President Trump suggested his decision to defer payroll taxes for some Americans via executive order could become permanent, saying it will have "no impact" on Social Security benefits. "This will have zero impact on Social Security," Trump told reporters on Sunday before boarding Marine One. WHAT A TRUMP PAYROLL TAX DEFERRAL WOULD ACTUALLY MEAN FOR YOUR WALLETHe said the cuts "may be permanent," but did not elaborate further. Currently, all employees and employers pay a 6.2% payroll tax on wages capped out at $137,700. That money goes toward specific programs such as Social Security, health care, unemployment compensation and workers’ compensation.

Source: Fox News August 10, 2020 17:03 UTC