Trump's radical plan to waive payroll tax would punch hole in Social Security, Medicare budgets

President Donald Trump has picked his favourite weapon to fight the economic fallout from the coronavirus - an elimination of the "payroll tax" on workers' gross earnings that is used to fund national retirement programs. Trump advisers on the White House economic team and Republican lawmakers are pushing for more targeted stimulus. Trump told Republican senators in a meeting Tuesday he would like to waive the payroll tax entirely through the end of the year, or even permanently suspend it, one attendee told Reuters.

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