Here’s what you need to know about payroll tax deferrals and why you SHOULD NOT opt-in

Yesterday, the highly unpopular payroll tax deferral began throughout the United States. For those that may be unfamiliar with what exactly the payroll tax is, I’m so glad you asked because I’m about to tell you why this is one of Trump ‘s worst policy proposals ever. The payroll tax flat-out is one of the taxes that ends up funding Social Security so that when you or your family members need it it is there. Social security is something that YOU pay into. It is *not* something provided by the government and therefore shouldn’t be messed with by the government.

Trump’s payroll tax deferral starts today. It’s mostly hype and few employers are likely to … [+] GETTY IMAGES

On top of the fact that this appears to be yet one more of Trump ‘s dirty tricks — you just don’t want that hefty tax bill next year knowing that the Coronavirus isn’t going anywhere. Let me make that very clear to you guys — you defer those taxes you will receive a tax bill next year.

Your employer has now been given guidance on how to enact the payroll tax deferral (although quite a few major players are already confirming they’re not doing so by any means.). With that guidance, the Treasury Department has notified employers that the payroll tax deferral is quite literally only for a few months. The catch-22 here is that by February-or-so of next year, employers will be on the hook to pay that tax back which will spell nightmare-from-hell for the employee (that would be you.)

According to the guidance, payroll taxes would have to be doubled for the first four months of next year for those that opt-in. This means that your take-home pay check will be quite a bit smaller for almost half-of-the-year. In case that wasn’t bad enough, there are legitimate concerns that this deferral may become the fabric for one of Trump ‘s longest wild ambitions to completely alter social security rather than leave it alone. For some reason, right-wingers and extremists want to take away what’s left of people’s right to retire when it is time.

The payroll tax deferral actually does nothing to the millions that are unemployed right now and instead mostly gives the biggest windfall to the already still bigger earners. Although he desperately wants to end social security to please his problematic base, Trump doesn’t actually have the power to indefinitely forgive the payroll tax.