A payroll tax cut would benefit the richest Americans, while sending checks to each U.S. household to prop up the economy would favor the poor, according to a new analysis.
The Trump administration is weighing measures to boost the U.S. economy, which is being strained by the coronavirus.
Sending checks to each U.S. household would be more progressive, with half the benefit going to the bottom 60%. A payroll tax cut would overwhelmingly benefit the richest Americans, and would do little to prop up the economy, according to the Institute on Taxation and Economic Policy. "A payroll tax cut is going to provide more benefits to high-income people who don't really need help right now," said Steve Wamhoff, director for federal tax policy at the institute.
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