Trump administration allows deferral of Social Security tax

[Nevilledog]

https://apnews.com/9c14eb40be1ab40735f983b512475d8d

President Donald Trump speaks from the South Lawn of the White House on the fourth day of the Republican National Convention, Thursday, Aug. 27, 2020, in Washington. (AP Photo/Evan Vucci)
WASHINGTON (AP) — 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.

The Treasury Department guidance came late in the day, less than 24 hours after the conclusion of the Republican National Convention and a speech by President Donald Trump in which he promised to protect Social Security and Medicare.

It allows employers to offer their workers a temporary deferral of the 6.2% payroll tax employees pay into the Social Security Trust Fund for the rest of this year. The taxes owed would not be forgiven, and instead would come due in 2021.

It’s unclear how many employers will take the option, since implementing it would involve additional effort and expenses on their part.

“The guidance allows employers to defer withholding and paying the employee’s portion of the Social Security payroll tax if the employee’s wages are below a certain amount,” Treasury said in a terse press release. The earnings cutoff is $104,000 a year.

*snip*

[mobeau69]

1. If you're working why in hell would you need a deferral?

Go ahead ass hole, touch that third rail.

[Iliyah]

2. It's up to congress not this evil person in the WH ..

[Chainfire]

3. Give them the money now

Take it back after the elections. Sounds like good Republican fiscal policy to me.

[LuckyCharms]

4. I would increase my withholding's to cover this. n/t