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Trump implementing a payroll tax cut through executive order would blow a hole in Social Security and Medicare's finances, economists warn

1 month ago   |   By Business Insider

Economists are warning that if Trump enacts a payroll tax cut, it would weaken the shaky finances of the Social Security and Medicare trust funds.
It's unclear whether the president would attempt to replace the funding as Congress did when it deferred employers' Social Security tax payments earlier this year.
"It's like borrowing money from the Social Security and Medicare trust funds to give to employers just to hold," said Seth Hanlon, a tax expert.
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A group of economists at a think tank are warning that if President Donald Trump moves...
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Trump is threatening to enact a payroll tax cut through executive order. But that doesn't mean you'll see extra money on your paycheck if it happens

Trump is threatening to enact a payroll tax cut through executive order. But that doesn't mean you'll see extra money on your paycheck if it happens

1 month ago   |   By Business Insider

Trump has repeatedly threatened to circumvent Congress and enact a payroll tax cut on his own.
The idea gained traction in the White House after two conservative economists called on the president to use executive authority to suspend that tax collection and add more money onto workers' paychecks.
But experts say employers are likely to hold onto the cash since the president only has authority to defer tax collection, and not forgive it.
"Knowing that, employers would be taking an enormous risk if they don't withhold the tax they're legally liable for," said Seth Hanlon, a tax...
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