we will end all taxes on overtime," he said at a rally in Tucson, Arizona. "If you're an overtime worker, when you're past 40 hours a week, your overtime hours will be tax-free," Trump said.
One circulating this past week would change the House Republican plan to eliminate much of the payroll tax and cut corporate tax rates. This would require a new dedicated funding source for Social Security. The change, proposed by a GOP lobbyist with close ties to the Trump administration, woul...
the United States, on March 9, 2020. U.S. President Donald Trump on March 9 said that his administration will ask Congress to approve a possible payroll tax cut and provide "very substantial relief" for hourly workers and industries hit by the COVID-19 outbreak...
During acoronavirustask force briefing on Tuesday, National Economic Council DirectorLarry Kudlowwas asked about the timeline for unveilingPresident Trump'sproposed idea of a payroll tax cut to soften the impact the virus may have on economic growth. Though Kudlow was unable to provide a specific t...
The payroll tax funds Medicare and Social Security, the AP noted.For workers, a general exemption may mean more take-home pay. And for the federal government, it could mean bigger budget deficits. TaxesTrump proposed to extend the 2017 tax cuts that he signed into law, when he was ...
President Trump while on the campaign trail proposed eliminating taxes on Social Security benefits. "Seniors should not pay taxes on Social Security," he commented on social media in July. He reiterated the point during a Fox & Friends interview in Augus
On August 8, President Trump issued a memorandum directing the Secretary of the Treasury, Steven Mnuchin, to use his authority to defer certain payroll tax obligations in an effort to provide individuals with additional COVID-19 relief. The Memorandum further directed Secretary Mnuchin to issue rule...
A payroll tax deferral could become a tax cut. The order calls for a payroll tax deferral for workers who make $4,000 or less every two weeks, meaning the amount that the federal government normally removes from workers’ checks to pay for medicare and social security wouldnotbe removed fro...
President Donald Trump's temporary suspension of the payroll tax went into effect this week, but Democratic lawmakers are taking steps to overturn it. What you should know.
Trump says he will protect Medicare and Social Security, clearly important to the many older voters he hopes to win in November. But his recent executive order to give workers a temporary break from paying payroll taxes has raised the specter that a tax holiday could become permanent and harm...