more on the ‘payroll tax cut’

apparently it’s targeted only at social security / medicare and NOT your individual federal withholding tax

bloomberg

so it wouldnt affect your tax due / refund at all - no need to change your W-4

what it would do is continue to short the social security / medicare trust funds

The cost of a payroll tax cut or holiday would depend on how much of the tax is rolled back and for how long. A 2 percentage point cut for employees, as President Barack Obama signed at the end of 2010, would cost $150 billion in government revenue over a year and $300 billion if the employer portion also was cut.

of course trump wanting to do this ‘through the election’ would mean (likely) a democrat, ok, Biden, would be saddled with putting it back the way it was - ie ‘raising your taxes’. even though it’s more like when your credit card company says you can ‘skip’ a payment. your balance due to them doesnt change at all. they just waive the late fee.