Tax holidays are likely to take effect retroactively from August 1 and last until the end of this year.
Low-income US citizens will not pay tax on this income until the end of the year. This was stated by US President Donald Trump at a press conference in New Jersey.
According to him, the corresponding decree was signed on Saturday, August 8. вЂњI provide tax holidays on payroll taxes for those Americans who earn less than $100,000 a year,вЂќ Trump said.
He clarified that these tax holidays are likely to take effect retroactively from August 1 and will last until the end of this year.
вЂњIf I am re-elected on November 3, I plan to forgive these taxes, as well as permanently reduce the payroll tax. In other words, I will extend the holidays and put an end to the tax,вЂќ Trump said.
As reported, earlier Trump promised to extend the payment of unemployment benefits until the end of the year, even if it is not possible to agree on this with the US Congress.