Washington, DC (July 22, 2020) — Senate Republicans are looking at several options for the payroll tax cut, including limiting who could qualify or phasing it in.
“We are pleased that momentum continues to build for a temporary, targeted payroll tax cut. Since the pandemic began, JCN has been pushing for a payroll tax holiday for businesses with 100 employees or fewer. This tax cut would put thousands of dollars in the pockets of ordinary workers and create more demand for goods and services, boosting the now-lagging economy. Such a tax cut would cover 98 percent of small businesses, dividing the assistance evenly between employers and employees, helping millions of employees. Self-employed individuals would be helped even more because they would keep the full 15.3 percent payroll tax during the holiday period. Last Friday, JCN sent a letter to Senators McConnell, Rubio, and Collins making the case for a payroll tax holiday and opposing an extension of unemployment benefits. We will continue pushing hard on these critically-important issues on behalf of the small business community and America’s workers.”