Trump pitched 0% payroll tax rate for the rest of the year

originally posted by: Blue Shift
Zero tax on zero payroll. Makes sense.

Touché.

originally posted by: JON666

originally posted by: Wardaddy454

originally posted by: burdman30ott6

originally posted by: chr0naut
You have to ask, though, where all the extra money that the government doesn't get from payroll tax anymore, is going to come from?

Social Security and Medicare which, let's be rational here, will have significantly less immediate importance if Coronavirus is as brutal against elders and the chronically afflicted as experts are saying it seems to be. Meanwhile, the consumer confidence and spending driven stock market has absolutely immediate importance now and later to anyone with gainful employment as well as *most* retirees.

We should be allowed to opt out of Social security if we've already got plans in place for retirement.

What if those plans go up in smoke like it did with the great depression. Or gets confiscated for the war effort?

What if. As it stands, many of us are paying into something we'll never see.

a reply to: Wardaddy454

You wouldn't be the first.
Or the last.

But thank you for supporting the pyramid.

originally posted by: Phage
a reply to: Wardaddy454

You wouldn't be the first.
Or the last.

But thank you for supporting the pyramid.

You're welcome, old timer.

a reply to: Wardaddy454

The same thing happens in both cases .. your kids get strapped with your expenses... along with their own. Your son ends up having the mother in law that never really liked him moving into the extra bedroom his office was turned into and then wam bang.. you and your wife pop in for a long extended vacation and the squabbling of the in laws starts up and your son, his wife, and kids disappear in the middle of the night leaving just a note that says....
Gone camping be back when the snow starts flying.

originally posted by: drewlander

originally posted by: infolurker

originally posted by: DBCowboy
a reply to: Deplorable

Can't argue with more money!

Hell, I wish they would make it permanent and just do national sales tax for revenue.

Woah there! Not so fast. You do realize only business pay payroll tax and this does not mean "personal income tax" right? I agree with you but dont want you to think this is anything other than what it is.

I feel sure this has already been pointed out to you...businesses COLLECT/deduct payroll tax from the employees 's paycheck and sent it to the government. it's not the money belonging to the businesses...it's the employee's $$ just taken away from them and passed along. It's been the way the government collects your personal income tax for as long as I've been living; since at least 1956. In business with as many as 160 employees since 1976.

originally posted by: JON666

originally posted by: dawnstar
a reply to: burdman30ott6

Ya.. and I probably remember when your high school was built to replace the old worn out buildings that were built probably in the 1800s. And when they were tearing down the old worn out building in downtowns across the country and building nice new strip malls and the like.
Where do you think they got the funds for all that? My bet was they traded the cash in the social security accounts for treasury notes and once the social security wasn't bringing in a surplus for them to raid and would soon be expecting the govt to pay back some of the money they borrowed, well, that's it, social security is broke!!
No it isnt, the govt is broke and their prize cash cow isnt producing anymore. Time to send it to the slaughterhouse and make cat food out of it for our seniors to eat.

Yep they took the lock box and made it part of the general fund in the 60's then they spent it all.

No they didn't. They just started making social security part of the annual budget. Social security has always been invested straight into US Treasury debt from day one and has always accrued as a liability. I.E. they always spent all the money collected for Social security and issued IOU's for it. The 60's action was simply an accounting gimmick as it made the budget look better than it really was. Google is your friend. The truth is everywhere.

a reply to: Lumenari

Nicely stated, New Zealand's problem is Kiwis are draining in insane living costs. I am on the Kiwi train arguing against the existence of payroll taxes. Trump's critics and supporters miss apparent questions. Why does the payroll tax still exist? The GOP's vaunted tax reform package lowered the corporate but left the payroll tax in place. Eliminating the payroll tax and ten thousand pages of tax loopholes is the basis of U.S. based tax reform.

originally posted by: dawnstar
a reply to: Wardaddy454

The same thing happens in both cases .. your kids get strapped with your expenses... along with their own. Your son ends up having the mother in law that never really liked him moving into the extra bedroom his office was turned into and then wam bang.. you and your wife pop in for a long extended vacation and the squabbling of the in laws starts up and your son, his wife, and kids disappear in the middle of the night leaving just a note that says....
Gone camping be back when the snow starts flying.

Remember when Social Security was supposed to be a temporary measure?

Pepperidge Farm remembers.