Here's how Trump’s payroll tax holiday might work:
Any employee who is paid less than $4,000 before taxes per bi-weekly pay period would be eligible. If you get paid on a different schedule, divide your pre-tax annual salary by 26 to determine whether your bi-weekly pay would be under the threshold.
The employee payroll taxes that are deferred won’t incur any penalties or interest, according to Trump’s order. , it’s unlikely the amount deferred would match the amount they might receive via a one-time cash payment like the economic impact payments authorized by the CARES Act.A deferral of payroll taxes implies that at some point, you’ll need to pay those taxes that weren’t withheld.
“This fake tax cut would...be a big shock to workers who thought they were getting a tax cut when it was only a delay,” said Senate Finance Committee Ranking Member Ron Wyden in a statement on Saturday. “These workers would be hit with much bigger payments down the road.” “I don’t think the members of Congress are inclined to sue him,” said Carl Tobias, a professor at the University of Richmond School of Law.
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