Not only that but the followup question clarified it would include SSA taxes which would come out of general fund instead. before I thought it was only going to be income taxes and not SSA.
RE: Tax holiday.
I have to say the water is damn muddy on this issue and I think it’s intentional. POTUS says “payroll taxes” and I don’t think everyone understands what that means. What is actually happening here is that POTUS is “forgiving” a tax that everyone employed pays at the exact same rate - it’s not graduated. EVERYONE employed pays 15% tax. Yes there is a “match” from the employer, but it’s still part of the employee salary. On the balance sheet that match does NOT go into the taxes category.
What’s really happening here is that the SS and Medicare taxes are being waived. I can see why POTUS doesn’t say that because it fuels the rhetoric that he’s trying to shut down Medicare and SS. The bottom line is that even if you don’t make enough money to pay federal income tax, you continue to pay a 15% tax regardless of your income. POTUS says the money is there for SS and Medicare. What you have here is the greatest and most brilliant middle and lower class tax cut in history and the left wants to spin that as otherwise. Don’t let them.