Treasury Secretary Steve Mnuchin suggested on Sunday that Americans will have to pay the government back for any payroll tax reduction unless President Donald Trump is reelected.
In an interview on FOX, host Chris Wallace noted that the president’s latest executive action on COVID-19 financial relief is “not a tax cut.”
“It’s a payroll tax suspension,” Wallace explained. “Isn’t there a danger that a lot of businesses won’t pass these saving through to workers because they’re going to hold on to the money because at some point, according to this executive action by the end of the year, those payroll taxes are going to be have to be paid anyway?” Continue reading.