President Donald Trump signed new executive orders on Saturday that included a payroll tax holiday for workers. While that could mean bigger paychecks in the short term, it would also mean significantly less funding for Social Security. If he is able to
It's been nearly two weeks since President Donald Trump's payroll tax deferral took effect – and large employers so far seem to have little appetite for the holiday. Starting on Sept. 1, employers could defer collection of the 6.2% tax employees pay toward Social Security. This defer...
If Trump were to pass a payroll tax cut, he would not be the first president to do so. In 2011 and 2012, former President Barack Obama reduced the taxes paid by employees to 4.2 percent from 6.2 percent. For an individual earning $50,000 annually, that’s an extra $1,000 in their ...
President Trump on Friday renewed his call for a payroll tax cut through the end of the year amid negotiations between his administration and Congress on a package to address the coronavirus outbreak. “If you want to get money into the hands of people q
The only way such changes would occur is if Congress passes a law to forgive the collection of payroll taxes deferred under the order—a move supported by both the President and the signatories of Tuesday’s letter. The political reality, however, means Congress is unlikely to pass such ...
"Freeing them from taxation is a kind of benefit increase, but [the Social Security Administration] has to get the revenue from somewhere else or the benefits would just be cut," Altman of Social Security Works told CBS MoneyWatch.
"If you want to get money into the hands of people quickly & efficiently, let them have the full money that they earned, APPROVE A PAYROLL TAX CUT until the end of the year, December 31. Then you are doing something that is really meaningful. Only that will make a ...
But his consideration of cutting payroll taxes appeared short-lived. “I’m not looking at a tax cut now,” he told reporters at the White House. “We don’t need it. We have a strong economy.” Trump also knocked down the idea of indexing to the capital gains tax, which applies whe...
President Donald Trump said Monday 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."We are going to be asking tomorrow -- we're seeing the Senate. We're ...
Trump has tossed around the idea of a payroll tax cut in response to the coronavirus for months, but it was put on hold due to likely resistance from congressional Democrats. The president in the briefing lauded the effectiveness of certain elements of the CARES Act, including the highly-popul...