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Trump Floats $700 Billion Payroll Tax Cut Decried as Stealth Attack on Social Security 

HeadlineMar 11, 2020

President Trump and lawmakers opened talks Tuesday on a massive emergency relief package aimed at blunting the impact of coronavirus on the U.S. economy. Trump floated the idea of a payroll tax cut that would eliminate nearly $700 billion in revenue from Social Security by the end of the year. The proposed payroll tax cut was attacked by economists who noted it would deliver most help to households least in need. And the advocacy group Social Security Works tweeted, “This is a Trojan Horse attack on our Social Security system, which will do nothing to meaningfully address the #Covid19 crisis.” Meanwhile, The Washington Post reports the White House is strongly considering pushing federal assistance for oil and natural gas producers hard hit by the coronavirus outbreak and an oil price war between Russia and Saudi Arabia.

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