On August 8, 2020, President Trump signed an executive order directing the Secretary of the Treasury to, “defer certain payroll tax obligations with respect to the American workers most in need.”
What exactly does that mean?
For the rest of 2020, the US government will defer the revenue that would be collected under the Federal Insurance Contributions Act (FICA)… aka “payroll tax”… which is Social Security and Medicare.
This only means that FICA taxes are delayed… they are still due, eventually.
Business owners are scrambling to figure out what to do and figure out their legal responsibilities.
Many are freaking out about the financial impact it will have on the Social Security and Medicare programs.
I think their concern is too little, too late.
FICA taxes and the ponzi scheme that is Social Security helped inspire Esquire Group’s latest product – the US Digital Nomad Solution.
Click below to learn:
- Why the Social Security system is bankrupt
- How the government can reduce or even eliminate your Social Security benefits
- How US citizens can earn $107,600 and pay $0 income tax
- How to legally stop paying FICA (Social Security and Medicare) taxes
… and more.
President Trump doesn’t have the authority to unilaterally end FICA.
But you have the power to legally stop paying.