In a letter sent today to Treasury Secretary Steven Mnuchin, several big-name business groups warned that many employers won’t participate in Trump’s payroll tax deferral plan
Tuesday to Treasury Secretary Steven Mnuchin that it risks saddling their workers with large postponed tax bills they could have trouble paying back.Someone earning $35,000 would see their biweekly pay go up by $83 this year, the groups wrote, but would owe $751 next year. People earning $75,000 would see a $178-per-paycheck bump now, but would face a $1,609 tax bill next year.
“Many of our members consider it unfair to employees to make a decision that would force a big tax bill on them next year,” they said. “It would also be unworkable to implement a system where employees make this decision.”A Treasury Department spokesperson did not immediately respond to a request for comment.
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