Mnuchin suggests taxpayers will have to pay back COVID money unless Trump is reelected – By David Edwards (Raw Story) / Aug 9 2020
Treasury Secretary Steve Mnuchin suggested on Sunday that Americans will have to pay the government back for any payroll tax reduction unless President Donald Trump is reelected.
In an interview on FOX, host Chris Wallace noted that the president’s latest executive action on COVID-19 financial relief is “not a tax cut.”
“It’s a payroll tax suspension,” Wallace explained. “Isn’t there a danger that a lot of businesses won’t pass these saving through to workers because they’re going to hold on to the money because at some point, according to this executive action by the end of the year, those payroll taxes are going to be have to be paid anyway?”
“Well, the president wanted to do a payroll tax cut,” Mnuchin replied. “We could do the payroll tax deferral. He’s going to go to the American people and tell them that when he’s reelected, he will push through legislation to forgive that so, in essence, it will turn into a payroll tax cut.”