Attention - here is the scoop on the payroll tax cut

This plus the eviction freeze are to get Trump to
the Nov finish line. Then WHAMMO!! in 2021 when you
have to settle up with all the "free money" you owe.

.

But wait a minute. What I pay in is supposed to fund ME. Not people from 40 yrs ago. So maybe you should think about who robbed SS and put it in the general account and used it to fund things 40 yrs ago. So needed your voice back then when the conservatives warned that the democrats were stealing from SS. SS was supposed to be left alone so that it piled continue to earn interest and not need new people to fund for old people.

Here is the "Memorandum" text. Not even an executive order. Notice the word DEFERRING right in the subject.

[link to www.whitehouse.gov (secure)]

Is it eliminated or deferred?

You realize most of what they are doing is forcing
people into more debt, since they won't borrow
voluntarily anymore.


.

Is it eliminated or deferred?

You realize most of what they are doing is forcing
people into more debt, since they won't borrow
voluntarily anymore.


.

Yeah I save 100$ a week that ill probably still have to pay when I do my taxes. Meanwhile the assholes who don't come back to work get 400 a week. Nice going Trump. Good luck.

Deferred for now only. That could change by congressional action.

Yes the federal unemployment $600 weekly will be subject to income taxes next year also.

Lots of people think it’s all a free ride.

IRS loves forever monthly installment payments from the people.

Yeah I save 100$ a week that ill probably still have to pay when I do my taxes. Meanwhile the assholes who don't come back to work get 400 a week. Nice going Trump. Good luck.

I am posting a correction!
I read the actual executive order followed the US code 26 U.S.C. 3101(a), the cuts are for items 2 and 3.
I am surprised by this very bold move, I originally thought it was only for federal income tax. Your Prez has brass balls.
It should save you 7.65% and your employer 7.65%

If you look at your pay stub, you will see 4 things:

1. federal income tax or federal withholding
2. SSN tax 6.2%
3. medicare tax 1.45%
4. state tax for those applicable

here is an hourly paycheck calculator that shows you the deductions

[link to www.paycheckcity.com (secure)]

Here is a sample Colorado paycheck

$15 x 40 hours
Gross Pay $600.00
Federal Withholding $59.43
Social Security $37.20
Medicare $8.70
State $24.00
Net Pay $470.67

Permanent? maybe...
“If I am victorious on November 3rd, I plan to forgive these taxes and make permanent cuts to the payroll tax... I’m going to make them all permanent.”

Sec. 4. Tax Forgiveness. 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.

[link to www.whitehouse.gov (secure)]


Sec. 2. Deferring Certain Payroll Tax Obligations. The Secretary of the Treasury is hereby directed to use his authority pursuant to 26 U.S.C. 7508A to defer the withholding, deposit, and payment of the tax imposed by 26 U.S.C. 3101(a), and so much of the tax imposed by 26 U.S.C. 3201 as is attributable to the rate in effect under 26 U.S.C. 3101(a), on wages or compensation, as applicable, paid during the period of September 1, 2020, through December 31, 2020, subject to the following conditions:

hey butthurt dipshit,You have your blinders on. the dollar is going down the tubes. this system is being propped up for now. when it breaks you will wish you payed more attention. your crying over a tax that goes into their pockets. ya know ss, its broke. Has been for awhile. they have been draining it for years now.Their should be a surplus stock of money in SS. have you thought about all the people that die before collecting any money they put in in their life time. SS is supposed to be a closed system. But they have been dipping into it for years for non SS projects. wake tf up.

Yeah I save 100$ a week that ill probably still have to pay when I do my taxes. Meanwhile the assholes who don't come back to work get 400 a week. Nice going Trump. Good luck.

Yeah I save 100$ a week that ill probably still have to pay when I do my taxes. Meanwhile the assholes who don't come back to work get 400 a week. Nice going Trump. Good luck.

Yeah I save 100$ a week that ill probably still have to pay when I do my taxes. Meanwhile the assholes who don't come back to work get 400 a week. Nice going Trump. Good luck.

Yeah I save 100$ a week that ill probably still have to pay when I do my taxes. Meanwhile the assholes who don't come back to work get 400 a week. Nice going Trump. Good luck.

The gov obviously doesn’t care anymore how much it spends or takes in as revenue

You wouldn’t care much about it either if you knew a meteor is about to hit the Earth

Yeah I save 100$ a week that ill probably still have to pay when I do my taxes. Meanwhile the assholes who don't come back to work get 400 a week. Nice going Trump. Good luck.

so since this affects SSA and Medicare, when we retire and need those benefits, will we have less?

Keliani is correct, the cut is referring to SS and Medicare which results in 7.65% (6.2 for SS and 1.45% for Medicare).

So, if your Gross Check every two weeks is $3,000, you’ll save $229.50 or about $460 per month. Obama has a similar payroll tax cut back in 2011 and 2012, but his only consisted of a 2% reduction (6.2 to 4.2%) in SS.

I agree with another thread posted by someone that said something big must be coming as this is a drastic move by Govt. They almost never have a payroll tax holiday.

Some folks are fussing as this cut does “nothing to help the unemployed”. Well, I’m sorry, the unemployed are receiving a $600 weekly paycheck from money out of thin air to sit at home to play their TurboGrafx-16 (yeah, I went old school) in their parent’s basement. What it won’t help are the disabled and the retirees; not the retirees with $3MM in their IRAs, I’m referring to the ones living off $1,400 a month in SS like some of my relatives.

Keliani is correct, the cut is referring to SS and Medicare which results in 7.65% (6.2 for SS and 1.45% for Medicare).

So, if your Gross Check every two weeks is $3,000, you’ll save $229.50 or about $460 per month. Obama has a similar payroll tax cut back in 2011 and 2012, but his only consisted of a 2% reduction (6.2 to 4.2%) in SS.

I agree with another thread posted by someone that said something big must be coming as this is a drastic move by Govt. They almost never have a payroll tax holiday.

Some folks are fussing as this cut does “nothing to help the unemployed”. Well, I’m sorry, the unemployed are receiving a $600 weekly paycheck from money out of thin air to sit at home to play their TurboGrafx-16 (yeah, I went old school) in their parent’s basement. What it won’t help are the disabled and the retirees; not the retirees with $3MM in their IRAs, I’m referring to the ones living off $1,400 a month in SS like some of my relatives.

Income tax and payroll tax are 2 different things. Everyone, including retirees and those out of work pay income tax either from a paycheck or at the end of year filing. Payroll tax is separate and is what pays retirees Social Security and partially Medicare. What Trump has done is to weaken an already weak Social Security platform, so anyone hoping to retire in the next 40 years better make alternate plans.

Yeah I save 100$ a week that ill probably still have to pay when I do my taxes. Meanwhile the assholes who don't come back to work get 400 a week. Nice going Trump. Good luck.

Income tax and payroll tax are 2 different things. Everyone, including retirees and those out of work pay income tax either from a paycheck or at the end of year filing. Payroll tax is separate and is what pays retirees Social Security and partially Medicare. What Trump has done is to weaken an already weak Social Security platform, so anyone hoping to retire in the next 40 years better make alternate plans.

Only if Biden and the democrats win on Nov. 3rd. Trump plans on NOT having to pay those taxes back. He also plans on a permanent federal tax decrease. Vote Trump 2020!

Turns out there are dwindling employers and employees. It was an empty act. A real act would be giving the next 2 trillion right to the people and not the banks.