Looks like more coronavirus relief for American tax payers and business is on the way!
President Trump said he would defer the payroll tax until the end of the year, using an executive order. The payroll tax would likely be retroactive from July 1.
The President also said that by the end of 2020 the payroll tax break could be extended.
“Hopefully I’ll be here to do the job,” President Trump said, hinting at the results of Election Day.
In addition, the president also said he would continue to
- extend unemployment benefits
- defer student loan payments and interest
- extend the eviction moratorium
- order requiring health insurance companies to cover pre-existing conditions
“If Democrats continue to hold this critical relief hostage, I will act under my authority as president to get Americans the relief they need,” President Trump said.
The president said that the lawyers were drawing up the executive orders and that they could be signed by the end of the week.
Asked whether he was concerned about the legality of his executive order, President Trump replied, “No, not at all. You always get sued, everything you do you get sued … we’ll see.”
So essentially with the stroke of a pen, President Trump wants to give every American taxpayer and business a pay raise at least until the end of 2020!
To learn more about President Trump’s proposed payroll tax holiday, please click here.