Thread: No payroll tax until 2021
08-07-2020, 11:37 PM
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#61
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Can someone explain the following to me (Non-American here):
1. What is payroll tax? Is this similar to income tax elsewhere?
2. He said defer, but mentioned going back to July 1st. Does this mean payroll tax is not something taken regularly/monthly?
3. This thing isn't final yet, so how will retroactive deferrals work?
4. Is Payroll tax a federal thing?
5. This is a deferral, so why is everyone happy/celebrating as if you won't be paying this payroll tax back? Seems like it's just intended to hit the stupid people who will see this as free money, and start spending it. I gather that's the goal here, to revitalise spending/kick start the economy?
6. I take it everyone is going to be investing this, as it would be almost stupid to do anything else, save for paying off bad debt?
Not understanding this move completely. With the deficit already higher in 2020 than it was in the previous years, pre-corona even, this is just going to sky-rocket the deficit I imagine. Going to be a rough few years going forward, that's for sure.
1. What is payroll tax? Is this similar to income tax elsewhere?
2. He said defer, but mentioned going back to July 1st. Does this mean payroll tax is not something taken regularly/monthly?
3. This thing isn't final yet, so how will retroactive deferrals work?
4. Is Payroll tax a federal thing?
5. This is a deferral, so why is everyone happy/celebrating as if you won't be paying this payroll tax back? Seems like it's just intended to hit the stupid people who will see this as free money, and start spending it. I gather that's the goal here, to revitalise spending/kick start the economy?
6. I take it everyone is going to be investing this, as it would be almost stupid to do anything else, save for paying off bad debt?
Not understanding this move completely. With the deficit already higher in 2020 than it was in the previous years, pre-corona even, this is just going to sky-rocket the deficit I imagine. Going to be a rough few years going forward, that's for sure.
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08-07-2020, 11:49 PM
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#62
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Originally Posted By whitepaper⏩
The payroll tax is the poor tax. Only the first $125,000 or so pay into it. Also his executive order is meaningless. Employers can't give the tax cut to the employees as they will have to give it back if it's not approved by Congress, which it won't be.Can someone explain the following to me (Non-American here):
1. What is payroll tax? Is this similar to income tax elsewhere?
2. He said defer, but mentioned going back to July 1st. Does this mean payroll tax is not something taken regularly/monthly?
3. This thing isn't final yet, so how will retroactive deferrals work?
4. Is Payroll tax a federal thing?
5. This is a deferral, so why is everyone happy/celebrating as if you won't be paying this payroll tax back? Seems like it's just intended to hit the stupid people who will see this as free money, and start spending it. I gather that's the goal here, to revitalise spending/kick start the economy?
6. I take it everyone is going to be investing this, as it would be almost stupid to do anything else, save for paying off bad debt?
Not understanding this move completely. With the deficit already higher in 2020 than it was in the previous years, pre-corona even, this is just going to sky-rocket the deficit I imagine. Going to be a rough few years going forward, that's for sure.
1. What is payroll tax? Is this similar to income tax elsewhere?
2. He said defer, but mentioned going back to July 1st. Does this mean payroll tax is not something taken regularly/monthly?
3. This thing isn't final yet, so how will retroactive deferrals work?
4. Is Payroll tax a federal thing?
5. This is a deferral, so why is everyone happy/celebrating as if you won't be paying this payroll tax back? Seems like it's just intended to hit the stupid people who will see this as free money, and start spending it. I gather that's the goal here, to revitalise spending/kick start the economy?
6. I take it everyone is going to be investing this, as it would be almost stupid to do anything else, save for paying off bad debt?
Not understanding this move completely. With the deficit already higher in 2020 than it was in the previous years, pre-corona even, this is just going to sky-rocket the deficit I imagine. Going to be a rough few years going forward, that's for sure.
Our Payroll/Social Security system is weird. It's a completely different line item on the federal budget. With anything else you can just deficit spend, but not for Medicare and Social Security, and once those run out, then Social Security payments drop by 30%. Also deficit spending is generally not a problem since the USD is so strong.
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08-07-2020, 11:51 PM
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#63
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Fking lmao printer goes BRRRRR dude will just print money and cause massive inflation aka your money won’t mean **** in 2 year post corona but he will get elected.
NOT saying that this is bad, just that the piper gets fking paid period. I’m glad trump is helping everyone.
I hope most of the money comes from the top 0.01% who are stealing our fuking money and never pay any taxes. If that is the case I would vote for the kunt and call him a fking king.
NOT saying that this is bad, just that the piper gets fking paid period. I’m glad trump is helping everyone.
I hope most of the money comes from the top 0.01% who are stealing our fuking money and never pay any taxes. If that is the case I would vote for the kunt and call him a fking king.
08-08-2020, 12:02 AM
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#64
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Originally Posted By ralphlaurenbrah⏩
Printing money and breaking the dollar is the whole point of this, people still cant realize they are just taking steps to be able to switch to their new currency plan. Even if this gets approved I am sure there will be another stimulus check by November which will have those money minters going full speed ahead again. He's saying deferred cuz he knows by the time it needs to be paid back, those debts wont matter because that will no longer be our money system.Fking lmao printer goes BRRRRR dude will just print money and cause massive inflation aka your money won’t mean **** in 2 year post corona but he will get elected.
NOT saying that this is bad, just that the piper gets fking paid period. I’m glad trump is helping everyone.
I hope most of the money comes from the top 0.01% who are stealing our fuking money and never pay any taxes. If that is the case I would vote for the kunt and call him a fking king.
NOT saying that this is bad, just that the piper gets fking paid period. I’m glad trump is helping everyone.
I hope most of the money comes from the top 0.01% who are stealing our fuking money and never pay any taxes. If that is the case I would vote for the kunt and call him a fking king.
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08-08-2020, 12:05 AM
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#65
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Why are people saying MAGA like the Democrats wasn't negotiating this? Democrats had been in favor of extending unemployment and Bernie Sanders was advocating for Student loan forgiveness
08-08-2020, 12:10 AM
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#66
This isn’t set in stone, will go to court guaranteed. Why the celebration? I do agree with the payroll tax cut, time to help out those working for once paying everyone else to sit on the couch.
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08-08-2020, 12:47 AM
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#67
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Trump landslide victory coming. Imagine the support if the media and all these people didn't have TDS. We'd be further ahead but WHEN he wins again, we are going to see a real great change for all.
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08-08-2020, 01:24 AM
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#68
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Originally Posted By MikeLowrrrey⏩
No, Bernie sanders was advocating completely wiping out student debt. Two different things.Why are people saying MAGA like the Democrats wasn't negotiating this? Democrats had been in favor of extending unemployment and Bernie Sanders was advocating for Student loan forgiveness
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08-08-2020, 03:48 AM
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#69
08-08-2020, 05:07 AM
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#70
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Do folks celebrating this realize that that tax is meant to fund SS and Medicare? Two programs whose future funding is already super in doubt? Surely seniors and those close to collecting SS will celebrate this too.
And just lol if it's deferred and not eliminated. Deferral would phuk just about everyone next year.
And it's August boyos, who's still paying paying the 6.2% SS tax anyway?
And just lol if it's deferred and not eliminated. Deferral would phuk just about everyone next year.
And it's August boyos, who's still paying paying the 6.2% SS tax anyway?
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08-08-2020, 05:10 AM
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#71
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Originally Posted By MNGA1⏩
Just fuking lol, running a 3 trillion dollar deficit or 20% of GDP. Absolutely unheard of.
At this rate the US will have a 200% debt to GDP ratio by the mid 2020s.
Holy chit the US debt service will eclipse defense spending within a year or two at this clip. America has turned into the typical high credit, no leverage American.Just fuking lol, running a 3 trillion dollar deficit or 20% of GDP. Absolutely unheard of.
At this rate the US will have a 200% debt to GDP ratio by the mid 2020s.
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08-08-2020, 06:36 AM
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#72
08-08-2020, 06:41 AM
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#73
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I see.
08-08-2020, 07:04 AM
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#74
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This is just a political move.
The dems want a $1 trillion to go to democratic cities impacted by rioting. Trump admin won’t give in to that demand, so Dems say they’re going to walk away.
Trump then uses the payroll tax as leverage. If he creates an Executive Order and says that the payroll tax is suspended, student loans continue on forbearance, extends rental eviction protection, the people will see that and be excited.
Now, the president does not have the power to do everything he says in the Executive Order. Which leaves the Democrats with having to sue. They’re backed into the corner, since Congress can’t give up that power to the executive. Trump, politically now can say that the Democrats are suing to prevent all of these extensions/suspensions/deferments from taking place, and he technically wouldn’t be lying. When in reality the Democrats are suing to stop the executive order due the president constitutionally not having the power.
Now the people will hear that they’re not getting benefits and Trump is trying to help them and the Democrats preventing it. Trump wins on the sound bite.
Right now, the Democrats are in a damned if they do, damned if they don’t situation. The only break out in this case is to go along with the Trump admin in the negotiations.
The dems want a $1 trillion to go to democratic cities impacted by rioting. Trump admin won’t give in to that demand, so Dems say they’re going to walk away.
Trump then uses the payroll tax as leverage. If he creates an Executive Order and says that the payroll tax is suspended, student loans continue on forbearance, extends rental eviction protection, the people will see that and be excited.
Now, the president does not have the power to do everything he says in the Executive Order. Which leaves the Democrats with having to sue. They’re backed into the corner, since Congress can’t give up that power to the executive. Trump, politically now can say that the Democrats are suing to prevent all of these extensions/suspensions/deferments from taking place, and he technically wouldn’t be lying. When in reality the Democrats are suing to stop the executive order due the president constitutionally not having the power.
Now the people will hear that they’re not getting benefits and Trump is trying to help them and the Democrats preventing it. Trump wins on the sound bite.
Right now, the Democrats are in a damned if they do, damned if they don’t situation. The only break out in this case is to go along with the Trump admin in the negotiations.
08-08-2020, 07:06 AM
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#75
08-08-2020, 07:11 AM
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#76
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As someone who's family owns a decently size business (60 people) this payroll tax is very nice for us and even our employees who will make more on their checks.
I'm sure they'll ask me why they make more money and I'll have to try and explain it, which will be a fun time, lmao
Hopefully, it will be forgiven once it ends, tho
I'm sure they'll ask me why they make more money and I'll have to try and explain it, which will be a fun time, lmao
Hopefully, it will be forgiven once it ends, tho
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08-08-2020, 09:48 AM
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#77
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Originally Posted By SillieBazzillie⏩
Do you realize taxes are only legal during wartime? And what's this screeching about floating a ponzi scheme?Do folks celebrating this realize that that tax is meant to fund SS and Medicare? Two programs whose future funding is already super in doubt? Surely seniors and those close to collecting SS will celebrate this too.
And just lol if it's deferred and not eliminated. Deferral would phuk just about everyone next year.
And it's August boyos, who's still paying paying the 6.2% SS tax anyway?
And just lol if it's deferred and not eliminated. Deferral would phuk just about everyone next year.
And it's August boyos, who's still paying paying the 6.2% SS tax anyway?
#
08-08-2020, 09:57 AM
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#78
Originally Posted By MuscleXtreme⏩
LOL imagine trashing your own house then asking someone else to clean it up?This is just a political move.
The dems want a $1 trillion to go to democratic cities impacted by rioting. Trump admin won’t give in to that demand, so Dems say they’re going to walk away.
Trump then uses the payroll tax as leverage. If he creates an Executive Order and says that the payroll tax is suspended, student loans continue on forbearance, extends rental eviction protection, the people will see that and be excited.
Now, the president does not have the power to do everything he says in the Executive Order. Which leaves the Democrats with having to sue. They’re backed into the corner, since Congress can’t give up that power to the executive. Trump, politically now can say that the Democrats are suing to prevent all of these extensions/suspensions/deferments from taking place, and he technically wouldn’t be lying. When in reality the Democrats are suing to stop the executive order due the president constitutionally not having the power.
Now the people will hear that they’re not getting benefits and Trump is trying to help them and the Democrats preventing it. Trump wins on the sound bite.
Right now, the Democrats are in a damned if they do, damned if they don’t situation. The only break out in this case is to go along with the Trump admin in the negotiations.
The dems want a $1 trillion to go to democratic cities impacted by rioting. Trump admin won’t give in to that demand, so Dems say they’re going to walk away.
Trump then uses the payroll tax as leverage. If he creates an Executive Order and says that the payroll tax is suspended, student loans continue on forbearance, extends rental eviction protection, the people will see that and be excited.
Now, the president does not have the power to do everything he says in the Executive Order. Which leaves the Democrats with having to sue. They’re backed into the corner, since Congress can’t give up that power to the executive. Trump, politically now can say that the Democrats are suing to prevent all of these extensions/suspensions/deferments from taking place, and he technically wouldn’t be lying. When in reality the Democrats are suing to stop the executive order due the president constitutionally not having the power.
Now the people will hear that they’re not getting benefits and Trump is trying to help them and the Democrats preventing it. Trump wins on the sound bite.
Right now, the Democrats are in a damned if they do, damned if they don’t situation. The only break out in this case is to go along with the Trump admin in the negotiations.
I thought they were peaceful protests? Why isn't the news reporting the abhorrent disproportionate devastation the riots have caused?
Meanwhile the liberal media are saying it's a "Street Festival", ROFL. Then the reality of "Who's going to fix everything" sets in, but we'll just sweep that under the rug.
Are the willing to shutdown any future irrational violent riots and be vocal with stringent punishment while classifying groups like BLM as domestic terrorists etc? Didn't think so.
Imagine your voting population destroying their own people, then asking the other side to pay up.
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08-08-2020, 10:06 AM
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#79
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Originally Posted By EoR⏩
Agreed, there’s no way that the rest of America should pay for Democrats allowing their city to be vandalized and pillaged.LOL imagine trashing your own house then asking someone else to clean it up?
I thought they were peaceful protests? Why isn't the news reporting the abhorrent disproportionate devastation the riots have caused?
Meanwhile the liberal media are saying it's a "Street Festival", ROFL. Then the reality of "Who's going to fix everything" sets in, but we'll just sweep that under the rug.
Are the willing to shutdown any future irrational violent riots and be vocal with stringent punishment while classifying groups like BLM as domestic terrorists etc? Didn't think so.
Imagine your voting population destroying their own people, then asking the other side to pay up.
I thought they were peaceful protests? Why isn't the news reporting the abhorrent disproportionate devastation the riots have caused?
Meanwhile the liberal media are saying it's a "Street Festival", ROFL. Then the reality of "Who's going to fix everything" sets in, but we'll just sweep that under the rug.
Are the willing to shutdown any future irrational violent riots and be vocal with stringent punishment while classifying groups like BLM as domestic terrorists etc? Didn't think so.
Imagine your voting population destroying their own people, then asking the other side to pay up.
Trump is seriously a political master though. He’s going to come out of this looking great with the Dems taking a major hit. Nancy is no slouch either, but Trump bested her one this one.
08-08-2020, 12:58 PM
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#80
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Originally Posted By kingHanley⏩
But you have to debate dummy. Sanders put student debt on the tableNo, Bernie sanders was advocating completely wiping out student debt. Two different things.
08-08-2020, 01:18 PM
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#81
- Eatforgains
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Originally Posted By bignpisst⏩
As if he needs to buy votes to beat a man who isn't even alive.Buy them votes cheeto
08-08-2020, 01:27 PM
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#82
08-08-2020, 01:29 PM
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#83
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That would be nice, >$800 per month in Fed tax, so that's a decent bit saved.
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08-08-2020, 02:35 PM
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#84
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Originally Posted By Eatforgains⏩
LmaoAs if he needs to buy votes to beat a man who isn't even alive.
Trump is desperate
08-08-2020, 03:07 PM
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#85
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So much mixed messaging in here. Is it an actual tax cut? Or a "delay" where I'll be paying thousands more come tax season?
Pretty disappointed in the teeny amount Trump cut taxes thus far.
Pretty disappointed in the teeny amount Trump cut taxes thus far.
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08-08-2020, 03:15 PM
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#86
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Originally Posted By ScramFranklin⏩
Currently it’s deferred through 2020 starting aug 1st. So the fica and Medicare portion of your paystub will be paid out on your check if you make <100k. He said he’s looking at eliminating and providing more tax cuts if he is re-elected.So much mixed messaging in here. Is it an actual tax cut? Or a "delay" where I'll be paying thousands more come tax season?
Pretty disappointed in the teeny amount Trump cut taxes thus far.
Pretty disappointed in the teeny amount Trump cut taxes thus far.
Hnnnngggggg
Edit: all the ****ing retards ITT that are talking about federal taxes that portion will not change. Lol at not knowing wtf your taxes are and just watching them come out. Typical misc mouth breathers.
08-08-2020, 03:21 PM
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#87
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How bout doing something that actually helps people, like dropping income tax entirely. It’s only purpose is to keep people poor while the unlimited fake money machine keeps printing in the background. Of course this will never happen though.
08-08-2020, 03:23 PM
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#88
- iwant2beswole
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it's only if you make less than 100k... JFL
watchout your comments boyo ↓
08-08-2020, 03:24 PM
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#89
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ITT: tards dont realize there is no such thing as a free lunch.
You WILL be paying for this somehow, even if its indirect.
You WILL be paying for this somehow, even if its indirect.
08-08-2020, 03:26 PM
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#90
Originally Posted By nickh04⏩
Maga
Originally Posted By Eatforgains⏩
maga 2020
Originally Posted By MJAffliction⏩
maga 2020
Originally Posted By Inger2⏩
Tbh I used to be a Democrat but trump has turned me into republican... MAGA
Originally Posted By jamalfudge⏩
Made you green breh. MAGA
Originally Posted By Inger2⏩
He’s been in office for four years. Shouldn’t the country have already been made great? A bit redundant at this point don’t you think?*bows* MAGA
This is pretty good news for those who have jobs btw. For those who are unemployed(The ones that need it the most), I’m not sure what this does for them. Can anyone explain?
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