According to a report from CNN, led by the U.S. Chamber of Commerce, business leaders want nothing to do with Donald Trump's proposal to suspend the payroll tax as part of an economic package aimed at boosting the economy during the COVID-19 health crisis.
More succinctly, they called his suggestion "unworkable."
In a letter to Congress and the Treasury Department, the US Chamber of Commerce with the backing of more than 30 trade associations, stated: "Many of our members consider it unfair to employees to make a decision that would force a big tax bill on them next year," adding, "It would also be unworkable to implement a system where employees make this decision."
With that in mind, the letter stated that many members would not participate in the program if it was an option.
Explaining their reluctance, the business leader's letter pointed out that "... workers making $50,000 a year could owe nearly $1,100 in payroll taxes in 2021, while those earning $104,000 could be hit with a tax bill of more than $2,200."
The report goes on to note that the president could not unilaterally put off the tax collecting, which is the domain of lawmakers, and that there is little support for the president's now moribund initiative in Congress.
