Trump's Exec Order re Payroll Tax deferral goes into effect tomorrow. It directly affects people who make around $4,000 or less, bi-weekly.
And it's going to be horrific.
The Payroll Tax is 12.4% for Soc Sec, and 2.9% for Medicare, split between Employer and Employee.
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The Executive Order is a deferral for the Employee side of that. So, you'll get a bigger paycheck, until the end of the year.
But, the issue is: you WILL have to pay it back, in April.
How? Well... there are only 4 ways:
1. You "save" it from your larger paychecks.
Which is,
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ridiculous, because, the fact that you don't have enough money is the entire point of the deferment. So, that's not going to happen.
2. You'll take a smaller paycheck, in January.
Which is also ridiculous, because what "magic" will have changed the world so that now you have
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money to spare, as of January?
3. You get a raise in January, which will be large enough such that you can afford to pay it back.

Or
4. There is an Exec Order or legislation which "forgives" it.

Right.

This is really just another Trump Magical Thinking Utter Fuck-Up
P.S.
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None of this thread addresses the fact that this does absolutely nothing for people who have lost their jobs, despite record unemployment filings.

Nor does it address the point that this is most likely just the first step to demolishing Soc Sec and Medicare entirely.

By the way - here's the link to the Executive Order: https://www.whitehouse.gov/presidential-actions/memorandum-deferring-payroll-tax-obligations-light-ongoing-covid-19-disaster/