PRESIDENT DONALD TRUMP has promised to scrap the payroll tax if he is reelected and said it could save families up to $5,000 a year.
“We will be terminating the payroll tax after I hopefully get elected,” the president said on Wednesday.
However, Trump insisted: “We’re not going to touch Social Security.”
He later confirmed that Social Security will be paid into “through the general fund.”
When quizzed by reporters at the White House, the president continued: “It’s both a company cut and an employee cut.
“It very much incentivizes people to go back to work and work hard and the company to hire people back.
“We’ve had some of the economic minds say that’s the most important cut, the best cut you could do.”
Just days earlier, on Saturday, Trump ordered calls for a deferral of payroll tax and federal student loan payments and efforts to halt evictions.
Trump said the employee portion of the payroll tax would be deferred from August 1 through the end of the year.
The move would not directly aid unemployed workers, who do not pay the tax when they are jobless, and employees would need to repay the federal government eventually without an act of Congress.
In essence, the deferral is an interest-free loan that would ha….