JPMorgan Chase analysts said in a new research note that President Donald Trump’s decision to halt payroll taxes could add about $40 billion a month to the paychecks of Americans.
Over the weekend, Trump signed took executive to defer payroll taxes that pay for Social Security and Medicare from Sept. 1 until Dec. 31 for people earning less than $104,000 per year. All employees and employers pay a 6.2 percent payroll tax on wages, and workers pay a Medicare tax of 1.45 percent.
