President Trump signed an executive order that will increase most workers’ net take-home pay by not requiring the 6.2% social security withholding tax to be withheld starting September 1st of 2020.
The problem I see is that an EO or Executive Order can postpone the payment of this tax but cannot forgive the tax completely, that could only be accomplished by a congressional law. Which means at some point the tax will need to be paid in and “caught up” somehow.
Is it really helpful to postpone a tax but not forgive it, assuming congress does not make this law? More to come in a future post.
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