Suspend Payroll Tax thru 2020 ?

[4651feeder]

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...

With all the resources available today, why would there be people with no understanding of issues that directly affect their income(s) and who's responsibility is that?

 

[openwell]

President Trump is using a 1997 law (see earlier posts) that is a PLAN.
He has the authority & plans to forgive those taxes on Jan. 1, 2021....

I know it seems like magic but the guy that wrote that executive order runs the IRS....

maybe gov. holcomeee will waive Ind.tax? to get re-elected....

 

[HoughMade]

President Trump is using a 1997 law (see earlier posts) that is a PLAN.
He has the authority & plans to forgive those taxes on Jan. 1, 2021....

I know it seems like magic but the guy that wrote that executive order runs the IRS....

maybe gov. holcomeee will waive Ind.tax? to get re-elected....

Holcomb just needs to stay alive until the election to be reelected.

...as for Trump, I see a distinct difference between: "elect me and I'll get your taxes cut", because that involves congress and "you know that "extra" money I got for you a few months ago with a stroke of my pen? If you don't elect me, you'll have to pay it back."

One is the way it has always worked, the other looks like a melding of bribery and extortion...even if it is technically​ legal.

 

[Ingomike]

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

That comment is so 90's...

All most conservatives care about is conserving their country that is quickly slipping away as the lefts attacks are destroying the country they want to conserve.

Secondary issues like the debt can be fought after the republic is saved...

This is where the conservatives fail and the left succeeds, the left finds an issue and in a unified manor goes after it. Conservatives are always splintered on what is important. Although the events of this year may just coalesce the conservatives...

 

[OutdoorDad]

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

That would be a REALLY bad idea. Please don’t do that.

 

[jedi]

“ The deferral shall be made available with respect to any employee the amount of whose wages or compensation, as applicable, payable during any bi-weekly pay period generally is less than $4,000, calculated on a pre-tax basis, or the equivalent amount with respect to other pay periods.”
“The Secretary of the Treasury shall explore avenues, including legislation, to eliminate the obligation to pay the taxes deferred pursuant to the implementation of this memorandum.”

POTUS does not have the authority to forgive the "debts" owed by suspending the taxes temporarily. He has asked the SOT to try and find a lawful means of forgiveness.

Just like Obama had no authority to create the DACA program for illegals who were brought to the USA as children and are now adults or in college. Yet that program is still alive and kicking.

Same concept. A USA president acting like a king and CONGRESS being weak about it.

 

[HoughMade]

“ The deferral shall be made available with respect to any employee the amount of whose wages or compensation, as applicable, payable during any bi-weekly pay period generally is less than $4,000, calculated on a pre-tax basis, or the equivalent amount with respect to other pay periods.”
“The Secretary of the Treasury shall explore avenues, including legislation, to eliminate the obligation to pay the taxes deferred pursuant to the implementation of this memorandum.”...

I used to push back when people said that there was no difference between the parties, but they appear to be getting closer as pandering to the masses knows no party lines.

So much for the Republicans being the the party of the rich.

.

 

[BugI02]

I used to push back when people said that there was no difference between the parties, but they appear to be getting closer as pandering to the masses knows no party lines.

So much for the Republicans being the the party of the rich.

.

To quite a large number of Americans, $100000 per year is rich beyond their wildest expectations

 

[HoughMade]

Oh, it’s pretty decent, but $100,000/yr isn’t rich by any stretch.

 

[DoggyDaddy]

To quite a large number of Americans, $100000 per year is rich beyond their wildest expectations

 

[CampingJosh]

Oh, it’s pretty decent, but $100,000/yr isn’t rich by any stretch.

Unless you're part of the 99.5% of humans who make less than that.

 

[Jaybird1980]

This is a **** poor strategy for Trump, but anyone that has reading comprehension skills should be able to change the amount of withholdings to equal what was previously be taken out, or keep paying the same amount as Hough said.

 

[jedi]

This is a **** poor strategy for Trump, but anyone that has reading comprehension skills should be able to change the amount of withholdings to equal what was previously be taken out, or keep paying the same amount as Hough said.

The and the masses will not. Americans, as a whole have a very bad habit of NOT saving. They will see the increase in check as a more $$$ to spend AND still expect those large refunds come next year and will be pissed as heck when CPA/HR BLOCK/ETC tells them you got that money already in the form of the larger checks last year.

 

[foszoe]

The and the masses will not. Americans, as a whole have a very bad habit of NOT saving. They will see the increase in check as a more $$$ to spend AND still expect those large refunds come next year and will be pissed as heck when CPA/HR BLOCK/ETC tells them you got that money already in the form of the larger checks last year.

US savings rate hits record 33% as coronavirus causes Americans to stockpile cash, curb spending

https://www.cnbc.com/2020/05/29/us-...h-curb-spending.html?__source=androidappshare

 

[Ingomike]

This is a **** poor strategy for Trump, but anyone that has reading comprehension skills should be able to change the amount of withholdings to equal what was previously be taken out, or keep paying the same amount as Hough said.

Really? Think about it, more cash before the election and no potential to even need to worry about paying it back until the inauguration. Brilliant strategy...

 

[Jaybird1980]

Really? Think about it, more cash before the election and no potential to even need to worry about paying it back until the inauguration. Brilliant strategy...

See post #50, I think Jamil nailed it.

 

[Ingomike]

I used to push back when people said that there was no difference between the parties, but they appear to be getting closer as pandering to the masses knows no party lines.

So much for the Republicans being the the party of the rich.

.

You really are in the 90's. LOL. The parties have swapped out many voters in the last several years accelerated by the election of Trump. The party of the truly rich is the dems. While public sector unions are still dem, the working union members are majority Trump. Big business is dem, medium and small businesses are Trump. Many other groups have shifted as well...

 

[Ingomike]

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.

See post #50, I think Jamil nailed it.

Jamil misses another major possibility.

If Trump wins he likely has a Republican house and Senate. I fail to see how he can win the electoral college (partly based on congressional seats) and not get the house. Then they will pass tax reform and roll this into it.

If he loses Jamil is on it...

 

[Jaybird1980]

Jamil misses another major possibility.

If Trump wins he likely has a Republican house and Senate. I fail to see how he can win the electoral college (partly based on congressional seats) and not get the house. Then they will pass tax reform and roll this into it.

If he loses Jamil is on it...

How many seats do the Republicans need, something like 20 more? That might be a possibility.

 

[Ingomike]

How many seats do the Republicans need, something like 20 more? That might be a possibility.

Currently 232-198. The house was lost in 2018 because liberal republicans could not continue under Trump. Even the Koch brothers puppet speaker Ryan retired. In all 39 republicans did not run for reelection. See the math? That coupled with the liberal primal scream that Trump won so they had to make a statement allowed deems to pick up a lot of open seats in reddish/purple districts many of which are not happy with the performance of their dem member.

There is an opening...