In order to combat the economic effects of the COVID-19 Wuhan coronavirus infection, President Trump has proposed a plan to cut payroll taxes in order to boost the economy.
“[We are] discussing a possible payroll tax cut relief, substantial, really very substantial,” said President Trump during a press conference at the White House.
The proposed plan will allow working Americans to keep more of what they earn from each paycheck while they deal with the financial stress caused by the Wuhan coronavirus.
Trump went on, “We’re also going to be talking about hourly wage earners getting help so that they can be in a position where they’re not going to ever miss a paycheck.”
Predictably, Democrats are against President Trump’s plan to cut payroll taxes.
Former Obama economic adviser Austan Goolsbee went on MSNBC and told viewers that President Trump’s payroll tax cuts are “not the answer.”
Goolsbee said, “The reason that people getting a payroll tax cut is probably not the right answer is because, A, a bunch of people are going to lose their jobs so they don’t pay payroll tax.”
Goolsbee added, “A bunch of people are retired so they don’t pay any payroll tax. But even if you give the people in a payroll tax cut, they’re not going out of their house because they’re afraid to go to public places and at a large share of the U.S. economy are services and the face to face kind of activities that are exactly what get hammered in this kind of a fear crisis.”
In a typical display of Democrat hypocrisy, then-minority leader Nancy Pelosi supported payroll tax cuts back in 2012 as a way to boost the American economy and create jobs.
“[A payroll tax cut] is necessary because our economy and our people need this boost,” Pelosi claimed in 2012. “For individual families, 160 million families, this will be a boost from a macroeconomic standpoint.”