BenefitsPro: Trump Seems to Walk Back Payroll Tax Holiday
Chad / 22 Aug 2019
A payroll tax holiday is “sold as a way to stimulate the economy, but all it does is shortchange the future,” Ubiquity’s founder and CEO Chad Parks told BenefitsPro.
Analysis from the Committee for a Responsible Federal Budget, a bipartisan think tank, shows that a 2 percent payroll holiday would cost nearly $300 billion, before interest, if enacted for two years in 2020.
While the idea appears to have been shelved by the White House for the time being, it could re-emerge if looming recession fears accelerate in front of the 2020 election.