Trump's plan for payroll deductions is to give employees a loan of 7.65% of their gross pay (up to the annual base wage limit) which must be repaid in full with next April's taxes. If you make $60K, you'll get $382 per month now, and have to pay back $1,910 next year.— Mary Beth "wear a damn mask" Williams (@wampumpeag) August 8, 2020
This "payroll tax holiday" is not a tax cut. At the end of it, all deferred taxes will need to be paid, which means workers will get months worth of payroll taxes taken out of their checks at once like an subprime mortgage "balloon payments."— Andrew Feinberg (@AndrewFeinberg) August 8, 2020
And there’s no legal way for him to extend anyone’s unemployment because there are no funds appropriated for it.