. That is going to suck…

JLeslie's avatar

I’m against a payroll tax cut myself. I was in the past too when Bush did it. So many republicans had the nerve to say Obama was raising taxes when the tax reduction expired.

I don’t think most businesses will close, but a lot of business will be slowed down or closed temporarily.

I heard on TV about 30% of people don’t have sick pay through work. I would guess about half of those people are very low wage and live check to check. That’s my guess. Sick pay doesn’t cover lost wages from business slow down though.

Maybe temp work will go up in some industries if they have sick employees or if they have increased business.

Payroll tax cut doesn’t do anything if you aren’t getting paid, as people said above.

Most of my working life I would have been happy to get time off, even unpaid, for a few weeks or a month, and I know there are some people like me. Usually, workplaces won’t let you do it. Obviously, it’s a luxury to be in that position. When I was a young adult it would have been impossible for me.

I just worry a little that a bunch of money will be given away willy nilly when we already have a budget deficit, but I don’t want anyone to be panicked that this health problem will leave them unable to afford necessities or to get healthcare, etc. I don’t want one America to worry about basic needs right now.

janbb's avatar

The government just ineffectively tried to bail out Wall Street with 1.5 trillion dollars. It’s interesting that they can find money for what they want. What did they do, look in another pocket? And then they’ll scream about fiscal responsibility when the Democrats get back in power.

JLeslie's avatar

@janbb I don’t think this administration gives a damn about fiscal responsibility regarding the budget. They’ll print money or just let the budget deficit grow bigger and bigger.

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