Income tax deferral

Income tax deferral

Good evening and thanks for joining us.

You could be seeing more money in your paychecks.

President donald trump recently issued an executive order" to help many americans.

At 5 o'clock... we told you some are choosing "not" to take part in this.

Now..news 10's richard solomon joins us now in the newsroom with "why".

The money with the payroll tax deferral would have to be paid back..but doubled.

Local business owner connie wrin says the risk isn't worht it to her.

She says with the year they've had...there's no way she'll put her employees through another rollar coaster.

Connie wrin says it's been a tough year as a business owner.

"it's horrible.

It's been really, it's been bad.

Im running at about 25% of what i use to run" with trying to keep the lights on...wrin is also trying to make sure her employees can do the same.

And..an executive order issued by the president could do just that.

The payroll tax deferral would allow employees to see more money in their checks by not taking out the federal social secutiry tax.

But wrin says what lawmakers are calling a payroll tax holiday...could be a nightmare.

"i..don't..see the benefit.

It's easier for me to pay something out as i have been consistantly than in 6 months start paying something back on top of what i owe also for that month" the money that isn't being taken out this year...would have to be taken out next year..but doubled.

"at this moment i know of no major employer in the country that is going to do this" i spoke with indiana state economics professor dr. robert guell.

He says for example..on an $800 check...you'd see about 50 more dollars.

"this is an implementation nightmare.

Simlpy because im going to owe the money anyway."

Wrin says the future is too unpredictable.

She says it could cost her employees too much in the longrun.

"i think we're years from things getting back to normal.

I have never experienced anything close to this" if wrin were to go through with this...tax would be paid from january to april of next year.

Reporting live in the newsroom richard solomon news 10.