Report: Trump Pitched 0% Payroll Tax For Rest of Year to Combat Coronavirus [BEST POTUS SINCE WASHINGTON]
(www.breitbart.com)
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I have no idea how to do a backflip. But, if anything close to this proposal actually happens, I'm going to learn dammit. I'm going to learn.
Part of payroll taxes are paid by the employer, true. But, part are paid by the employee. And, with less tax to pay, the employer will be able to spend more on wages.
See! This is what I’m saying! 95% don’t know what payroll taxes are or that employers pay half of their employees taxes! It’s the biggest hidden tax in history of taxes.
Damn right!
As an employer, I can say these payroll taxes are quite a burden. An employee pays,say, 7% per paycheck out of his pay: the employer pays 7% x (number of employees) per paycheck and has to give the Govt. the collected money and a summary report quarterly. Heaven help you if your reporting isn't satisfactory. The paperwork alone must be very costly to the Govt as well as the employer in manhours.