Richard Rubin

speaker

1,496 appearances 29 recordings 1 series first heard Oct 2017 last heard Jan 2024

Richard Rubin’s voice in public audio — every appearance, attributed to the second.

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Yeah, this is a complex, multifaceted negotiation they're going through right now. voice-verified

And so they're looking at another round of $1,200 stimulus checks that would help Americans broadly. voice-verified

They're looking at extending the unemployment insurance that expires at the end of July. voice-verified

They're looking at tax credits that are much more targeted toward hiring. voice-verified

But the president seems particularly focused on a payroll tax cut, which is, you know, voice-verified

some version of suspending or reducing the up to 15.3% tax on wages. voice-verified

For payroll taxes, it's up to 15.3%. voice-verified

Now, you don't see all of that coming out of your paycheck. voice-verified

You'll see half of that coming out of your paycheck and the other half your employer has to pay. voice-verified

In general, all of that just makes it more expensive for an employer to have an employee, right? voice-verified

There's a tax cost both in terms of getting money to the worker and voice-verified

Because tax comes out of it through the paycheck. voice-verified

And then there's the additional other side of that tax that the employer pays. voice-verified

And it's 15.3%. voice-verified

It goes to Social Security and Medicare. voice-verified

Once wages hit $137,700, the Social Security part of that goes away. voice-verified

So it's somewhat lighter for higher income employees. voice-verified

So there's no real clarity on what that would mean. voice-verified

It's important to remember that Congress has already done that for the employer side of the Social Security tax. voice-verified

In March, they said employers could wait to pay their share of the Social Security taxes in 2020 and pay it instead in 2021 and 2022. voice-verified

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