- ‘Payroll Tax’ is the item that shows up on your paycheck as “Social Security” witholding. Usually less than the Income Tax withheld, but still a significant chunk and you don’t get it refunded at the end of the year like income tax withholding. You *might* get it back when you’re 62-65 years old. Or, you might not.
- Relief would also be provided to unemployed individuals
If President Trump takes executive action to provide relief to American households as stimulus package discussions break down on Capitol Hill, he would implement a payroll tax deferral and provide protection against evictions. The president has floated this idea several times and it has met with tepid reception for lawmakers and economic experts.
Trump said during an impromptu press conference from Bedminster, NJ, on Friday that if Democrats continue to hold critical relief “hostage,” he will move forward to implement measures via executive order.
Trump said the policies the White House plans to enact include deferring the payroll tax until the end of the year – a measure that would be retroactive to July 1. He also noted that the deferral could be extended if he is still in the Oval Office next year.
Unemployment benefits will also be enhanced via executive order, though the president did not provide specific details on that measure.
The additional $600 benefit provided for under the CARES Act expired at the end of July.
The president also aims to protect people from evictions, by implementing another moratorium.
And Trump would defer student loan payments and forgive interest “until further notice.”