He wants to cut payroll taxes now….
But Congress actually writes the tax code and with payroll taxes sending money to Social Security and Medicaid?
Congress IS NOT gonna let the missed payments stay missed…
They will have to be paid back…
Some of it won’t because employers won’t be able do this with certainty…
And some employer’s just won’t do what Trump wants…..
Now Trump may not be in office when this comes back and the Republicans probably will seek to blame Joe Biden for something he wouldn’t and didn’t dream up doing…
Trump has said he hopes to “terminate” the tax, which funds Social Security and Medicare, so workers see a boost to their weekly checks and aren’t required to pay it back later. But absolving Americans of these debts requires an act of Congress, something lawmakers from both parties have been reluctant to do.
Absent that, the Treasury Department’s guidance instead paves the way for employers to recoup the taxes deferred under Trump’s order from their employees’ pay, though it’s unclear what would happen if workers left their jobs or the firm no longer had the ability to deduct money out of their wages.
The administration’s guidance perplexed tax experts, who said it could frustrate workers and add to the burden facing businesses, which may be deterred from implementing Trump’s order at all. Last week, automakers, restaurateurs, retailers and a torrent of top employers signaled that possibility, when they joined with the U.S. Chamber of Commerce in calling the president’s plan “unworkable.” Their opposition means that many workers may see no change to their pay — and the economy may see few of the gains Trump has touted…..
The Democrats need to raise a lot more Hell about this then has been done so far.
Absolutely again Jack…..
It actually applies to EVERY voter…
Update on Trump’s knucklehead idea to stop payroll taxes for the rest of the year….
The Trump administration’s decision to require the deferral of payroll taxes for federal workers and military members is creating more divisions around the president’s attempt to provide short-term economic relief for workers during the coronavirus pandemic.
While many private sector employers are not expected to defer their employees’ Social Security payroll taxes under Trump’s order, the federal government is making it mandatory for its employees. Federal agencies have indicated that the deferral will apply to all eligible civilian employees and service members.
The federal government is the most prominent employer to announce it’s participating in the deferral, and the administration’s move to defer the payroll taxes of executive branch workers increases the impact of an action by Trump that may have little effect beyond government….
More…