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A Baltimore bank CEO is paying off his employees Social Security tax debt

Social Security depleted by 2023 if Trump eliminates payroll taxes, federal official says
Posted at 1:39 PM, Oct 16, 2020
and last updated 2020-10-16 13:43:24-04

BALTIMORE — One Baltimore based bank is forgiving their employees Social Security payroll tax debt.

Capital Funding Group Bank says its owner and Chairman, Jack Dwyer, will personally pay-off the deferred taxes owed by his employees.

The program was initially started when President Donald Trump issued a memorandum allowing employers to defer the taxes from worker paychecks, in order for them to earn more income during the COVID-19 pandemic.

It aimed to revitalize the economy and increase investments into local small businesses.

READ MORE: Trump signs coronavirus executive orders; here’s how they could help

Dwyer hopes other businesses and CEOs follow his lead. “I strongly believe that we all have an opportunity to make a positive difference. When I heard about the deferral program, I thought it presented a unique opportunity to help our employees and local businesses. This is something that can be done in any city across the country. If business owners all come together, we can make a meaningful impact on those who have been financially hurt by the pandemic, says Dwyer.”