Amid a standstill in Congress over a fresh round of stimulus, President Trump issued several executive orders over the weekend to fast-track some economic aid initiatives to deal with the continued fallout from the coronavirus pandemic. One key order is a so-called payroll tax holiday—which would put a moratorium on paying certain payroll tax until next year.
The order has already been met with a lot of criticism, including that the tax deferral wouldn’t help the people who might need it most who have lost their jobs and aren’t currently paying payroll tax. Meanwhile, there’s a catch: the order is only a deferral of the taxes, so it won’t forgive them—as things stand, you’ll have to pay the taxes later.
