As I understand it, fica is only SS and Medicare, and Trump’s EO only defers the employee paid portion. Employers would still be liable for their part. The federal income tax as well as state and local taxes would still be in place.
The federal income tax as well as state and local taxes would still be in place.
Right, but since it’s the payroll tax (FICA) that funds Social Security, eliminating the payroll tax would scrap the main source of revenue for Social Security.