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U.S. Chamber Says Many Businesses Won’t Defer Payroll Taxes

Aug. 18, 2020, 4:44 PM

The U.S. Chamber of Commerce says that President Trump’s executive directive to defer payroll taxes isn’t workable because it creates a large tax bill for employees and requires companies to implement complicated systems.

  • “Many of our members will likely decline to implement deferral, choosing instead to continue to withhold and remit to the government the payroll taxes required by law,” the business lobby and more than 30 other trade groups say in a letter to leaders in Congress and Treasury Sec. Steven Mnuchin
  • An employee who earns $75,000 will owe more than $1,600 after the deferral period, the letter says ...