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Trump to Suspend Payroll Tax Until End of 2020

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posted on Aug, 8 2020 @ 11:46 AM
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originally posted by: network dude

originally posted by: IAMTAT

originally posted by: network dude

originally posted by: scraedtosleep

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.


Like a dog with a bone. Damn.

Look, this won't help Eskimos in New Zealand with their vacation plans either,


AHEM!..."Eskimo" is a no-no according to 'Woke' NASA.


NASA to erase 'objectionable' nicknames of Eskimo Nebula

www.dailystar.co.uk...


I have to go and eat my Eskimo Pie now.







Owner of Eskimo Pie to change its 'derogatory' name

abc13.com...
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edit on 8-8-2020 by IAMTAT because: (no reason given)




posted on Aug, 8 2020 @ 11:53 AM
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originally posted by: DBCowboy

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.


Just think a little harder. Suspending payroll taxes != tax forgiveness. For the people that "cant afford" to pay their taxes now, it's only setting them up for more hurt when that bill comes due, and it will come due.



posted on Aug, 8 2020 @ 11:54 AM
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a reply to: IAMTAT
That needs to be more high-profile. Worthy of a thread. All cancel culture BS is worthy.



posted on Aug, 8 2020 @ 11:57 AM
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a reply to: AScrubWhoDied

Trump indicated he will continue the payroll tax suspension into 2021 if he wins his second term.



posted on Aug, 8 2020 @ 11:57 AM
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a reply to: xuenchen

President Trump holding a Press Briefing on (probably) this subject at 3:30pm today.

White House Tweet: twitter.com...



posted on Aug, 8 2020 @ 12:00 PM
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originally posted by: carewemust
a reply to: xuenchen

President Trump holding a Press Briefing on (probably) this subject at 3:30pm today.

White House Tweet: twitter.com...


He's actually signing the EO this afternoon.



posted on Aug, 8 2020 @ 12:04 PM
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originally posted by: IAMTAT
a reply to: AScrubWhoDied

Trump indicated he will continue the payroll tax suspension into 2021 if he wins his second term.


Suspending payroll tax does not suspend nor absolve you of your tax liability. You will still owe and need to pay your taxes.

Now you'll have people getting hit with large tax bills that the irs will happily charge interest on.



posted on Aug, 8 2020 @ 12:09 PM
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a reply to: AScrubWhoDied

This will become a new tax cut...unless Biden gets elected...then it comes due with an additional tax increase.



posted on Aug, 8 2020 @ 12:11 PM
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originally posted by: scraedtosleep

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 if you are working you get a 20% pay raise more or less with this... So lets say a couple that makes 75k each will see an extra 3000 per month in their pay check, as example...
edit on 8-8-2020 by Xtrozero because: (no reason given)



posted on Aug, 8 2020 @ 12:12 PM
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originally posted by: IAMTAT

originally posted by: carewemust
a reply to: xuenchen

President Trump holding a Press Briefing on (probably) this subject at 3:30pm today.

White House Tweet: twitter.com...


He's actually signing the EO this afternoon.

Awesome...interrupting Congress's peaceful 5 week vacation.



posted on Aug, 8 2020 @ 12:14 PM
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originally posted by: AScrubWhoDied

originally posted by: DBCowboy

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.


Just think a little harder. Suspending payroll taxes != tax forgiveness. For the people that "cant afford" to pay their taxes now, it's only setting them up for more hurt when that bill comes due, and it will come due.



The only way that would be true is if they accrued back taxes as a result of the suspension. That is not going to happen.
edit on 8 8 2020 by projectvxn because: (no reason given)



posted on Aug, 8 2020 @ 12:16 PM
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originally posted by: eManym
a reply to: xuenchen
Perhaps Trump shouldn't have spent trillions on defense before the economic crash.



Nonsense. China is challenging us and they are what is known as a near peer. Their spying, subversion, and Nazi regime tactics against their own people calls for us to spend the 4.2% of GDP that we spend on defense.



posted on Aug, 8 2020 @ 12:23 PM
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If Pelosi wants the Covid-19 (state of national emergency) to continue until the elections...Trump may lawfully continue to use EOs to bypass the House for tax breaks and reductions/suspensions...as long as the US is in a declared state of emergency/crisis.
edit on 8-8-2020 by IAMTAT because: (no reason given)

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



posted on Aug, 8 2020 @ 12:26 PM
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originally posted by: projectvxn

originally posted by: AScrubWhoDied

originally posted by: DBCowboy

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.


Just think a little harder. Suspending payroll taxes != tax forgiveness. For the people that "cant afford" to pay their taxes now, it's only setting them up for more hurt when that bill comes due, and it will come due.



The only way that would be true is if they accrued back taxes as a result of the suspension. That is not going to happen.


Ok. I'm not shocked that people are 100% ignorant when it comes to tax law.

This is a suspension of payroll taxes, not a forgiveness of tax debt. Such action would require Congress to act and cannot be done via EO.



posted on Aug, 8 2020 @ 12:32 PM
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originally posted by: AScrubWhoDied

Suspending payroll tax does not suspend nor absolve you of your tax liability. You will still owe and need to pay your taxes.

Now you'll have people getting hit with large tax bills that the irs will happily charge interest on.


Well in this case it does absolve your tax liability and comes to 800 billion or so...

You do not need to pay any taxes until Apr 15, most just have it taken out per month to not need to save through out the year, but still many just wait until Apr.... If further action is needed by Congress to absolve it do you think they will not do it? Do you think they will let a big bill hit everyone in Apr who many live month to month?

lol
edit on 8-8-2020 by Xtrozero because: (no reason given)



posted on Aug, 8 2020 @ 12:36 PM
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originally posted by: AScrubWhoDied


Ok. I'm not shocked that people are 100% ignorant when it comes to tax law.

This is a suspension of payroll taxes, not a forgiveness of tax debt. Such action would require Congress to act and cannot be done via EO.


If it is absolved are you voting Trump?



posted on Aug, 8 2020 @ 12:39 PM
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a reply to: xuenchen

as long as the IRS doesn't come for six months of back taxes not taken during this time, i'm okay with this.



posted on Aug, 8 2020 @ 12:45 PM
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originally posted by: a325nt

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.


One of my best years financially what I made January through May just paid for my taxes.



posted on Aug, 8 2020 @ 01:11 PM
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originally posted by: AScrubWhoDied

originally posted by: DBCowboy

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.


Just think a little harder. Suspending payroll taxes != tax forgiveness. For the people that "cant afford" to pay their taxes now, it's only setting them up for more hurt when that bill comes due, and it will come due.



Who can't afford to pay their taxes now?



posted on Aug, 8 2020 @ 01:17 PM
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So, it's more free money?

Courtesy of Trump this time?
Or will medicare and social security payments be reduced?
Or will it just be deferred, not forgiven?
Or will the treasury just print more to make up the difference?

edit on 8/8/2020 by Phage because: (no reason given)




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