Payroll taxes are paid by your employer. This will not affect anyone's paycheck. Personally I don't like the idea of deferred but I suppose it's better than nothing. It would be better if all taxes were lowered or even better, eliminate the unconstitutional income tax.
Payroll taxes generally mean the part paid by your employer (unemployment and other taxes paid by the employer). You do NOT want them to not take out your SS as that would affect your retirement.
My bad. seems this is word salad. payroll taxes have always meant the employer's obligations (payroll). What we pay are income taxes plus SS and Medicare. So it seems the tax holiday is a deferment of SS and Medicare that would later be forgiven if/when Trump is re-elected.
Payroll taxes are paid by your employer. This will not affect anyone's paycheck. Personally I don't like the idea of deferred but I suppose it's better than nothing. It would be better if all taxes were lowered or even better, eliminate the unconstitutional income tax.
Wha? “A payroll tax cut would reduce the amount taken out of workers' paychecks to fund federal programs including Social Security and Medicare.”
Sauce: https://edition.cnn.com/2020/07/21/politics/payroll-tax-cut-trump-congress-relief-negotiations/index.html
Payroll taxes generally mean the part paid by your employer (unemployment and other taxes paid by the employer). You do NOT want them to not take out your SS as that would affect your retirement.
My bad. seems this is word salad. payroll taxes have always meant the employer's obligations (payroll). What we pay are income taxes plus SS and Medicare. So it seems the tax holiday is a deferment of SS and Medicare that would later be forgiven if/when Trump is re-elected.