White House reveals how much average worker will save thanks to Trump's payroll tax executive order
President Donald Trump (Credit: White House/Flickr)
WASHINGTON - The payroll tax deferral President Donald Trump enacted via executive order on Saturday, Aug. 8 would save the average person about $1,200 over four months beginning in September, White House economic adviser Larry Kudlow said Sunday.
"I think it's going to be in a couple of weeks, and I think it's going to come to about $1,200 per person," Kudlow told CNN's "State of the Union."
President Trump has repeatedly pushed for a payroll tax cut amid the pandemic and included it in the four executive actions he signed this weekend.
"With respect to the payroll tax, basically we're giving 140-some-odd million people who worked through this pandemic, they're heroes, we're giving them about a $1,200 wage increase after tax," Kudlow said.
President Trump's executive orders also included an extension of federally enhanced unemployment benefits that will require states to chip in 25% of the $400-per-individual bump. The administration has not confirmed that all 50 states are on board, Kudlow said.
"So based on our estimates, the states will be able to provide the extra $100," he said. "We'll probably find that out today or tomorrow as we make our canvas. We've been in touch with them. We have very good records coming out of the Treasury Department. But we will be in touch."
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