New York (CNN Business) The US Treasury Department released guidance Friday evening informing companies and workers how Trump's proposed tax holiday will apply to them. The new guidance, released together with the IRS, applies only to those whose bi-weekly paychecks are less than $4,000, the equivalent of $104,000 a year. comes after President Donald Trump's August 8 open the possibility of forgiving the deferred tax later on. It leftopen the possibility of forgiving the deferred tax later on. But only Congress has the power to waive taxes, so all the president can do is postpone when they are due.

Source: CNN August 29, 2020 18:56 UTC