Trump’s payroll tax holiday sounds nice, but it only delays payments

Tuesday marks the start of President Donald Trump’s payroll tax holiday, an executive order he signed in August that temporarily halts withholding taxes on your paycheck.

While it could mean more cash in your pocket now, you’re still going to have to pay those taxes come April 2021. The president does not have the authority to stop tax collections but can defer payments, like Trump did in the series of August orders.

The payroll tax holiday lasts from now until the end of the year, but Trump signaled he would expand the holiday in 2021 if reelected in November.

It is up to employers to decide if they want to defer withholding for employees, according to CNN.

The tax holiday is meant to put cash in the hands of Americans affected by COVID-19 as Congress continues to grapple over the conditions of the next round of stimulus funding.

The Senate is set to reconvene next week to reopen talks about the next round of stimulus money, which could include direct payments to Americans.

Talks between the two houses of Congress, each controlled by the opposing parties, stalled weeks ago before Congress took a vacation.


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