Workers shouldn’t be waiting for a windfall in their upcoming paychecks, experts said as they digested news of President Donald Trump’s executive order deferring payroll taxes. We break down Social Security taxes and Medicare taxes so you don't have to:
Workers shouldn’t be waiting for a windfall in their upcoming paychecks, tax policy experts said Monday as they digested news of President Donald Trump’s executive order deferring payroll taxes.
— President Donald Trump’s executive order deferring payroll tax obligations When it came to payroll taxes, Trump’s order said, “This modest, targeted action will put money directly in the pockets of American workers and generate additional incentives for work and employment, right when the money is needed most.”
Steve Wamhoff, the director of federal tax policy at the left-leaning Institute of Taxation and Economic Policy, was also skeptical. “If your goal is to stimulate the economy — well, there are a lot of low-income people who you’re not going to reach,” he said. “ The order would put workers’ obligation to pay the 6.2% Social Security tax on hold from Sept. 1 through the end of the year. ”
But the money is still a “long-term obligation,” Pomerleau said. At best, it’s an interest-free government loan, he said.
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