Trump Payroll-Tax Deferral Leaves Employers Wary as Plan Starts
UPS says it won’t stop withholding Social Security taxes; federal government workers will get deferral until 2021.
President Trump’s payroll-tax deferral plan started Tuesday, but many employers seem unlikely to adopt the policy, which would effectively give their workers a short-term interest-free loan.
Employers participating in the president’s plan would stop withholding some Social Security taxes for the rest of 2020, then withhold twice as much as usual early next year to pay the delayed taxes. That would put more money in workers’ pockets temporarily and give them a chance...