The executive order deferred payroll taxes until Dec. 31
President Trump’s executive order to defer payroll taxes may not hurt Social Security — that is, if everything goes perfectly right, everyone pays back the money they owe and no plans change whatsoever.As it stands, the executive order the president signed on Saturday says employers will be allowed to defer employees’ payroll taxes until Dec. 31 if they earned $104,000 or less. In a press conference Saturday night, the president said the order will be retroactively effective, beginning Aug. 1.
As a deferral, and when all of the money is replaced, Social Security will not be substantially impacted. It may lose some of the interest it would have generated over the next couple of months, but it will still have the money it was initially owed, Romig said. “The big question is will they recoup all of that?” Romig said. Businesses are defaulting because of the pandemic and Americans may need to use the money they receive from this deferral if they’re living paycheck to paycheck .There’s also a good chance the president will persuade Congress to shift this deferral into a full tax cut, said Andrew Biggs, a resident scholar at the American Enterprise Institute, a conservative think tank.
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