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Orange Dufus' Payroll Tax Plan Fizzles

https://finance.yahoo.com/news/trump...224300958.html

President* Trump’s payroll tax deferral plan is fizzling.

The plan, meant to boost workers’ incomes by allowing their employers to postpone collection of the 6.2% employee share of the tax funding Social Security, took effect at the beginning of the month. So far, though, big employers are rejecting the idea, concerned about the complexity of administering a temporary deferral and about having to pay back the uncollected taxes next year.

The New York Times’s Jim Tankersley reports:

“More than a month after Mr. Trump signed an executive memorandum to defer the collection of the payroll taxes that workers pay to help fund Social Security, few companies or people are taking part. Trade groups and tax experts say they know of no large corporations that plan to stop withholding employees’ payroll taxes this fall. As a result, economic policy experts now say they expect the deferral to have little to no effect on economic growth this year.”

Small businesses and even some Republican-run states are balking at Trump’s tax deferral, too. And Bloomberg News's Laura Davison and Steve Matthews add:

“Even the House of Representatives isn’t going ahead, concluding it ‘would not be in the best interests’ of employees. The Senate’s still mulling it over. That largely leaves the federal government largely on its own in proceeding, with its workers.”

No trust in Trump: As The Washington Post’s Aaron Blake notes, those decisions to not participate in the deferral come even as Trump has repeatedly pledged to have the deferred taxes forgiven if he’s reelected. “The reaction shows how little confidence American businesses — and even some red states — have in Trump’s promise,” Blake writes. “There’s very little reason not to defer the taxes if you think they’ll be forgiven at a later date.”