He wants to cut payroll taxes now….
But Congress actually writes the tax code and with payroll taxes sending money to Social Security and Medicaid?
Congress IS NOT gonna let the missed payments stay missed…
They will have to be paid back…
Some of it won’t because employers won’t be able do this with certainty…
And some employer’s just won’t do what Trump wants…..
Now Trump may not be in office when this comes back and the Republicans probably will seek to blame Joe Biden for something he wouldn’t and didn’t dream up doing…
Trump has said he hopes to “terminate” the tax, which funds Social Security and Medicare, so workers see a boost to their weekly checks and aren’t required to pay it back later. But absolving Americans of these debts requires an act of Congress, something lawmakers from both parties have been reluctant to do.
Absent that, the Treasury Department’s guidance instead paves the way for employers to recoup the taxes deferred under Trump’s order from their employees’ pay, though it’s unclear what would happen if workers left their jobs or the firm no longer had the ability to deduct money out of their wages.
The administration’s guidance perplexed tax experts, who said it could frustrate workers and add to the burden facing businesses, which may be deterred from implementing Trump’s order at all. Last week, automakers, restaurateurs, retailers and a torrent of top employers signaled that possibility, when they joined with the U.S. Chamber of Commerce in calling the president’s plan “unworkable.” Their opposition means that many workers may see no change to their pay — and the economy may see few of the gains Trump has touted…..