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Trump Administration to Allow Deferral of Social Security Tax

Trump Administration to Allow Deferral of Social Security Tax

Trump Administration to Allow Deferral of Social Security Tax

WASHINGTON (AP) — The Trump administration is allowing employers to suspend collection of some Social Security taxes, although business groups don’t like the idea and it may create political headaches for Republicans.

Democrats are already saying it would undermine retirement benefits.

The Treasury Department action came late Friday, less than 24 hours after the conclusion of the Republican National Convention. It allows employers to offer their workers a temporary deferral of the 6.2% payroll tax employees pay into the Social Security Trust Fund for the rest of this year.

The taxes owed would not be forgiven, and instead would come due in 2021.

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