Here's Why You'll Need to Prepare for a Smaller Paycheck in 2021

Here's Why You'll Need to Prepare for a Smaller Paycheck in 2021

If those payroll taxes are indeed forgiven, it could spell serious trouble for Social Security, which relies on payroll tax revenue to stay afloat. Denying the program four months' worth of payroll taxes could result in benefit cuts in the not-so-distant future -- especially since Social Security has already lost out on a lot of payroll tax revenue this year due to high unemployment. Furthermore, it's still unclear as to whether Trump, if reelected, will have the authority to forgive four months of payroll taxes. Thus, all workers who get a boost this year will need to gear up for a smaller paycheck at the start of the following year. You may even want to save all of the extra money you're getting in your paychecks between now and December to compensate. When investing geniuses David and Tom Gardner have an investing tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and Walmart wasn't one of them! That's right -- they think these 10 stocks are even better buys.
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