Trump’s payroll tax holiday starts today—here's how it works:
The deferral period is Sept. 1 through Dec. 31, 2020.
“This fake tax cut would...be a big shock to workers who thought they were getting a tax cut when it was only a delay,” said Senate Finance Committee Ranking Member Ron Wyden in a statement in response to Trump’s executive orders in August. “These workers would be hit with much bigger payments down the road.”
“If I’m victorious on Nov. 3, I plan to forgive these taxes and make permanent cuts to the payroll tax,” he said when he signed his executive orders on Aug. 8.
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