Morning Jolt: Trump’s Presidential Powers Seem to Be Dwindling

On the menu today: Both Donald Trump and Joe Biden take a moment to offer ludicrously unrealistic proposals about Social Security and Medicare, the disappearance of functional Congressional majorities, and indicators that large swaths of the world just tune out what the president says on any given day.

Washington's Jaw-Dropping Denial about Money

Yesterday, during his press briefing at the White House, President Trump again pitched his proposal to "terminate the payroll tax" permanently.

The term "payroll taxes" probably misleads some people, as they are considered separate from your income taxes, despite the fact that half of them comes out of your paycheck. You and your employer each pay 6.2 percent of your income to pay for Social Security and 1.45 percent for Medicare, and an additional 0.9 percent is levied on the highest earners. In fiscal year 2019, Americans paid $1.2 trillion, which was almost 36 percent of all federal revenues.

By 2035, the revenue from ...

WITH JIM GERAGHTY August 13 2020 WITH JIM GERAGHTY August 13 2020 Trump's Presidential Powers Seem to Be Dwindling On the menu today: Both Donald Trump and Joe Biden take a moment to offer ludicrously unrealistic proposals about Social Security and Medicare, the disappearance of functional Congressional majorities, and indicators that large swaths of the world just tune out what the president says on any given day. Washington's Jaw-Dropping Denial about Money Yesterday, during his press briefing at the White House, President Trump again pitched his proposal to "terminate the payroll tax" permanently. The term "payroll taxes" probably misleads some people, as they are considered separate from your income taxes, despite the fact that half of them comes out of your paycheck. You and your employer each pay 6.2 percent of your income to pay for Social Security and 1.45 percent for Medicare, and an additional 0.9 percent is levied on the highest earners. In fiscal year 2019, Americans paid $1.2 trillion, which was almost 36 percent of all federal revenues. By 2035, the revenue from ...   READ MORE

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