These 3 Stocks Would Be Huge Winners From a Payroll Tax Cut
So, America -- how are you enjoying your payroll tax cut?
In a memorandum dated August 8, 2020, President Donald Trump directed Treasury Secretary Steven Mnuchin to "defer certain payroll tax obligations with respect to the American workers most in need." Specifically, collection of payroll taxes on any employee earning "generally ... less than $4,000" every two weeks are to be suspended during the period from September 1, 2020, through December 31, 2020.
Thus, if your salary is under $104,000 per year, you should not currently be seeing contributions for Social Security and for Medicare -- totaling 7.65% of your wages -- deducted from your paycheck. (I say "should" because, according to news reports, not all private employers are complying with the directive -- and in fact they are not required to do so.)
Source Fool.com
