Sen. Mike Rounds (R-S.D.)
SIOUX FALLS, S.D. (KELO.com) — Senator Mike Rounds spent his morning reassuring the public that President Donald Trump’s proposed executive actions to eliminate payroll taxes would not have adverse effects on social security.
President Donald Trump spent last weekend putting into place an executive order that would assure the economies stability as Democrats and Republicans work to find common ground on the next stimulus package. Included in the order was a proposal to slash payroll taxes, but some detractors worry that the proposal would have adverse effects on social security. Senator Mike Rounds spent Wednesday morning sharing with Kelo’s Greg Belfrage why the critiques were wrong.
” This executive order doesn’t cut payroll taxes, it simply defers the due date for that portion of taxes that’s paid by employees through December 31st,” Rounds told Belfrage.
It’s similar to what the treasury has been doing deferring the federal income tax, moving it from April 15th to July 15th, Rounds explained. The bill he says would apply extra equity if people wanted to take advantage of it, the tax itself would still be owed. If re-elected President Trump says he would offer forgiveness of the amount owed.
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