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Trump signs Executive Order for COVID - Unemployment, No Payroll Taxes, Student Loans and Evictions

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posted on Aug, 8 2020 @ 06:21 PM
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a reply to: links234

Do you have a link to the order?




posted on Aug, 8 2020 @ 06:24 PM
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a reply to: Phage

"States" do "deficit spending" all the time! Without the actual "income". Just see "yourself", spending money you don't have, without getting a second job? Now imagine yourself, .."Telling" your "boss", "I need more money",..."Now"! Or I quit! ...The "states" saving grace? Is the hope of "inforcing taxes" on the people "by law"..(or we'll take your house!), because we can't make a "budget" threat....
Being "lead" by institutional idiots, gets old, gets.... Gets very old, very quickly.



posted on Aug, 8 2020 @ 06:25 PM
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a reply to: murphy22




"States" do "deficit spending" all the time!

No they don't.



posted on Aug, 8 2020 @ 06:25 PM
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a reply to: links234

It never worked that way before 😎

Does anybody know if there's a place for payroll tax on the 1040 form ?

I think maybe not.

Therefore ??



posted on Aug, 8 2020 @ 06:26 PM
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Found a bit more detail

The text of the memorandum calls for up to $44 billion of federal funds for the benefits to come from the Department of Homeland Security's Disaster Relief Fund. The White House said states could use funding from the March coronavirus relief package, the CARES Act, to fund their portion of the benefits.

This sounds reasonable. But that's not a lot of money.


In an executive order extending a moratorium on evictions, Trump directed various federal agencies to make funds available for temporary financial assistance to renters and homeowners facing financial hardship caused by COVID-19.

This sounds vague. Loans?


And a fourth action defers payroll tax collection for workers earning less than $100,000 a year, beginning Sept. 1. "This will mean bigger paychecks for working families, as we race to produce a vaccine and eradicate the China virus once and for all," Trump told reporters.
"Defers" sounds like "due later?" That's ok too. I guess.



www.npr.org...


Anyone got a link to the document(s)?

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



posted on Aug, 8 2020 @ 06:34 PM
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a reply to: Phage

So did he just take 44 billion from fema just as the hurricane season is ramping up just to give the impression he is doing something?



posted on Aug, 8 2020 @ 06:35 PM
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a reply to: matafuchs

That is so very liberal of him. Thanks dummy.



posted on Aug, 8 2020 @ 06:36 PM
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Trump used just the right words at just the right times to trigger the triggerables ....


Trump attempts to wrest tax and spending powers from Congress with new executive actions




posted on Aug, 8 2020 @ 06:38 PM
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a reply to: dawnstar

I think the current situation qualifies as a disaster, don't you?

But 44 billion won't go very far.



posted on Aug, 8 2020 @ 06:39 PM
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a reply to: xuenchen




Does anybody know if there's a place for payroll tax on the 1040 form ?

Forms can be modified.
You know, like a "postcard" and stuff.



posted on Aug, 8 2020 @ 06:47 PM
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originally posted by: Phage
a reply to: xuenchen




Does anybody know if there's a place for payroll tax on the 1040 form ?

Forms can be modified.
You know, like a "postcard" and stuff.


So no there isn't and most likely no one will have to pay "back" payroll taxes later 😃

Employers maybe but not likely either 😃

Of course Congress could make a law but it would be a suicide law 😎




posted on Aug, 8 2020 @ 06:49 PM
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a reply to: xuenchen

The word "defer" most often means "due later" when it comes to taxes.

My IRA contributions are tax deferred for income taxes (not payroll taxes). I do pay payroll taxes. I don't pay income tax now, but I will later.
edit on 8/8/2020 by Phage because: (no reason given)



posted on Aug, 8 2020 @ 06:53 PM
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originally posted by: Phage

The word "defer" most often means "due later" when it comes to taxes.

My IRA contributions are tax deferred for income taxes (not payroll taxes). I do pay payroll taxes. I don't pay income tax now, but I will later.


Its equals to about a 800 billion relief fund... People are not going to get a big tax bill in Apr, if further Congressional over site is needed it will happen.



posted on Aug, 8 2020 @ 06:54 PM
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a reply to: Xtrozero

And it won't matter for Trump when they find out they owe the money next year.
Right?

Remember when people were surprised at how low their refunds were when FWH rates were reduced? I wonder if they might end up owing money next April because of this. Employers are certain to.

But it won't matter to Trump next year. Either way.

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



posted on Aug, 8 2020 @ 06:55 PM
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a reply to: Phage

Ya, it's a disaster. Just as long as people realize that that small amount you'll be saving in unemployment tax might be costing you a tad bit more it you are one of the unlucky ones to be in the path of a hurricane and fema ends up being strapped for money.



posted on Aug, 8 2020 @ 07:02 PM
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originally posted by: Phage

And it won't matter for Trump when they find out they owe the money next year.
Right?



Do you think all these people living month to month will get a 6 month tax bill? If that happens I'll lead the protests...lol
The point is to defer as in delay, postpone imply keeping something from occurring until a future time.

So taxes stop until after the the new year at which time you will need to start paying again at some point. Taxes are not due until Apr, so you are not actually deferring them throughout the year until then if you save along the way, which is payroll taxes.



posted on Aug, 8 2020 @ 07:04 PM
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originally posted by: dawnstar

Ya, it's a disaster. Just as long as people realize that that small amount you'll be saving in unemployment tax might be costing you a tad bit more it you are one of the unlucky ones to be in the path of a hurricane and fema ends up being strapped for money.



Cats and dogs living together..total mayhem...

Joe 2020!!! He will save us!!



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

The WH put Each order on their website here is the pay roll tax one.

Pay Roll Tax Order



posted on Aug, 8 2020 @ 07:08 PM
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a reply to: dawnstar

They'll get the money from somewhere for any needed disaster "relief" don't fret 🤣

Besides the Spanish Piece of Eight Dollar coin was legal tender in the U.S. until 1857 !!



posted on Aug, 8 2020 @ 07:10 PM
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a reply to: Xtrozero




Do you think all these people living month to month will get a 6 month tax bill?

It depends on how the deferral is handled. Not Trump's problem.


The point is to defer as in delay, postpone imply keeping something from occurring until a future time.
Yes. Payable later.


Taxes are not due until Apr,
Correct. But there is a difference between payroll taxes and income tax.

Payment of income tax is deferred to the following year. FWH (and estimated tax payments) are not actual tax payments, but a "deposit" against the actual payment in April (I strive to keep that deposit to the minimum, I am not really happy if I get a sizable refund because it means I had too much withheld.). This is because the amount of tax due is not known during the tax year. It is not known until all factors (all income, all deductions) for the entire year are taken into consideration.

Payroll taxes are a flat rate tax, based only on wages earned. The amount is known, and remitted in "real time." That's why you don't owe FICA taxes (or get a refund for them) in April.

The source I quoted says that payroll taxes are now deferred. It does not say they are eliminated.

If you have a link to the actual order it might help to clarify the situation.

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



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