Not many people understand what he is talking about, so here are some details. This is talking about the Social Security and Medicare deductions from “working folks” paychecks. A few things to note:
- Only effects working folks who already have an income, it does not help people out of work.
- This money is used to fund Social Security and Medicare and the money will be badly missed.
- Trump does not have the authority to change these contributions, he can only delay the collection of them.
- You will owe them to the government when you file your 2020 federal taxes next April 15th 2021 and it will be a lot of money.
- Where will that payback money come from if you have already spent it?
- Trump’s only reason to implement is to goose the economy in the short run before the election so the economy will look better for him.
- Trump eludes to it being forgiven, however he does not have authority to do that. Besides Social Security and Medicare need that money to continue.
This in nothing more than another cheap illusion trick Trump uses to mislead. Does anyone remember the big middle-income tax break he promised they were working on just before the 2018 elections? All talk, nothing became of it. Do not trust this empty talk.