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Trump announced on Saturday that he plans to put a temporary payroll tax vacation in place for employees who make less than $100,000 per 12 months. The tax suspension would probably run from as quickly as August via the end of the 12 months, he mentioned.
Meanwhile, payroll taxes herald $1 trillion per year. The transfer comes as Covid-19 has made Social Security’s already restricted funds extra weak.
After all, one of his longtime economic advisers, Stephen Moore, has been arguing in opposition to Social Security for years—and has the president’s ear. Since the payroll tax is mostly split between corporations and their staff, the president thinks that eliminating it will save firms huge bucks, whereas growing the take house pay of American employees. Reviving an concept that he backed away from only some weeks ago, he said over the weekend … Read More