County Opens Trust Fund To Manage Trump’s Tax Deferral

By: Shawn Magrath

County opens trust fund to manage Trump’s tax deferral

CHENANGO COUNTY - Chenango County decision makers are working over details of President Donald Trump’s recent executive order to defer payroll taxes, saying that the move could become an onus to county taxpayers if not handled correctly.

County Treasurer William Craine cited concerns at a County Board of Supervisors meeting on Monday. According to Craine, the county - a public employer - must be especially vigilant because workers are paid by local tax dollars. And given the uncertainty of the president’s order, he said the county should take caution.

“I think there’s a high likelihood that there will be a compromised bill; and if there is, it’s entirely possible that these executive orders will be rescinded,” said Craine. “These are not things we deal with on a daily basis. We always have to look at the risks associated and the fact that we have public funds involved here.”

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The issue at heart is President Trump’s executive order signed over the weekend that directs the secretary of the Treasury to defer some payroll tax obligations. Any employee paid less than $4,000 bi-weekly before taxes is eligible.

Employees and employers typically pay half of the total 12.4 percent Social Security tax due for each worker. Under the president’s order, employers would refrain from withholding the 6.2 percent from employees for Social Security, but would still contribute their own portion for each worker. 

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