🖤 Donations of all sizes power our public service journalism Give Now

Does Trump's payroll tax deferral mean save now, pay later?

Aug 31, 2020
While the federal government will take the temporary payroll tax break, some employers will skip it.
Treasury Secretary Steven Mnuchin speaks as President Donald Trump looks on during a press conference. The Treasury Department Friday released guidance on the payroll tax deferral.
Drew Angerer/Getty Images

Payroll tax cut could mean Social Security benefits run out sooner

A lot of older Americans rely on Social Security benefits to pay their bills.
William Thomas Cain/Getty Images

Trump's payroll tax holiday sows confusion

Aug 10, 2020
President Trump has ordered Treasury to stop collecting the employee portion of payroll taxes for some workers through the end of 2020.
President Donald Trump signs an executive order and three memorandums extending coronavirus economic relief on Aug. 8. How the payroll tax holiday would benefit Americans remains unclear.
Jim Watson/AFP via Getty Images