In the 401(k) world, an analogy to the payroll tax holiday would be allowing savers to tap assets tax free. (Photo: Shutterstock)
Reports alleging the Trump administration was mulling a payroll tax holiday to ward off recession fears were walked back—kind of—by President Trump in an impromptu press conference yesterday on the south lawn of the White House.
"I'm not looking at a tax cut now. We don't need it, we have a strong economy," the President said.
There were no details released on how much payroll taxes would be cut, or for how long, under the proposal allegedly considered in the White House. On Tuesday, President Trump said, "I've been thinking about payroll taxes for a long time."
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Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
