[20200320]IN11260_2019冠状病毒疾病经济刺激：企业工资税减免.pdf

CRS INSIGHT Prepared for Members and Committees of Congress INSIGHTINSIGHTi i COVID-19 Economic Stimulus: Business Payroll Tax Cuts Molly F. Sherlock Specialist in Public Finance Donald J. Marples Specialist in Public Finance March 20, 2020 The economic fallout from coronavirus disease (COVID-19) has accelerated rapidly. Policymakers continue to evaluate tax policy economic relief options. Payroll tax cuts for businesses are one option that would provide economic assistance to business activities. Business Payroll Taxes Payroll taxes are collected to finance certain entitlement programs, including Social Security, parts of Medicare, and Unemployment Compensation (UC). Social Securitys old age, survivors, and disability insurance (OASDI) payroll tax is paid by both employers and employees, and it finances the Social Security trust funds. The tax equals 6.2% of wages on the taxable earnings base ($137,700 in 2020). This tax is paid by both employers and employees (with self-employed individuals paying both the employer and the employee share, or 12.4%). The primary source of funding for Medicare Part A is a separate payroll tax paid by employers and employees. Each pays a tax of 1.45