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Steve Forbes to Newsmax TV: Trump May Order Payroll Tax Cut

(Newsmax TV's "Greg Kelly Reports")

By    |   Monday, 27 July 2020 10:19 PM

President Donald Trump, disappointed Republicans did not include his payroll tax cut inthe latest coronavirus relief package, might be considering getting the job done with an executive order – "just tell the treasury don't collect the tax" – says Steve Forbes on Newsmax TV.

"Well, he certainly likes the idea, and I think he's disappointed that it isn't the package the Republicans unveiled today," Forbes said Monday on "Greg Kelly Reports."

"And one of the things he should consider, I think he will, and that is do it by executive order. Just tell the treasury don't collect the tax, and that way people get an instant raise. It's a job creator, lowers the cost of labor for employers, which means it helps to keep employees and hire new people and also gives a massive raise, very nice raise, for working people."

Forbes, a onetime presidential candidate and famed business magazine publisher, told host Greg Kelly an American making $40,000 a year would ostensibly get a $3,000 tax cut, which he called "win-win all around."

"I would love to see Nancy Pelosi say, 'Oh, you can't do that – we're going to file a lawsuit against working people getting a nice pay raise and encouraging businesses to hire workers," Forbes added. "You put that in there and you have a real stimulus package – packages I should say."

Forbes suggested the president use emergency powers to order the U.S. Treasury to forgo the collection of those payroll taxes.

"We've got an economic emergency, we've got a health emergency and let the Democrats go to court and sue," Forbes continued. "And that will be a great campaign issue: Trump wants to give a $50,000 person a $4,000 tax cut and Democrats are against it. That's the kind of issue the Republicans need."

Forbes added a call, despite his fiscal conservative ideals, for Congress to drop the $600 unemployment bonus and merely up the direct impact payment from $1,200 per person to $1,500 or $2,000.

"I don't like to spend the money but what that does is it gives a nice amount of money,'' Forbes said, adding "it's one time" instead of continuous like the unemployment bonus that disincentivized people to go back to work.

Forbes noted his proposals would create great economic conditions, "which, no secrets between us, the Democrats don't want."

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President Donald Trump, disappointed Republicans did not include his payroll tax cut inthe latest coronavirus relief package, could get the job done with an executive order - "just tell the treasury don't collect the tax" - says Steve Forbes on Newsmax TV.
steve forbes, payroll tax cut, stimulus, executive order, treasury
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2020-19-27
Monday, 27 July 2020 10:19 PM
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