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Post a Job See All Jobs. Get unlimited access to articles and member-only resources. It's not enough and doesn't benefit people who need help the most, they say. Many private employers have also failed to follow the order. Nevertheless, the president wanted a payroll tax cut for months — and now he finally has one sort of. But think twice before spending the extra money — you'll just have to pay the tax next year. Every payday, 7.
Your employer pays an equivalent amount of tax although employers already can defer payment of their share of Social Security taxes on wages paid through the end of the year. Under the president's executive order, your share of Social Security taxes 6. Since the goal is to quickly get more money into the economy, critics claim that the infusion of cash into the economy will come too slowly from a payroll tax deferral. Instead, many lawmakers and experts would prefer another round of stimulus checks to get more money, more quickly into consumers' hands.
Obviously, you have to get a paycheck to benefit from a payroll tax cut. So, if you're unemployed, retired, a stay-at-home parent, or don't have a job for some other reason, then the payroll tax holiday won't help you. This is one of the chief concerns among Democrats and some Republicans , who believe the people who need support the most aren't helped by a payroll tax cut.
Many of them would rather see expanded unemployment benefits and assistance to state and local governments instead. There's also concerned about the impact on the Social Security trust fund, which is already dealing with financial issues. Since payroll taxes fund Social Security, many people are worried about the long-term effects of diverting money away from this social safety net for seniors. Money will be transferred from the federal government's general fund to the Social Security trust funds to cover any payroll tax amounts not collected, according to Mnuchin.
That would likely add more to the nation's debt, though. The executive order only defers Social Security payroll taxes — it doesn't eliminate them. The tax will have to be withheld and paid gradually from paychecks issued between January 1, , and April 30, It would take Congressional action to actually wipe out the tax debt.
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