One of Trump's executive actions defers payroll tax collection for workers earning less than $100,000 a year. Payroll taxes fund Medicare and Social Security, and this deferral won't do anything to help the millions of Americans currently unemployed.
defers payroll tax collection for workers earning less than $100,000 a year, beginning Sept. 1."This will mean bigger paychecks [for a time] for working families, as we race to produce a vaccine and eradicate the China virus once and for all," Trump told reporters.
"If I'm victorious on Nov. 3, I plan to forgive these taxes and make permanent cuts to the payroll tax. I'm going to make them all permanent," Trump said, then turning to jab congressional Democrats and his opponent, former Vice President Joe Biden."So they will have the option of raising everybody's taxes and taking this away. But if I win, I may extend and terminate. In other words, I will extend it beyond the end of the year and terminate the tax.
"The Treasury secretary is authorized to delay the deadline for any action required under tax law up to one year," said Rudalevige, in the case of a federally declared disaster, and all states are currently operating under one because of the pandemic."So payroll tax payments could under this provision be delayed. But not forgiven — those taxes are still owed."
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