Suspend Payroll Tax thru 2020 ?

[HoughMade]

What evs, I'll be writing the same check each quarter that I always do.

I thought conservatives were supposed to be...in theory at least, against growing the deficit.

 

[JettaKnight]

What evs, I'll be writing the same check each quarter that I always do.

I thought conservatives were supposed to be...in theory at least, against growing the deficit.

Well, they might be, but we're not really talking about them, but the President.




He did another tax cut earlier with this sort of trickle payment (2017?). It didn't really do a lot to bolster consumer confidence.

Plus, I'm not so sure giving money to those making money is the most effective way.


I'm not keen on the whole throw money at it and crank up the debt, but if you're going to do it, then you really need to do it with a macroeconomic sense and be willing to give money to people even if you don't think they (on a microeconomic level) deserve it.

 

[JTScribe]

nope. this will be a new thing....

unclear what happens since that 7.65% is money that is associated with social security Trust Funds all your life.

If there is $0 in there for 6 months or a year ......the gov't is going to have to print money to cover it.....

LOL, the "Social Security trust fund" has been a filing cabinet full of IOUs written on strip club napkins since it was created.

https://fee.org/articles/the-myth-of-the-social-security-trust-fund/

 

[openwell]

LOL, the "Social Security trust fund" has been a filing cabinet full of IOUs written on strip club napkins since it was created.

https://fee.org/articles/the-myth-of-the-social-security-trust-fund/

sorry,

the social security trust funds are the 6.2% & 1.45% social security & medicare funds which are withheld from employees pay. These are the 7.65% NOT dischargeble in company bankruptcy.

The employer matching 7.65% is .

So sit down & watch the pole dancer & have a cold one pal

 

[foszoe]

Why is it when I see 7.65 I think 32 ACP?

 

[JettaKnight]

Why is it when I see 7.65 I think 32 ACP?

It's not 7,65.

 

[Sigblitz]

A deferral. Which he plans to forgive. After he's reelected and pushes it through Congress. Congress holds the purse. Forgiveness is just a plan and no guarantee.

 

[Route 45]

LOL, the "Social Security trust fund" has been a filing cabinet full of IOUs written on strip club napkins since it was created.

https://fee.org/articles/the-myth-of-the-social-security-trust-fund/

 

[JTScribe]

Someone rep this man for me.

 

[jamil]

A deferral. Which he plans to forgive. After he's reelected and pushes it through Congress. Congress holds the purse. Forgiveness is just a plan and no guarantee.

I'm going to make some predictions.

If Trump wins and there's a Democratic majority in the House, they're going to refuse to forgive the deferred tax and use the Media to help them pin it all on Trump. Which is actually accurate to do.

If Trump loses and there's a Democratic majority they'll forgive the debt and with the media's help claim that America has been rescued from the fascist president.

Anyone getting a the tax deferral should tuck the amount that should have been withheld away so that when they get their tax bill, they can pay it. This ain't no chess game. It ain't no pole dance. It's Trump pulling a campaign scheme and trying to force Democrat's hand.

 

[KittySlayer]

It's Trump pulling a negotiating tactic [strike]campaign scheme[/strike] and trying to force Democrat's hand.

The payroll tax deferral does not take place until September 1st. Enough time for the Democrats to wring their hands, try to get the media to blame Trump, and finally get off their butts and do their job of representing the American people instead of playing politics with the American people's lives.

 

[jspy5]

..... and finally get off their butts and do their job of representing the American people instead of playing politics with the American people's lives.

Yeah, like that's gonna happen. They have spent the better part of 3+ years doing nothing but trying to bring Trump down. They're riding this horse to the finish line.

 

[NKBJ]

The verbiage in the email from the White House said deferred rather than suspended.
To me that says you pay later rather than not paying. If words mean something that is, but yeah, we're talking DC which means words mean nothing.

 

[openwell]

@NKBJ

regardless......

Retro Aug. 1 "payroll taxes" will not be taken from your pay.... so you'll have ....

get ready .......more money in your pocket......

it's NOT OPTIONAL at this point and will last 'til the end of the year.

by the way... TAX LAW has no logical explaination.....it all has to do with getting a certain RESULT...that is all.

and the executive order was crafted by...the Secretary of the Treasury... head man over the IRS.

 

[dudley0]

it's NOT OPTIONAL at this point and will last 'til the end of the year.

That is the worst part. My spouse would rather keep it the same and then if they forgive it come tax time we get the money back.

We track so many different things this seems like one best left alone.

 

[PistolBob]

All that extra money will be going right into my retirement fund

 

[openwell]

That is the worst part. My spouse would rather keep it the same and then if they forgive it come tax time we get the money back.

We track so many different things this seems like one best left alone.

calculate the payroll tax amount....
or see what the "actual amount is"
from your pay-stub...online?....

ask your employer to direct deposit that amount into an interest bearing savings acct. or such....

then she can watch that growth with a smile on her face...

or not...

 

[NKBJ]

Income taxes are primarily social engineering anyway, and, of negligible importance when compared to the amounts being borrowed.
Heck, not having to process the taxes may be seen as a benefit.

 

[foszoe]

I see conservatives getting worked up some over "deferred" taxes. I like to think I favor personal responsibility. I believe that I should at least have the option to allow them to withhold ANY taxes, income, FICA, Medicare, State, County, etc. Why is giving me the option to pay them at the end of the year in a lump sum such a bad thing for a responsible person? Why would a conservative be in favor of forced payroll withholding?

 

[MCgrease08]

Deferring the tax with no plan in place to forgive liability just seems like a recipe for disaster for so many people who will see this as "free money" with no understanding that they may have to eventually pay it back. I guess someone whose withholdings are so high that they get a big refund may be OK with it (until they realize they won't get that big refund next year.) But anyone who has properly calculated their withholdings to not get a refund will need to put this extra money off to the side for when the bill inevitably becomes due. That defeats the entire purpose of trying to get that cash back into the economy.

And don't give me that song and dance about earning interest on this money. The window on this is too short to do any type of proper investing. A money market account seems like the primary option to keep it liquid enough to pay back .gov. Last I checked MM accounts weren't exactly making people rich. You'd be lucky to find a MM account paying 1.5%.

I personally am not thrilled with this plan. I will drop this directly into my emergency fund fully expecting to have to pay it back. If for some reason it is forgiven then I guess I can act pleasantly surprised.