Similar Stories to Trump Is Enacting A Payroll-tax Cut Through Executive Action. But That Doesn't Mean Workers Will See Extra Money In Their Payche on Bing News

MANDEL NGAN/AFP/Getty President Donald Trump moved on Saturday to enact a payroll-tax cut on his own, circumventing Congress. The idea gained traction in the White House after two conservative economists called on the president to use executive authority to suspend that tax collection and add money to workers' paychecks. But experts say employers are likely to hold on to the cash, since the president only has the authority to defer tax collection — not to forgive it. "Knowing that, employers would be taking an enormous risk if they don't withhold the tax they're legally liable for," tax expert Seth Hanlon told Business Insider. Visit Business Insider's homepage for more stories. President Donald Trump signed an executive action on Saturday to enact a payroll tax cut, a step he's sought to take throughout the pandemic in an effort to juice people's paychecks. The text of the memorandum says that people earning under $4,000 every two weeks won't have to pay the tax out of their paychecks from September 1 to December 31.See the rest of the story at Business InsiderNOW WATCH: Why thoroughbred horse semen is the world's most expensive liquidSee Also:Mitch McConnell just opened the door for an extension of the $600 unemployment boost — if Trump supports itA former top Trump adviser says partial economic shutdowns may be needed as 'some places are too open'Nancy Pelosi says Democrats are pushing to keep the $600 federal unemployment benefit while the jobless rate remains high