WASHINGTON — The Trump administration on Friday allowed employers to suspend collection of some Social Security taxes, although business groups don't like the idea and it may create political headaches for Republicans. Democrats are already saying it would undermine retirement benefits.
It's unclear how many employers will take the option, since implementing it would involve additional effort and expenses on their part. But major business groups traditionally allied with the White House called the idea unworkable for employers and unfair to workers. Employers wanted to avoid the hassle of having to collect the deferred taxes later on from their workers.
Separately, AARP wrote Treasury Secretary Steven Mnuchin to express concerns about the potential consequences for Social Security finances. “At the end of the year, the assumption that I win, I’m going to terminate the payroll tax, which is another thing that some of the great economists would like to see done,” Trump told reporters earlier this month, adding that “tremendous growth” in the U.S. will cover the costs of Social Security. “We’ll be paying into Social Security through the general fund.”
Trump actually hurt his voter base of age 60 plus white working class Republican victims by defunding their Social Security Trust Fund with his bogus relief package. Still want to vote for demagogue Trump? Duh.
You'll have to pay it back............
The only people this will fool are his idiot followers. If you're one of them, let me help you. A deferment means you will have to pay it back later.
Deferment is helping whom exactly?
deferral is no good .
Key word is defer, the FICA taxes will still be owed. This does nothing good for our country! More smoke and mirrors.
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