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What President Trump's Executive Order Means for You
We are still waiting for the dust to settle on what President Trump’s executive orders mean for taxpayers and business owners. There is a lot of talk about legal challenges and how Congress may react. But here is a summary of what we know now.
Temporary Payroll Tax Relief -
The President has directed the Treasury Department to grant all employers the ability to defer payment of the employee portion of payroll taxes from September 1 to the end of 2020. This is limited to employees earning less than $100,000 per year. While this seems like a tax cut, since paychecks will be larger, this is actually only a deferral of taxes since they will still be owed at a later date.
Unemployment Benefits -
The $600 Federal unemployment benefit expired at the end of July. Congress has been debating different levels to extend this benefit. The President has allocated $400 a week of Federal funds for Americans currently out of work. The funds will be available through December 6 or until the Disaster Relief Fund is reduced by $25 billion. But, States are required to make up $100 of the $400 in extended benefits.
Eviction and Foreclosure Hardships -
President Trump has directed his administration to prevent residential evictions ... more

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