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Trump to Suspend Payroll Tax Until End of 2020

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posted on Aug, 8 2020 @ 03:41 PM
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a reply to: Phage

Make that argument in court and you'll get laughed out of the court room.




posted on Aug, 8 2020 @ 03:42 PM
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a reply to: projectvxn


How does it accrue a personal debt when it is the government that is suspending collecting the tax?
Are medicare and social security payments also being suspended? If so, no problem. If not, the money has to come from somewhere, sometime. And that "somewhere" is us.


At least that's how conservatives used to look at it.


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



posted on Aug, 8 2020 @ 03:44 PM
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a reply to: Phage

I don't disagree with you there. But if the government is the one acting I don't see how it legally falls on the individual. That doesn't make any sense.



posted on Aug, 8 2020 @ 03:44 PM
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originally posted by: Phage
a reply to: projectvxn




First of all no debt is being accrued.

In the case of FICA taxes, debt is indeed being accrued. By the government. But they're good at that.



Reduced income doesn't equal increasing debt. I detest that attitude because it assumes the money is the government's to begin with and tax cuts are the government giving more money to the earners, which is so goddamned convoluted and ridiculous it makes all who feel that way look like willing and eager serfs.



posted on Aug, 8 2020 @ 03:45 PM
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a reply to: projectvxn




But if the government is the one acting I don't see how it legally falls on the individual. That doesn't make any sense.


Actually, it does.
The government only spends money. They get that money from one place. Or they just print more. So either we pay more in taxes and/or our money becomes worth less.

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



posted on Aug, 8 2020 @ 03:48 PM
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a reply to: Phage

Again, it's the government that is acting here. Heaping fiduciary liability onto tax payers for the government suspending a tax is ethically dubious at best. I would say tyrannical at most.

One thing is certain, we need tax reform and significantly reduced spending.



posted on Aug, 8 2020 @ 03:56 PM
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Payroll Tax revenues are already getting kicked in the ass because of all the "accrued" unemployment 🤓

So now the obvious answer is to issue more Treasury Securities and sell them to China !! 🤓




posted on Aug, 8 2020 @ 03:59 PM
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a reply to: xuenchen




Payroll Tax revenues are already getting kicked in the ass because of all the "accrued" unemployment

Unemployment payments do not come from payroll taxes. Employers pay into the federal unemployment fund at a rate of 6% (up to $7,000 of gross wages, so $42 per employee).

But more people collecting unemployment means that state unemployment taxes (paid by employers) will get higher.

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



posted on Aug, 8 2020 @ 04:02 PM
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Just watched Trump's press conference.

Enjoyed the hell out of it.

Will see who fights this now.

I know everyone left will hate it, even some on the right.

But government taxing less, even temporarily should be thought of as a good thing.



posted on Aug, 8 2020 @ 04:05 PM
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a reply to: Phage

Yeah but unemployed people don't get pay checks so their contributions along with employers is a fat Zer0 🤣




posted on Aug, 8 2020 @ 04:06 PM
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a reply to: DBCowboy

Democrats will deny they are fighting for a tax increase.

They will just say it's all a dream and a myth



posted on Aug, 8 2020 @ 04:07 PM
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a reply to: projectvxn

F.D. Roosevelt made you an, "enemy of the State", by "Executive Order". That's a "fact"! And "legally" documented. And? Now a "law"! ..
The fact that "you", somehow accrued "dept" that doesn't belong to you?...
That's probably something you should "educate" yourself on. And not just be trained, to believe.

What is being "discussed here", is totally founded in what I said.

Now if "you"? Need that kind of " leadership"?.. You're probably right. I can't help you.


edit on 8-8-2020 by murphy22 because: (no reason given)



posted on Aug, 8 2020 @ 04:11 PM
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a reply to: xuenchen




Yeah but unemployed people don't get pay checks so their contributions along with employers is a fat Zer0


State unemployment taxes are based on wages. But Trump's order has no effect on them. Is he also exempting employers from FUTA?

So what's your point?
edit on 8/8/2020 by Phage because: (no reason given)



posted on Aug, 8 2020 @ 04:13 PM
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a reply to: Phage

Who's talking about unemployment benefits ?

I'm talking about payroll taxes from paychecks 😄



posted on Aug, 8 2020 @ 04:14 PM
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a reply to: xuenchen

What is "accrued unemployment" if not the state unemployment reserves?
What effect will Trump's order have on it?


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



posted on Aug, 8 2020 @ 04:14 PM
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Democrats already flipping their lids and screaming and feeling the tightness in their heads 🤣



posted on Aug, 8 2020 @ 04:16 PM
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originally posted by: Phage
a reply to: xuenchen

What is "accrued unemployment" if not the state unemployment reserves?


HaHa OK i'll bite.

It's all the former employed people who don't contribute to payroll taxes from their jobs anymore and the employers' contributions too.

🦇🦃



posted on Aug, 8 2020 @ 04:22 PM
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a reply to: xuenchen

Payroll taxes are not "accrued", as you put it. They are based strictly on wages paid.

Some employers have been allowed to defer deposits of payroll taxes, but that is only a deferral. Those taxes have not been forgiven.

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



posted on Aug, 8 2020 @ 04:23 PM
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a reply to: Phage

You think "States" have "reserves"? That's cute! You sound very, "educated"... You should probably have some kind of "documentation", saying so.



posted on Aug, 8 2020 @ 04:25 PM
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a reply to: murphy22




You think "States" have "reserves"?

Yes. Those reserves come from the unemployment premiums paid by employers to the state unemployment fund. Each year the premiums are adjusted to account for the amount drawn from the reserve.

If you have no employees collecting unemployment, your rate will be low. If you have a lot of employees collecting unemployment your rate will be high.

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




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