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.
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