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Trump says he is signing executive order for payroll tax holiday

Published 08/08/2020, 04:45 PM
Updated 08/08/2020, 04:50 PM
© Reuters. U.S. President Donald Trump speaks during a news conference at his golf resort in Bedminster

(Reuters) - U.S. President Donald Trump said on Saturday he is signing an executive order providing a payroll tax holiday for Americans earning less than $100,000 a year.

Speaking to reporters in Bedminster, New Jersey, Trump said the tax holiday would be effective as of Aug. 1, "most likely."

Latest comments

despirated measures, printing more fiat will probably save Trump's re-election, but the us economy is doomed anyway
useless since it only delays the tax due. this is beyond terrible.
He is trying to buy V. He said if he gets relected, he’ll try ‘forgive’. Joe wont do it.
what does your statement mean? Your grammar is poor, but I feel like you are trying to make a valid point.
LEGALLY, he cannot do more than this through an Executive Order. He knows what he is doing, and this was a power move.
Meh, he is trying to to buy v. V for me, ur tax will b forgiven. V for Joe, pay back when tax time come.
Meh defer payroll tax is not tax cut.
stimulus checks were treated as tax credits that we do not have to pay taxes on. Tax deferrals will be calculated from government side. It should not be a headache for the common person.
Stimulus checks were non-taxable. Unemployment is counted as income and is taxable.
 Spring! Many won't make it through Winter.
Y'all thinking Dems aren't working. One of my Republican friend says he like unemployment. Lol.
He said September 1st, then he said August 1st mistakenly a few more times. I also thought he said DEFERRED which means it will probably go onto next years income tax.
Defer=pay later
DOA already a lawsuit in place to challenge Trumps authority to changes taxes since constitution states taxes are the responsibility of Congress.
 I don't like the Dems either but let's not forget the fact the Republicans waited to the last minute to propose anything
seeing what the Dems are pulling now, I would bet that they would drag this to the same point as it is now. Sure, they proposed a 3.4 trillion bill, but it included an incredulous amount of bailout money for poorly run states. The Republicans should not be agreeing to this. The American tax payers should not be paying for this. The bailouts are being requested for poorly run states and short falls before the pandemis even hit. It is not simply for lost tax revenues during the pandemic. That would be much more legitimate. Their plan has turned on them, and now everyone from all political parties can see their deceit. They are such a mess. What a train wreck !
Ah, you didn't pay attention. He did not CHANGE taxes one penny. He deferred them. Let them sue - Trump will win.
Congress has full power to collect tax. Ironicall, pres Obama was the first one tried to raise tax without congress but aborted. If Trump does it, it will b in court. But the bottom line is it will be cut for a temp period.
Democrat is the worst for usa. Look at california, they are raising tax again
Tesla on it's way out. Dems can have Ca just leave the rest of us alone. we don't want bum ******** and ****all over our cities
 Sounds like you're talking about Mississippi...Which uses more taxpayer money then it makes.  Talk about welfare state...
I agree. SF is a nightmare. When I visited there, sure it was beautiful, but the amount of addicts and careless people working in the shops or driving public transportation was quite appalling. I hope to never visit there again. And in general CA is a mess.
so... stock buyback round 2?
 No it is not,  employer pays for employee's 50% of social security, medicare and medicade. Employer does not contribute to employee's state or federal taxes.
if you think employers actually “pay” anything towards the payroll tax you’re sadly mistaken. They just take it out of what otherwise would have been the employee’s wage.
 obviously, but the system doesn't care about where the money comes from, that actually employee works for it, the system only cares about how it is stated on the payroll's paper, and the payroll paper displays evidently "employer's contributions"
We have three branches of government. Trump is not a king. He just signed away the legitimacy of his office live on television by usurping power from the House and Senate. This is a coup, snd coups are not bullish. This is the beginning of the end.
Obama did it. Lol. Come on now.
He has lit a fire under the Dems. They better accept the deal the Reps are proposing or states will really be broke.
Executive orders bypassing House & Congress doesn’t speak well for a dude who wrote Art of the Deal. Maybe more accurate would be Art of the Steal. He’s a whiney ****
finally! Our POTUS is incredible! thank you so much for stepping in! once again your people come first unlike the Democrats efforts!
Everybody loses in this scenario.
she's gone...
As long as he give me money...I like it. So I am not going to complain here.
If congress would do their job, it would be a % of income and not a flat amount. You cant blame that on our President for doinf what he can do for the PEOPLE!
When does it take effect ? Bullish or nah?
Bullish. Eleviates some tax burden and frees up more net take home cash.
I expect Euro to lower till 1.16
When do we get a News Conference about the Hamderberger ? Lol
good luck "most likely"
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