Here's How Much President Trump's Payroll Tax Break Could Save Americans
Millions of Americans have been struggling financially since the start of the COVID-19 pandemic, and while unemployment has reached record levels, not everyone has lost a job. It's these people who President Trump is specifically seeking to help.
Earlier in the month, the president signed an executive order calling for a payroll tax deferment starting Sept. 1 and lasting through the end of the year. Trump had been asking to see a payroll tax break in a second stimulus deal, but lawmakers notably excluded it -- so the president decided to take matters into his own hands.
Normally, employees pay 6.2% of up to $137,700 of earnings toward Social Security taxes and 1.45% of all of their earnings toward Medicare taxes. Employers then match those taxes themselves.
Source Fool.com
