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Donald Trump to Suspend Payroll Tax Until End of 2020
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2020 Aug 7, 9:52pm 1,728 views 8 comments
Comments 1 - 8 of 8 Search these comments
1
Misc
2020 Aug 7, 11:45pm
He can only defer the collection of it. The tax will still have to be paid at some future date, unless Congress takes action.
2
SunnyvaleCA
2020 Aug 8, 1:00am
For anybody less than 55 years old ... you're not collecting social security anyway. It's a Ponzi scheme and you are on the wrong side of it. I've never thought about SS payments in my retirement plans. It's just yet another government tax that has no benefit. Just let it die.
That said, the people who are having the hardest time with the cower-in-place are those whose jobs have been canceled by government mandate. Those people are the hardest hit and aren't getting any benefit from a SS tax holiday.
That said, the people who are having the hardest time with the cower-in-place are those whose jobs have been canceled by government mandate. Those people are the hardest hit and aren't getting any benefit from a SS tax holiday.
3
Misc
2020 Aug 8, 1:46am
Nobody gets any benefit. The tax is just postponed. If Congress does take action, and voids the liability owed the Federal government; that would set a HUGE precedent. Then a Democrat run country would feel free to cancel student loan debts, tax debt and debts related to housing.
For anybody less than 55 years old ... you're not collecting social security anyway. It's a Ponzi scheme and you are on the wrong side of it. I've never thought about SS payments in my retirement plans. It's just yet another government tax that has no benefit. Just let it die.
That said, the people who are having the hardest time with the cower-in-place are those whose jobs have been canceled by government mandate. Those people are the hardest hit and aren't getting any benefit from a SS tax holiday.
Nobody gets any benefit. The tax is just postponed. If Congress does take action, and voids the liability owed the Federal government; that would set a HUGE precedent. Then a Democrat run country would feel free to cancel student loan debts, tax debt and debts related to housing.
4
Booger
2020 Aug 8, 5:32am
Booger
2020 Aug 8, 5:32am
tanked says
Finally!
Get ready for all those help wanted signs to disappear!
The enhanced federal unemployment checks of $600 a week ran out on Friday.
Finally!
Get ready for all those help wanted signs to disappear!
5
Booger
2020 Aug 8, 5:34am
Booger
2020 Aug 8, 5:34am
SunnyvaleCA says
I expect to get it, but the newly printed money will be worth less.
For anybody less than 55 years old ... you're not collecting social security anyway. It's a Ponzi scheme and you are on the wrong side of it.
I expect to get it, but the newly printed money will be worth less.
6
ForcedTQ
2020 Aug 8, 3:43pm
Booger says
As a percentage of what is necessary to live on it will definitely be less than it is today, probably only 1/4 to 1/3rd...
That’s why you should be saving and investing 15% of your gross if you expect to ever actually be able to retire. It’s math calculations, not age. I keep trying to explain that to older people and my parents, but they just get hung up on I’m tired and going to be 65 soon, I should be able to retire. Yeah, but you fucked off with any money you did have and were going along in life undisciplined, so you’re fucked. It’s not for the Federal and State government TAXPAYERS to take care of you for your poor choices!
SunnyvaleCA saysFor anybody less than 55 years ago old ... you're not collecting social security anyway. It's a Ponzi scheme and you are on the wrong side of it.
I expect to get it, but the newly printed money will be worth less.
As a percentage of what is necessary to live on it will definitely be less than it is today, probably only 1/4 to 1/3rd...
That’s why you should be saving and investing 15% of your gross if you expect to ever actually be able to retire. It’s math calculations, not age. I keep trying to explain that to older people and my parents, but they just get hung up on I’m tired and going to be 65 soon, I should be able to retire. Yeah, but you fucked off with any money you did have and were going along in life undisciplined, so you’re fucked. It’s not for the Federal and State government TAXPAYERS to take care of you for your poor choices!
7
Shaman
2020 Aug 8, 6:25pm
Shaman
2020 Aug 8, 6:25pm
From Breitbart: Trump is extending unemployment additional benefit at $400/month with the states chipping in $100 of that. I am not sure what incentives the states have to do so but imagine the wrath of their residents if they don’t and the rest or the bonus is dependent on them doing so!
8
Shaman
2020 Aug 8, 7:17pm
Shaman
2020 Aug 8, 7:17pm
Also, consider this. The Democrats are in the position where they have to sue the President for providing breaks for businesses and additional unemployment benefits for workers as well as suspending evictions from government financed properties and suspending student loan debt collections.
They have to oppress the working class directly as well as young people and poor people to oppose Trump, and they HAVE to oppose Trump because their base has been brainwashed by their captive media to believe that ORANGEMANBAD forever no matter what! So if they let him do this without opposition, they are breaking their own narrative.
Glorious!
They have to oppress the working class directly as well as young people and poor people to oppose Trump, and they HAVE to oppose Trump because their base has been brainwashed by their captive media to believe that ORANGEMANBAD forever no matter what! So if they let him do this without opposition, they are breaking their own narrative.
Glorious!
President Trump said Friday he would defer the payroll tax until the end of the year, using an executive order.
The tax would continue to be deferred until the end of 2020, the president said, and would likely be retroactive from July 1.
He said that by the end of 2020 the payroll tax break could be extended.
“Hopefully I’ll be here to do the job,” Trump said, hinting at the results of Election Day.
The president also said he would extend unemployment benefits, defer student loan payments and interest, and extend the eviction moratorium as well as an order requiring health insurance companies to cover pre-existing conditions.
“If Democrats continue to hold this critical relief hostage, I will act under my authority as president to get Americans the relief they need,” he said.
The president said that the lawyers were drawing up the executive orders and that they could be signed by the end of the week.
Asked whether he was concerned about the legality of his executive order, Trump replied, “No, not at all. You always get sued, everything you do you get sued … we’ll see.”
The president also declined to specify whether or not he would extend federal unemployment benefit checks at the full $600 a week.
But Trump said he was determined to help Americans still struggling with the virus and the cost of the economic shutdowns despite unprecedented obstruction from Congressional Democrats.
“Tragically Nancy Pelosi and Chuck Schumer continue to insist on radical leftwing policies that have nothing to do with the China virus,” Trump said.
Pelosi and Schumer are demanding a $2.5 trillion package that White House Chief of Staff Mark Meadows described as a “blank check.”
Meadows and Treasury Secretary Steven Mnuchin continued negotiations with Democrats throughout the week but ended Friday recommending that Trump act unilaterally.
“The Chief and I will recommend to the President, based upon our lack of activity today, that he move forward with some executive orders,” Mnuchin said to reporters on Capitol Hill before leaving for the evening.
The enhanced federal unemployment checks of $600 a week ran out on Friday.