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Better eliminate the part of the payroll tax to be paid by the employer. That will finance more jobs and/or lead to higher wages.
That might work out on a spreadsheet analysis, or in a well administered country like Switzerland.

But in the US the recent evidence of low or even negative job growth in the face of steady or falling unemployment numbers indicates that some large fraction of the US working population must now be participating in an underground economy that does not follow the tax laws. In that case, those employers are already not paying any payroll taxes on behalf of their off book employees.

Where is the evidence that the money that didn't go to the government wound up in the workers' paychecks? US household savings rate seems to be declining. And actual median wage, adjusted for inflation even by the sorry US method of not counting food or energy costs, is essentially static.

But the problem for the working poor does trace back to the basic of economics of supply and demand. There are just too many people for too few jobs.

Here's a question: Are today's hedge funds and derivatives actually 'Capital' in the sense that Andrew Carnegie or John Rockefeller or Henry Ford would have understood that word as part of the Land, Labor, Capital formulation of wealth? Or are the hedge funds and derivatives merely an accounting notion for a new kind of private wealth, which lies outside of the 'Wealth of Nations' that the capitalist system expects to be part of a healthy economy?