Democrats are lining up to condemn President Trump’s proposal to eliminate payroll taxes amid the coronavirus outbreak, even though many of them were lock-step in supporting former President Obama’s two-percent payroll tax cut in 2010.
The apparent flip-flop came as stocks rebounded on Tuesday on news of the president’s coronavirus initiatives, with the Dow posting its third-biggest point gain in history. Trump has called for a “dramatic” payroll tax cut, and Fox News is told there has been consideration of suspending the payroll tax for three months, through the fall, or even through the end of the year.
House Speaker Nancy Pelosi, D-Calif., is working with Democratic leaders on their own stimulus package, and has suggested that a payroll cut likely won’t be included because it amounts to “tax cuts for major corporations.”
However, in a 2011 press release, Pelosi called a brief extension of Obama’s payroll tax cut a “victory for all Americans” and said it would put “nearly $40 per paycheck in the pockets of the average family.”
“Today is a victory for all Americans – for the security of our middle class, for the health of our seniors, and for economic growth and job creation,” Pelosi said at the time. “The American people spoke out clearly and, thanks to President Obama’s leadership, 160 million Americans will continue to receive their payroll tax cut – nearly $40 per paycheck in the pockets of the average family. I salute the work of the unified House Democratic caucus on behalf of the American people.” – READ MORE
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