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Trump's $800 billion payroll tax cut plan would dwarf Obama's stimulus package from the height of the financial crisis

Trump's $800 billion payroll tax cut plan would dwarf Obama's stimulus package from the height of the financial crisis
Associated Press



The Trump administration's proposed economic stimulus would surpass the 2009 Obama stimulus legislation during the height of the financial crisis.




At the heart of Trump's plan is a suspension of payroll taxes that would last until the end of the year and cost over $800 billion, according to estimates.




The payroll-tax cut, combined with extending sick leave and boosting unemployment benefits, would likely put the cost of Trump's proposals above $1 trillion.




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The Trump administration's proposed stimulus package aiming to slash payroll taxes would surpass the size of President Obama's stimulus legislation passed over a decade ago at the height of the financial crisis. It would also likely add close to another $1 trillion onto the federal debt.
At the heart of Trump's plan is a suspension of taxes on employee wages that would last until the end of the year. Those are taxes used to finance Social Security, with employees and employers each paying 6.2% on their wages scaling up to $137,700. Then an additional 1.45% from the employee's gross pay is used to fund Medicare.
Among other elements of the nascent package — which remains under negotiation in Congress — are an extension of paid sick leave for workers and additional unemployment benefits.
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