Trump Wants to Slash Payroll Taxes: What It Means for You
If you've ever gotten a paycheck, you've probably looked with scorn at the amount of taxes that get withheld from your pay. Not only do you have to have money taken out of your check for your income taxes, but the federal government also takes extra money to cover payroll taxes.
Now, in response to economic concerns about the impact of the COVID-19 outbreak, President Trump is looking at ways to provide financial stimulus in an effort to forestall a recession. One proposal that the White House is reportedly pitching is to eliminate payroll taxes for the rest of 2020. Doing so would put more money in the pockets of millions of Americans. Below, we'll take a look at the proposal and what it would mean for the typical worker.
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Source Fool.com
