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And they’re off — to getting a temporary bump in their take-home pay. The Nassau County Off-Tracking Betting Corporation has taken up President Trump’s call and is giving workers a pause in paying the 6. 2 percent payroll tax, which funds Social Security. The move will provide OTB employees more take-home pay in the short term during the COVID-19 pandemic — but they could see less weekly money in early 2021 as they pay back the tax, unless Congress decides to finance the revenue loss, which is very questionable. Many businesses have declined to implement the payroll tax holiday despite Trump’s Aug. 8 executive order urging the action because of the potential higher tax liability for workers down the road. The decision by Nassau OTB to embrace the temporary payroll tax relief will certainly raise eyebrows because the county-run bookie’s president, Joseph Cairo, is also chairman of the Nassau County Republican Party.“It’s just a gimmick because you have to pay the money back, ” said OTB cashier Jackson Leeds, who opposes the change.“And it’s political because Cairo is chairman of the Nassau County Republican Party, ” he added. The Nassau OTB Management’s Sept 1 memo to workers says: “Please be advised that the ‘take home pay’ on your paycheck from now through December 31, 2020 will be higher than usual. This is because President Trump by memorandum of Aug. 8, 2020 has authorized employers to temporarily defer collection of your Social Security payroll tax (6. 2%).“The amounts may eventually be forgiven by Congress but at this time is a deferral only, and should be viewed as a short term interest free loan that must be repaid…
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