(AmericanProsperity.com) – In early August, President Donald Trump signed an executive order allowing employers to defer some fourth-quarter taxes until next year. They need to still pay them, though, preventing many from opting in. But, a new bill in the House could change the tax deferral to a true tax cut, leaving more money in the hands of Americans.
Rep. Kevin Brady (R-TX) introduced the Support for Workers, Families, and Social Security Act on Friday, September 11. The bill would eliminate the 6.2% Federal Insurance Contributions Act (FICA) tax, which funds Social Security, through the end of the year. Brady shared an estimate of how much money would stay in citizens’ hands:
RAISES FOR ESSENTIAL WORKERS WHO’VE KEPT AMERICA RUNNING
Forgive payroll taxes deferred by @realDonaldTrump. Dems did 2x for Pres. Obama.
Help local economies. Create certainty for biz. Safeguard Social Security.
$2,480 for avg working couple
$1,137 for avg single mom pic.twitter.com/DRGLURqOs3
— Rep. Kevin Brady (@RepKevinBrady) September 11, 2020
This bill would reduce federal revenue by approximately $137 billion. To mitigate the revenue loss, this proposal would move money from the general fund to Social Security.
If it passes, it would keep money in the pockets of Americans who work hard for our country. It’s up to Congress to decide if citizens will see a true tax holiday or just the current tax deferment.
~Here’s to Your Prosperity!
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