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Trump to Suspend Payroll Tax Until End of 2020

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posted on Aug, 8 2020 @ 09:10 AM
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Not quite "official" yet, but Trump says he can use Executive Orders to extend some current relief and make some new relief policies without Congress.

A new one is to suspend payroll taxes !!

That one will be popular I imagine.

Democrats have been demanding too many things unrelated to the current problems (no surprise, it's always their pork barrel BS).

I think Democrats may be letting the cat out of the bag and showing the possibility that the COVID19(84) crisis isn't as bad as it's cranked up to be.

Nancy Pelosi and Chuck Schumer have been getting real tense, testy, and rattled this week as their little plans keep getting kicked in the teeth.




President Trump said Friday he would defer the payroll tax until the end of the year, using an executive order.

The tax would continue to be deferred until the end of 2020, the president said, and would likely be retroactive from July 1.

He said that by the end of 2020 the payroll tax break could be extended.

“Hopefully I’ll be here to do the job,” Trump said, hinting at the results of Election Day.

The president also said he would extend unemployment benefits, defer student loan payments and interest, and extend the eviction moratorium as well as an order requiring health insurance companies to cover pre-existing conditions.

“If Democrats continue to hold this critical relief hostage, I will act under my authority as president to get Americans the relief they need,” he said.


Donald Trump to Suspend Payroll Tax Until End of 2020




posted on Aug, 8 2020 @ 09:24 AM
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a reply to: xuenchen




A new one is to suspend payroll taxes

Sounds good but i know nothing about this tax.
How Will that help the everyday poor and middle class person?

especially now with so many out of work.

Or is this just another hand out to to rich?


+7 more 
posted on Aug, 8 2020 @ 09:27 AM
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a reply to: xuenchen

It's a better incentive to return to work than a 600 dollar check to stay at home.

I hope he can do it.

Politicians left and right hate the idea because people will realize exactly how much of their income government actually takes.



posted on Aug, 8 2020 @ 09:31 AM
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a reply to: scraedtosleep

People making minimum wage of $7.25/hr will keep $7.25/hr (unless their state has an income tax or other income taxes such as city or school district) instead of only making maybe $5.58/hr or so.



posted on Aug, 8 2020 @ 09:35 AM
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a reply to: DBCowboy

I’d do it then drop the mother of all campaign promises...in 2021, if re-elected, he will end the direct tax on income at the federal level with a new Constitutional Amendment repelling the 16th Amendment. Or in common terms: “The Government didn’t work that.”



posted on Aug, 8 2020 @ 09:41 AM
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originally posted by: Ahabstar
a reply to: scraedtosleep

People making minimum wage of $7.25/hr will keep $7.25/hr (unless their state has an income tax or other income taxes such as city or school district) instead of only making maybe $5.58/hr or so.


Awesome for those of us still working.

But I wonder what those taxes went to that will now not be reviving any funds?

Also no matter what work a person is doing it is worth more than 7 or 8 bucks an hour.
Without the workers none of these people would even have a business.



posted on Aug, 8 2020 @ 09:43 AM
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originally posted by: scraedtosleep
a reply to: xuenchen




A new one is to suspend payroll taxes

Sounds good but i know nothing about this tax.
How Will that help the everyday poor and middle class person?

especially now with so many out of work.

Or is this just another hand out to to rich?


Well, for me it's something like a quarter out of every dollar I earn, off the top before I even see that money.
If I earn a thousand dollars, income tax takes two hundred and fifty of them.

of course then there's medicare, state taxes, and a dozen other things stealing out of my pocket before I see a cent... But income tax is a big chunk of it.



posted on Aug, 8 2020 @ 09:44 AM
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a reply to: scraedtosleep

The idea is to get them back to work. One cannot simply pick and choose who to tax; that is a medieval concept. Any tax change which benefits "the poor" will also benefit "the rich" some and vice versa.

There is only one way to achieve financial "equality." That is to have everyone dirt poor. No one can force someone to be wealthy, but it is possible to force someone into poverty.

A payroll tax is any monies based on an employee's pay that are withheld from the pay and diverted to the government. That at present includes Federal income tax withholding, Social Security, and Medicare. The idea is to keep businesses open (or at least solvent) so people have jobs or at least will have jobs to go back to when this hysteria calms down.

This is the cost of hysteria. I'm not exactly excited about the idea, but if one plays the game one must pay the entry fee.

At least he is handling pre-existing conditions the correct way. It will be illegal to not cover pre-existing conditions. Not frowned upon; not subject to fines; not some convoluted mechanism to entice insurers to do what they should be doing... illegal.

TheRedneck



posted on Aug, 8 2020 @ 09:55 AM
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Good on Trump playing hardball, he isn't giving the Dems an inch and I suspect it's that business integrity and knowledge on the aspects of spending without real returns is what's making him putting a stopgate on Democrat pork.

However, the same applies here as well, nonetheless, it is a temp measure to keep people working, without incentivising them to just stay home and milk the coffers dry.


+7 more 
posted on Aug, 8 2020 @ 09:55 AM
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The US had a depression far greater than the Great Depression in 1873. It was caused by a glut of silver discovered in Virginia City, Nevada which in turn caused the governments of the US and Germany to stop silver redemption.

Teddy Roosevelt would have been in his 20s at that time and by the time he ran for president the ghost of 1873 would have influenced him dramatically.

Why do I bring this up?

Because Teddy Roosevelt saved our capitalist system from itself and as a result we didn't have the Bolshevik revolution that Russia did. Had Teddy Roosevelt not acted to preserve the Republic and our market system we would have had a communist revolution at around the same time as the Russians. The world would have looked grimly different.

Trump is doing the same thing. He knows that if we don't spread the power in all of its forms (within reason) we will create the same dynamic that killed Tazarist Russia and gave birth to the Soviet Union.

If that happens here the Earth will be in existential danger.

Traditionally, the right builds hierarchical structures of competency and power. The left is supposed to tame that by spreading some of that power. That's not what's happening anymore.

The left is building massive edifices of hierarchical incompetence and accruing power and money as the end rather than using power as a means. The right wing is looking more like that meme with the cartoon dog surrounded by flames saying "this is fine." They don't know they're in a knife fight and the other side has a gun.

Trump is busy building hierarchical competency structures and solidifying his constitutional power while at the same time playing the traditional role of the left. This is what it means to be a populist. This was the original point of Roosevelt's Bull Moose Party, the original Progressive Party, not to be confused with the effeminate and demure progressives that gave birth to Margaret Sanger, George W Bush, and Hillary Clinton.

I held my nose and voted for Trump in 2016. This year I'm voting for Trump because he's earned it. This is not to say that there aren't bad things happening under his watch. But Trump is human and I don't expect 100% adherence to my personal beliefs nor do I expect perfection.

I do expect that he will do his job. This is not true of Joe Biden who puts the "dem" in dementia and certainly not the Democrat Party who have been tyrannical in their COVID19 handling, embracing of cancel culture, and enabling of the far left violence on our streets.

I think the choice this year is very clear.

Trump 2020
edit on 8 8 2020 by projectvxn because: (no reason given)



posted on Aug, 8 2020 @ 09:56 AM
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a reply to: TheRedneck




Social Security, and Medicare.


I'd rather it was taken from me then.
But,



The idea is to keep businesses open (or at least solvent) so people have jobs or at least will have jobs to go back to

This is true.

I don't envy anyone who would have to make this call. And because it's only temp I feel it is a good call.
Unless it causes people on medicare to not get the medical they need that is. Or if it messes up peoples ss. But then again if all these businesses fail we wont have ss or medicare anymore.



posted on Aug, 8 2020 @ 10:03 AM
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originally posted by: scraedtosleep
a reply to: xuenchen




A new one is to suspend payroll taxes

Sounds good but i know nothing about this tax.
How Will that help the everyday poor and middle class person?

especially now with so many out of work.

Or is this just another hand out to to rich?


Did you know that poor people are harder hit by payroll tax than the rich. What is $800 or more a month to the rich? Peanuts.

What is $600 a month to the average working family, a great deal.

What is $200 a month to the average single poor person, a very great deal.

Those extra hundreds of dollars that are taken in payroll tax can help poor families a great deal. People who are working very poor have at least $100 withheld each pay period. The average middle class family has over $600 a month withheld in payroll taxes.

If you check the news there are more and more jobs out there but the free money in the stimulus was giving people more money not to work than if they worked.

This plan will incentivize people to go back to work and not rely on handouts.


www.bing.com... asicHover



edit on 8/8/20 by The2Billies because: addition



posted on Aug, 8 2020 @ 10:07 AM
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a reply to: scraedtosleep

As someone on SS Disability and who is reliant on Medicare, I appreciate the sentiment. At this point I am just trusting Trump the businessman knows what he is doing... beats screaming at the sky.

Of course, the payroll tax thing is temporary and only a small part of what Trump is doing (Fox just announced he has a press conference at 3:30 Eastern today). More important IMO are the protections against eviction, student loan debt relief, and unemployment extensions. I hope he doesn't leave the $600 bonus in effect and simply extends the standard benefit. Some people affected early on might be getting close to running out of benefits. Unemployment does not last forever.

TheRedneck



posted on Aug, 8 2020 @ 10:08 AM
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It's a good job nobody lost their job, healthcare during the lockdown. It is good for the working poor, But I suspect the bill was mainly for the Highly paid workers who donate large amounts of money to the Republicans and DNC.



posted on Aug, 8 2020 @ 10:11 AM
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There are businesses around me that might not re-open because they can't get people to apply for available jobs. That's insane.

What bothers me about this topic is the final description of the relief does matter. Is it a suspension? To temporarily stop taking taxes out of our paychecks? What happens next year when the IRS says "you didn't have enough taxes taken out of you last year so here's a penalty".

Is it a deferral? What does that mean? Usually it means they set aside the amount due to be taken out later. The house payment and student loan deferrals are a prime example. You still have to pay it back but they add it to the end of the loan OR make it all due in a lump sum. That's financially painful.

What exactly would this be and what are the future tax ramifications? I have to know the details before I'd support anything like this.



posted on Aug, 8 2020 @ 10:12 AM
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a reply to: The2Billies

Keep in mind also that many of "The Rich" have lots of unearned income that is exempt from payroll taxes.

😎



posted on Aug, 8 2020 @ 10:20 AM
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a reply to: The2Billies

Thanks for the info.




If you check the news there are more and more jobs out there but the free money in the stimulus

I never even got a penny from any of the stimulus.
But I kept my job. Even when there were no hours and every one else quit.
Once the hours came back my pay was temp raised because I was one of the few workers they had left.
So really this has been great for my wallet.

I don't even want that stim money.
edit on 8-8-2020 by scraedtosleep because: (no reason given)



posted on Aug, 8 2020 @ 10:20 AM
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a reply to: 11SK1180

This does very little for the rich, they don't need the extra money. It actually creates a financial problem for the middle class up to the rich who will HAVE TO REPAY the money not withheld. The taxes are SUSPENDED, NOT FORGIVEN.

Who does need the extra money, the poor and lower middle class, who will not have to repay, because they get it all back as a refund in the spring.

How do the rich really benefit from a extra hundred dollars a month? They don't, it is small change to them. But those extra hundreds of dollars add up to thousands by January.

How much do the lower class benefit from a few extra hundred dollars a month? A great deal since they won't have to repay it as most get full refunds.

Unless you think the rich want payroll taxes suspended, they are forced to save the money themselves and not spend it because they still will have to pay taxes come next spring and replay the money that was not withheld.

I am middle class and don't want my payroll taxes not withheld. I will have to put that money aside in a special account ready to pay it all in spring. What about the people who don't realize this and spend it? This will actually harm idiot rich and middle class who will have to repay it in the spring and spend the not withheld suspended payroll taxes.

The poor however and lower classes generally get all the money withheld in taxes returned to them. They can use the money now and not have to save it or repay it.

I sincerely hope that the SUSPENDED (NOT FORGIVEN) payroll taxes top out where people make enough to have actually pay payroll taxes in the Spring.

Who will this hurt the most? The rich and middle class to upper middle class the most.


edit on 8/8/20 by The2Billies because: addition



posted on Aug, 8 2020 @ 10:22 AM
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I'm hearing this represents a 7.5% increase in everybody's take home pay.
Let's do it...and watch Pelosi try to stop it.



posted on Aug, 8 2020 @ 10:25 AM
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originally posted by: IAMTAT
I'm hearing this represents a 7.5% increase in everybody's take home pay.
Let's do it...and watch Pelosi try to stop it.


It'll be interesting to see the arguments against people having more money that they earned.







 
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