Stephen Moore insists Trump has authority to enact payroll tax holiday: 'People really do like the idea'
Economist claims every US worker would receive immediate 7.5% pay increase if tax collection halted
American workers support the idea of a one-time coronavirus emergency-induced payroll tax holiday, FreedomWorks economist Stephen Moore insisted Tuesday on Fox News’ “Your World with Neil Cavuto.”
Moore proposed the idea in a weekend Wall Street Journal op-ed, which received backlash from critics who argue such a move should be left to Congress.
TRUMP TO CONSIDER NOT SIGNING CORONAVIRUS RELIEF BILL WITHOUT PAYROLL TAX CUT
“People really do like the idea,” Moore told host Neil Cavuto said. “I can't speak for all the politicians, but it's popular.”
According to Moore, every worker in America would receive an immediate 7.5% pay raise once the tax is suspended.
President Trump points to a question as he speaks during a briefing with reporters in the James Brady Press Briefing Room of the White House, Monday, Aug. 3, 2020, in Washington. (AP Photo/Alex Brandon)
Moore argued that Trump has the "unquestionable authority" to suspend collection of the payroll tax by an emergency procedure spelled out in the tax code.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
“That would mean that employers would no longer withhold that tax from people's paychecks ...," he claimed. "Donald Trump could say, ‘If I'm re-elected, I'm going to forgive that tax.’ So it's sort of a way of cutting taxes without this Congress necessarily authorizing it.”
Moore said the cut would take some pressure off the economy and reduce government spending while putting money directly in the pockets of working Americans.
CLICK HERE TO READ MORE ON FOX BUSINESS