It looks like you're using an Ad Blocker.

Please white-list or disable AboveTopSecret.com in your ad-blocking tool.

Thank you.

 

Some features of ATS will be disabled while you continue to use an ad-blocker.

 

Trump to Suspend Payroll Tax Until End of 2020

page: 9
34
<< 6  7  8    10  11  12 >>

log in

join
share:

posted on Aug, 8 2020 @ 06:50 PM
link   

originally posted by: Phage

In regard to payroll taxes, the word "defer" is used. That usually means "due later."


That's exactly what it does. The president doesn't have the authority to eliminate the tax, what he did was basically defer collection of it. He's probably hoping that if he gives Congress 5 months, until the end of this year, they can get their heads out of their asses and make it a permanent cut, meaning the tax that isn't collected the rest of this year is just waived/canceled instead of coming due at the end of the year or in April.

However, as I said, when the Republicans introduce a bill to do that the Democrats will oppose it, because they're scum.
edit on 8 8 20 by face23785 because: (no reason given)




posted on Aug, 8 2020 @ 06:52 PM
link   
a reply to: face23785




The president doesn't have the authority to eliminate the tax, what he did was basically defer collection of it.
Maybe he can do that. It wouldn't be a bad thing. But like the reduction of FWH, some people may be in for a nasty surprise next year. But then it won't matter for Trump. And that's probably what's most on his mind, what's good for him.

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



posted on Aug, 8 2020 @ 06:56 PM
link   

originally posted by: Phage
a reply to: face23785




The president doesn't have the authority to eliminate the tax, what he did was basically defer collection of it.
Maybe he can do that. It wouldn't be a bad thing. But like the reduction of FWH, some people may be in for a nasty surprise next year. But then it won't matter for Trump. And that's probably what's most on his mind, what's good for him.


It's gonna be gold seeing so many people shocked to find out that they still need to pay the IRS taxes. I can't wait to see how the democrats will be blamed too.



posted on Aug, 8 2020 @ 06:57 PM
link   
a reply to: AScrubWhoDied

Employers will be hit as well.


If it is just a deferral.



posted on Aug, 8 2020 @ 07:01 PM
link   

originally posted by: Phage
a reply to: AScrubWhoDied

Employers will be hit as well.


If it is just a deferral.




I could see a plot twist though, the deferral becomes a permanent cut for employers - we don't get so lucky



posted on Aug, 8 2020 @ 07:07 PM
link   
The wailing and gnshing of teeth is hilarious!

The democrat-socialists plan was 3.2 trillion and no one blinks an eye.

Trump puts a hiatus on payroll taxes and people lose their minds.

lolz



posted on Aug, 8 2020 @ 07:22 PM
link   

originally posted by: AScrubWhoDied

originally posted by: Phage
a reply to: face23785




The president doesn't have the authority to eliminate the tax, what he did was basically defer collection of it.
Maybe he can do that. It wouldn't be a bad thing. But like the reduction of FWH, some people may be in for a nasty surprise next year. But then it won't matter for Trump. And that's probably what's most on his mind, what's good for him.


It's gonna be gold seeing so many people shocked to find out that they still need to pay the IRS taxes. I can't wait to see how the democrats will be blamed too.



They'll be blamed because when Republicans introduce a bill to make sure that doesn't happen, the Democrats will block it. This isn't complicated.



posted on Aug, 8 2020 @ 07:22 PM
link   

originally posted by: AScrubWhoDied

originally posted by: Phage
a reply to: AScrubWhoDied

Employers will be hit as well.


If it is just a deferral.




I could see a plot twist though, the deferral becomes a permanent cut for employers - we don't get so lucky


That would have to be passed by Congress.



posted on Aug, 8 2020 @ 07:30 PM
link   
a reply to: face23785




They'll be blamed because when Republicans introduce a bill to make sure that doesn't happen,

So the Republicans will "forgive" the deferred amount at the expense of social security and medicare funding? Or will they just add it to the debt like the PPP "loans" do? Real good conservative thinking there.

In any case, Trump don't give a damn. Not his problem, which ever way the election goes. We'll see how many people his shell game can sucker.

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



posted on Aug, 8 2020 @ 07:37 PM
link   

originally posted by: Phage
a reply to: face23785




They'll be blamed because when Republicans introduce a bill to make sure that doesn't happen,

So the Republicans will "forgive" the deferred amount at the expense of social security and medicare funding? Or will they just add it to the debt like the PPP loans?

In any case, Trump don't give a damn. Not his problem, which ever way the election goes.


It would just be added to the debt, just like the $3T Pelosi wanted to spend would've. Social security and medicare are pretty much automatically funded every year, whether the taxes are collected or not.

As far as Trump, please explain what you think his motivation is. He's getting raked over the coals in the media for this. It will be called unconstitutional and authoritarian. So if all he did this for was himself, what exactly has he gained?

Or you could stop letting Trump run your life and see things with a little broader perspective.



posted on Aug, 8 2020 @ 07:37 PM
link   

originally posted by: Phage
a reply to: AScrubWhoDied

Employers will be hit as well.


If it is just a deferral.





So, the unemployed get 400.00 for not working; and the working man has to wait and see if this plan is going to leave us owing money unless we set it aside ourselves?

The word deferred isn’t soothing for me!

Screw Covid. Screw Congress! This is the best they can do? 👎🏻



posted on Aug, 8 2020 @ 07:41 PM
link   
a reply to: face23785




Social security and medicare are pretty much automatically funded every year
Through payroll taxes. Nothing else.


So if all he did this for was himself, what exactly has he gained?
Probably some votes from the same people who saw a few more bucks in their paychecks when withholding rates were reduced and were stoked. Those same people were not so stoked in April.

That's what he's gained. And that's all he cares about.

Don't get fooled again.

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



posted on Aug, 8 2020 @ 07:44 PM
link   

originally posted by: KTemplar

originally posted by: Phage
a reply to: AScrubWhoDied

Employers will be hit as well.


If it is just a deferral.





So, the unemployed get 400.00 for not working; and the working man has to wait and see if this plan is going to leave us owing money unless we set it aside ourselves?

The word deferred isn’t soothing for me!

Screw Covid. Screw Congress! This is the best they can do? 👎🏻


This isn't the best Congress can do, Congress actually did nothing.

and yeah you'll end up owing the tax eventually if Congress, in the next 5 months, doesn't pass a bill to make this change permanent. As I said earlier, a bill to do just that will be introduced by Republicans in short order, and the Democrats will oppose it.

As far as HOW you're going to pay it, no you don't actually have to save the money up. You could just adjust your W-4 to compensate for the difference. That way, if the Democrats block passage of the bill to make sure you owe that tax next year, the money will already have been taken out of your pay. It'll be difficult to get it to balance out to exactly zero, but when is your tax return ever zero anyway?

If you adjust your W-4 and by some miracle the Democrats allow passage of a bill to make this permanent, you'll just get a bigger tax return next year than you otherwise would've.



posted on Aug, 8 2020 @ 07:46 PM
link   

originally posted by: Phage
a reply to: face23785




Social security and medicare are pretty much automatically funded every year
Through payroll taxes. Nothing else.


That's on paper how it's funded. In reality, it's funded every year automatically no matter what. The federal government could collect $0 in tax revenue next year, and they'd still fund the mandatory spending items the following year, which includes social security and medicare. They'd just borrow the money.


Probably some votes from the same people who saw a few more bucks in their paychecks when withholding rates were reduced and were stoked. Those same people were not so stoked in April.

That's what he's gained. And that's all he cares about.

Don't get fooled again.


I haven't been fooled. I appear to know more about how this works than you do. I'm having to explain it to you, aren't I?

You really think this is gonna gain him votes? That must be why you're so mad.
edit on 8 8 20 by face23785 because: (no reason given)



posted on Aug, 8 2020 @ 07:48 PM
link   
a reply to: face23785


Thank you! That’s what I figured.

Yes you are correct Congress did NOTHING, so now we have this beaut!

Still working man gets zilch.




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

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



posted on Aug, 8 2020 @ 07:49 PM
link   

originally posted by: DBCowboy
The wailing and gnshing of teeth is hilarious!

The democrat-socialists plan was 3.2 trillion and no one blinks an eye.

Trump puts a hiatus on payroll taxes and people lose their minds.

lolz


Its comical watching grown people struggle with the meaning of "defer".



posted on Aug, 8 2020 @ 07:49 PM
link   
a reply to: face23785




The federal government could collect $0 in tax revenue next year, and they'd still fund the mandatory spending items the following year, which includes social security and medicare. They'd just borrow the money.
Incorrect. Law says that social security and medicare payments come from the trust funds. Could they change the law? Yes. Have they? No. The law stands as it is. Beyond that, speculate all you wish.



I appear to know more about how this works than you do.
Incorrect.


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



posted on Aug, 8 2020 @ 07:50 PM
link   

originally posted by: KTemplar
a reply to: face23785


Thank you! That’s what I figured.

Still working man gets zilch.





Yup, thanks Congress. This is all the President can do on his own authority. He can't appropriate money to send out more stimulus checks or anything like that. The payroll tax deferment is the only thing he can do to put money in your pocket right now. If Congress really believed this is such an emergency and Americans need help, they'd pass a bill quickly to make sure we don't owe those backed taxes. But they're just playing politics with it.



posted on Aug, 8 2020 @ 07:55 PM
link   

originally posted by: Phage
a reply to: face23785


Incorrect. Law says that social security and medicare payments come from the trust funds. Could they change the law? Yes. Have they? No. The law stands as it is. Beyond that, speculate all you wish.


And what do we do when the outlays are larger than the revenues? We borrow the difference. How do you not know this? Mandatory spending is already passed, the funds for those programs are automatically appropriated every year. Congress would literally have to pass a law to not fund them.

Incorrect.



The fact that I had to explain the above to you shows that was indeed correct. There are subjects you're not well-informed on, and this appears to be one of them. That's fine. There are subjects I'm not well-informed on. You used to have more humility when you were out of your element, but Trump has really messed with your mind.

edit on 8 8 20 by face23785 because: (no reason given)



posted on Aug, 8 2020 @ 07:57 PM
link   

originally posted by: AScrubWhoDied

originally posted by: DBCowboy
The wailing and gnshing of teeth is hilarious!

The democrat-socialists plan was 3.2 trillion and no one blinks an eye.

Trump puts a hiatus on payroll taxes and people lose their minds.

lolz


Its comical watching grown people struggle with the meaning of "defer".


It's an incentive to get people working again. And for those in the lower middle class, they don't pay taxes anyway.

So your point has as much substance as a nun-fart.







 
34
<< 6  7  8    10  11  12 >>

log in

join