The U.S. Treasury Department still has yet to tell companies how to handle President Donald Trump’s order delaying the due date for employee payroll taxes, leaving major employers like Walmart Inc. in the lurch.
The Democratic presidential nominee Joe Biden expressed optimism and hope about overcoming the economic crisis and other challenges during his acceptance speech at the virtual Democratic National Convention.
White House officials said the administration has no plans to do away with the payroll tax despite President Donald Trump saying he would seek a permanent repeal if he wins another term.
The moves were criticized by Democrats and some Republicans as, variously, providing little real help, an unconstitutional power grab from Congress, and a backhanded way to defund Social Security and Medicare.
President Donald Trump’s move to halt the collection of taxes that fund America’s main support programs for the elderly spurred a wave of political opposition and threatens to generate tension between employers and workers.
A big cut in the payroll tax is high on President Donald Trump’s wish list for the next coronavirus response bill, but the idea is getting the brushoff from newly cost-conscious Republicans and Democrats who would rather send aid to people who aren’t getting a paycheck.
People born in 1960 could see a permanent cut in their benefits without action by policymakers, an expert warns.
The Internal Revenue Service is urging some benefits recipients to register their children and other dependents for the extra $500 per child stimulus payments by May 5 if they haven’t already filed a tax return for 2018 or 2019.
Recipients of Social Security benefits, as well as railroad retirement and veterans benefits recipients, will need to act fast.
People who receive Supplemental Security Income will automatically get economic impact payments from the federal government in response to the novel coronavirus pandemic.