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Trump to Suspend Payroll Tax Until End of 2020

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posted on Aug, 9 2020 @ 03:30 PM
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originally posted by: AugustusMasonicus

originally posted by: toolgal462
Paying back what?


The deferred taxes. Come next April, unless Congress does something, all of the taxes not taken out of people's paychecks will need to be paid to the IRS. This isn't rocket science and it's been brought up since the beginning of the thread.


No it isn't rocket science, Einstein. And tax rates change all the time. and READ THIS:

But for the time period of however long the tax cut is in effect, the payroll tax will be ZERO. And even if the tax cut expires, the worker will not be responsible for the payroll tax relief they received for the time period the tax cut was in effect.




posted on Aug, 9 2020 @ 03:30 PM
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a reply to: AugustusMasonicus

I'm right there with ya bro. Clearly big gov. isn't going to de fund themselves on purpose someone is going to pay the piper tax cut here then tax spike 4x later. We should start cutting spending starting with salaries of elected officials which a majority of them already have tons of money to begin with.



posted on Aug, 9 2020 @ 03:32 PM
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originally posted by: toolgal462
And tax rates change all the time.


Yeah, via Congress.


And even if the tax cut expires, the worker will not be responsible for the payroll tax relief they received for the time period the tax cut was in effect.


So your opinion is correct and the Orange Moron's isn't? Why is he saying he'd forgive this then? Did he catch the 'mentia from Biden?



posted on Aug, 9 2020 @ 03:33 PM
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originally posted by: Brotherman
I'm right there with ya bro. Clearly big gov. isn't going to de fund themselves on purpose someone is going to pay the piper tax cut here then tax spike 4x later. We should start cutting spending starting with salaries of elected officials which a majority of them already have tons of money to begin with.


I've resigned myself to the fact that we're hooked on deficit spending and the country's citizens don't care as long as they get some of that cheese.



posted on Aug, 9 2020 @ 03:36 PM
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Trump knows the Dims are going to kick and scream and pretend that Trump wants to gut SS and leave seniors without healthcare, etc...

But a tax cut is not a loan. The worker gets to keep more of the money they have earned.

If congress raises the payroll tax rate one day, some day, the worker will NOT be responsible for repaying taxes NOT confiscated from them during the time frame the tax cut was in effect.

It's sad you don't know this.



posted on Aug, 9 2020 @ 03:38 PM
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originally posted by: toolgal462
The worker gets to keep more of the money they have earned.

...

It's sad you don't know this.


And it's really sad that you think this doesn't need to be repaid come next April if Congress doesn't do anything. You may be the only person in the thread who things this is a free, non-repayable windfall.



edit on 9-8-2020 by AugustusMasonicus because: 👁❤🍕



posted on Aug, 9 2020 @ 03:42 PM
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originally posted by: AugustusMasonicus

originally posted by: toolgal462
The worker gets to keep more of the money they have earned.

...

It's sad you don't know this.


And it's really sad that you think this doesn't need to be repaid come next April if Congress doesn't do anything. You may be the only person in the thread who things this is a free, non-repayable windfall.




Wont be repaid by the people receiving the tax cut. I doubt very much you speak for everyone in this thread.

If the tax cut results in less funding for something, the govt. can take that money from elsewhere. Or run a deficit, the deficit is already ridiculously out of control this can't make it much worse.

But if you are receiving a TAX CUT, then you pay less, or in this case you pay ZERO (in payroll tax) for the time the tax cut is in effect.

I know you will never admit that you don't understand something but in this case, you don't.



posted on Aug, 9 2020 @ 03:44 PM
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originally posted by: toolgal462
Wont be repaid by the people receiving the tax cut.


Yeah, it will, because it's not a tax cut, it's a deferral.

At least get the terminology correct, it will make you look a little less foolish.



posted on Aug, 9 2020 @ 03:48 PM
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originally posted by: AugustusMasonicus

originally posted by: toolgal462
Wont be repaid by the people receiving the tax cut.


Yeah, it will, because it's not a tax cut, it's a deferral.

At least get the terminology correct, it will make you look a little less foolish.


It is not a deferral, it's a suspension. My gawd do you ever stop repeating yourself?

This has already been covered, it's a suspension for a period of time.

and oh yeah, GET OVER YOURSELF.

The only person more full of themselves than you is the one you lovingly refer to as "orange moron".



posted on Aug, 9 2020 @ 03:50 PM
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originally posted by: toolgal462
It is not a deferral, it's a suspension.


It's the same thing, it still needs to be repaid if Congress doesn't act, Trump said so.

This is directly out of the Executive Order:


Sec. 4. Tax Forgiveness. The Secretary of the Treasury shall explore avenues, including legislation, to eliminate the obligation to pay the taxes deferred pursuant to the implementation of this memorandum.


Notice it uses the word 'deferred'? Notice it says 'obligation to pay the taxes deferred'?



edit on 9-8-2020 by AugustusMasonicus because: 👁❤🍕



posted on Aug, 9 2020 @ 03:53 PM
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originally posted by: AugustusMasonicus

originally posted by: toolgal462
It is not a deferral, it's a suspension.


It's the same thing, it still needs to be repaid if Congress doesn't act, Trump said so.


I'm done responding to you after this, but you might want to look up the definition of these words:

1. deferral

2. suspension

NOT the same thing.

eta: When states hold "tax free" weekends or holidays and people can make large purchases and NOT pay tax on those purchases does the person then need to "pay back" the IRS for the tax money they saved when they file taxes????

Come on smarty pants....




edit on 9-8-2020 by toolgal462 because: (no reason given)



posted on Aug, 9 2020 @ 03:55 PM
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a reply to: toolgal462

Nice try.


Sec. 4. Tax Forgiveness. The Secretary of the Treasury shall explore avenues, including legislation, to eliminate the obligation to pay the taxes deferred pursuant to the implementation of this memorandum.


Deferred. Obligation to pay. Try reading next time.



posted on Aug, 9 2020 @ 03:59 PM
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originally posted by: AugustusMasonicus
a reply to: toolgal462

Nice try.


Sec. 4. Tax Forgiveness. The Secretary of the Treasury shall explore avenues, including legislation, to eliminate the obligation to pay the taxes deferred pursuant to the implementation of this memorandum.


Deferred. Obligation to pay. Try reading next time.



EXCEPT the only persons insisting that this is a DEFERRAL and not a TAX CUT are disingenuous losers and liars.

and I'm sorry I responded one more time. I already know that getting into any pissing match with you is futile. You love to see yourself type way too much and I don't.
edit on 9-8-2020 by toolgal462 because: (no reason given)



posted on Aug, 9 2020 @ 04:03 PM
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originally posted by: toolgal462
EXCEPT the only persons insisting that this is a DEFERRAL and not a TAX CUT are disingenuous losers and liars.


Being that's right out of the Executive Order I agree that the President is a loser and a liar.

And I also agree that you'll be paying this back come April if Congress doesn't do something, which they probably won't.



posted on Aug, 9 2020 @ 04:12 PM
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Wonder what the W-2 forms will look like 😆



posted on Aug, 9 2020 @ 04:14 PM
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Trump needs to clarify what his intentions are regarding the temporary (maybe permanent) payroll tax cut.

Because so many in this thread and elsewhere are using the words "suspension" and "deferral" interchangeably and this is where the argument is futile.

Until his intentions are clarified by him, people on opposite sides of this are going to argue about whether or not this will need to be repaid by the persons receiving the tax cut.

Which is what we have in this thread.



posted on Aug, 9 2020 @ 04:17 PM
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originally posted by: toolgal462
Trump needs to clarify what his intentions are regarding the temporary (maybe permanent) payroll tax cut.


Trumpy Bear was very clear:


Sec. 4. Tax Forgiveness. The Secretary of the Treasury shall explore avenues, including legislation, to eliminate the obligation to pay the taxes deferred pursuant to the implementation of this memorandum.


You just never bothered to read it and now that you realize you're wrong about it you cannot even admit it. Sad.



posted on Aug, 9 2020 @ 04:23 PM
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Guys, this is getting ridiculous... what if, maybe, might... here is the actual Executive Order.

I find the following to be quite interesting:

Sec. 2. Deferring Certain Payroll Tax Obligations. The Secretary of the Treasury is hereby directed to use his authority pursuant to 26 U.S.C. 7508A to defer the withholding, deposit, and payment of the tax imposed by 26 U.S.C. 3101(a), and so much of the tax imposed by 26 U.S.C. 3201 as is attributable to the rate in effect under 26 U.S.C. 3101(a), on wages or compensation, as applicable, paid during the period of September 1, 2020, through December 31, 2020, subject to the following conditions:

26 USC § 3101(a) is the employee portion of FICA (aka Social Security), 6.2%. 26 USC § 3101(b) is the Medicare tax, 1.65%. 26 USC § 3201 is the Railroad Retirement, which is stated to work out to the same percentage everyone else gets.

I saw no other deferrals. I did see that there are no penalties or interest on the deferrals in Sec. 2(b):

(b) Amounts deferred pursuant to the implementation of this memorandum shall be deferred without any penalties, interest, additional amount, or addition to the tax.


Then there's this:

Sec. 4. Tax Forgiveness. The Secretary of the Treasury shall explore avenues, including legislation, to eliminate the obligation to pay the taxes deferred pursuant to the implementation of this memorandum.

Deary me! The President didn't specify how he was going to forgive the taxes... he left that to... wait for it... wait... for... it... CONGRESS! You all know Congress, right? The people who were trying to do what the President just did and spend 5 times as much doing it? The people who have the Constitutional duty to handle the budget? The President cannot just take over that responsibility; this Executive Order is for three months. After that, let Congress figure out what to do as is their job.

Had Trump not left that to Congress, how many people would have been screaming about him burning the Constitution? He follows the Constitution and now they're screaming about him not burning the Constitution. Will you people make your minds up?

TheRedneck



posted on Aug, 9 2020 @ 04:35 PM
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originally posted by: TheRedneck
Guys, this is getting ridiculous... what if, maybe, might... here is the actual Executive Order.

I find the following to be quite interesting:

Sec. 2. Deferring Certain Payroll Tax Obligations. The Secretary of the Treasury is hereby directed to use his authority pursuant to 26 U.S.C. 7508A to defer the withholding, deposit, and payment of the tax imposed by 26 U.S.C. 3101(a), and so much of the tax imposed by 26 U.S.C. 3201 as is attributable to the rate in effect under 26 U.S.C. 3101(a), on wages or compensation, as applicable, paid during the period of September 1, 2020, through December 31, 2020, subject to the following conditions:

26 USC § 3101(a) is the employee portion of FICA (aka Social Security), 6.2%. 26 USC § 3101(b) is the Medicare tax, 1.65%. 26 USC § 3201 is the Railroad Retirement, which is stated to work out to the same percentage everyone else gets.

I saw no other deferrals. I did see that there are no penalties or interest on the deferrals in Sec. 2(b):

(b) Amounts deferred pursuant to the implementation of this memorandum shall be deferred without any penalties, interest, additional amount, or addition to the tax.


Then there's this:

Sec. 4. Tax Forgiveness. The Secretary of the Treasury shall explore avenues, including legislation, to eliminate the obligation to pay the taxes deferred pursuant to the implementation of this memorandum.

Deary me! The President didn't specify how he was going to forgive the taxes... he left that to... wait for it... wait... for... it... CONGRESS! You all know Congress, right? The people who were trying to do what the President just did and spend 5 times as much doing it? The people who have the Constitutional duty to handle the budget? The President cannot just take over that responsibility; this Executive Order is for three months. After that, let Congress figure out what to do as is their job.

Had Trump not left that to Congress, how many people would have been screaming about him burning the Constitution? He follows the Constitution and now they're screaming about him not burning the Constitution. Will you people make your minds up?

TheRedneck


So, if this tax cut needs to be repaid it's on congress, right?

Geee, do ya think that was the intention all along?



posted on Aug, 9 2020 @ 04:38 PM
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originally posted by: AugustusMasonicus

originally posted by: toolgal462
Trump needs to clarify what his intentions are regarding the temporary (maybe permanent) payroll tax cut.


Trumpy Bear was very clear:


Sec. 4. Tax Forgiveness. The Secretary of the Treasury shall explore avenues, including legislation, to eliminate the obligation to pay the taxes deferred pursuant to the implementation of this memorandum.


You just never bothered to read it and now that you realize you're wrong about it you cannot even admit it. Sad.



I'm not the one who has a problem admitting if I am wrong.

I know what a tax cut means. I know what a deferral means.

This has not been made clear, and that is likely by design.

My money is on YOU, not me, ending up WRONG about Trump's intent.

He does not mean for people to have to "repay" the taxes during the time of the suspension.

Now please, just get over yourself. You don't know anything, you just think you do which is annoying.




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