Pandemic Payroll Tax Suspension Act

Pandemic Payroll Tax Suspension Act

This bill suspends payroll taxes (i.e., employment and self-employment taxes) in 2021 and 2022. The bill requires the transfer of funds from the Treasury to the Old-Age and Survivors Trust Fund, the Disability Trust Fund, and the Social Security Equivalent Benefit Account to compensate for the reduction in revenues resulting from the suspension of taxes under this bill.