Well, more of a yes, but. Donald Trump wants a payroll-tax holiday as part of the Phase 4 COVID-19 relief package, but neither party in Congress seems enthusiastic about that idea. Economists Stephen Moore and Phil Kerpen argued for Trump to issue an executive order to stop the collection of the taxes, and claim he has the authority to make it stick:
President Trump needs to reset the debate on the latest coronavirus relief bill. Senate Republicans have scuttled their best pro-growth idea—a payroll tax cut—and instead released a $1 trillion spending bill. Last week Mr. Trump acknowledged that compromising with Speaker Nancy Pelosi is a fool’s errand, because the House won’t agree to anything that boosts growth and job creation. The Democratic plan includes a six-month extension of the $600-a-week unemployment bonus and $3 trillion in new spending. It would sink the economy and imperil Mr. Trump’s re-election.
The president needs to pull an end run, and there’s a legal way to do that. He should declare a national economic emergency and announce that the Internal Revenue Service will immediately stop collecting the payroll tax. This is technically called a deferral of the tax payments.
Note the word deferral, though. Stopping the collection of taxes doesn’t end the obligation to pay them, however. All this might do — assuming Trump can do it — is to defer the payments, meaning taxpayers might end up owing a big chunk of cash at the end of the year. Moore and Kerpen argue that this will create a massive amount of pressure on Congress to forgive those obligations at some point: