Just like he said he would.
Trump seeks to suspend payroll taxes and extend unemployment benefits
Aug. 08, 2020 5:00 PM ETiShares 20+ Year Treasury Bond ETF (TLT)By: Brad Olesen, SA News Editor206 Comments
Trump seeks to suspend payroll taxes and extend unemployment benefits
Aug. 08, 2020 5:00 PM ETiShares 20+ Year Treasury Bond ETF (TLT)By: Brad Olesen, SA News Editor206 Comments
- Via executive order, President Trump approved initiatives Saturday that will extend the expired unemployment benefits and suspend the payroll taxes usually withheld from worker paychecks.
- The reports come after Congress failed to reach an agreement last week (and remain about $2 trillion apart) after the Democrats and Republicans failed in their discussions following the expiration of the added benefits at July end.
- The order on unemployment benefits drops the $600 added federal weekly benefit to $400, the LA Times reported.
- Questions remain about whether Trump as the authority to do so given Congress's power of the purse. The reports indicate Democrats intend to sue to block the unilateral action. A compromise between the the Republican Senate and Democratic House failed last week.
- The payroll tax suspension is supposed to affect some employees. As it stands, the 12.4% rate assessed on employee salaries is split between the employee and employer.
