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Trump’s Payroll Tax Action Creates Political, Business Risks

Aug. 9, 2020, 4:54 PM

President Donald Trump’s move to halt the collection of taxes that fund America’s main support programs for the elderly spurred a wave of political opposition and threatens to generate tension between employers and workers.

Trump in a memorandum on Saturday instructed the deferral of payroll tax collections for some workers. The taxes are paid by both employees and their employers, and fund Social Security and Medicare for those already using those programs.

But because congressional approval is needed to enact changes in federal levies, the amounts foregone under the order will still come due next year, unless legislators act. ...

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