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Originally Posted by Schaumburger
I spoke to my employer's payroll manager about this a few days ago. My employer will not be participating in the payroll tax deferral. What benefit would this deferral be if workers have to pay this tax back by April, 2021?
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There has been much miss information talked about this subject. What President Trump proposes is to defer the payment of these taxes until 2021, however, he will forgive the payment if he is re-elected. If he is not, then the new administration will probably want them paid next year. This is not the tax he will PERMANENTLY eliminate. The previous tax cuts he made in 2017 are set to expire for individuals in 2026, but will make those cuts permanent.