Attention - here is the scoop on the payroll tax cut

Social Security should be well funded. Congress has pilfered the funds and left the people with an IOU.

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.

.

Wow!

How can we always have so many different opinions on
subjects like basic math?

It's like everything else, we cannot agree whether 'the facts' are 'the facts' or not!

This is really becoming annoying with every subject being
delivered by two sides of the issue.

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.

Wonder why Trump just should set it all up like the movie Logan's Run and make it a Executive order since he does not care for the elderly on social security and medicare
This way he can kill them off in a nice Demonic Dictatorship way
All the Trump supporters will back him I'm sure of that as they have followed him so far and it looks like they will to the very end

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.

So will they not just withhold the actual income tax, and still deduct SS etc as seperate line items...

my elderly mother in law is already in fear shes going to lose or get a huge cut in SS over this...

This is what pisses me off, they do this shit and then all these questions and speculations come and then we get several answers that contradict one another, so what do you trust?

well God certainly and not certainly these talking head leaders (in name only)

100% true! We filed last year and had to go in person to straighten up something and we were in absolute shock! The SS office was like a foreign country with practically no one speaking English and very few elderly people like us! It would appear that SS is more a social program for immigrants! We live a town thats about 50/50 whites and blacks but the employees were 100% black. We had to wait about 2 hours and the chairs were uncomfortable so I stood for a minute to stretch and was abruptly told by a security guard that I was not allowed to stand! We never went back!
Multiply this with every agency of government with democrat politicians and some rhinos giving away all the Americans hard earned money and racist hiring practices and its no wonder we are bankrupt!

So will they not just withhold the actual income tax, and still deduct SS etc as seperate line items...

my elderly mother in law is already in fear shes going to lose or get a huge cut in SS over this...

This is what pisses me off, they do this shit and then all these questions and speculations come and then we get several answers that contradict one another, so what do you trust?

well God certainly and not certainly these talking head leaders (in name only)

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.

How hard would it have been for Trump to tell Congress to pass a one line bill for another round of $1,200 checks? Make them let the public know if they vote against it and blame them for people not getting the money.

Much easier and better understood than this gesture which may be just a loan.

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:

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:

OP,
Correction: The Executive Order is for the 2nd and 3rd items on your list. There is already a number of news articles saying Trump is going to mess up Social Security and Medicare with this EO. People will still have to pay Federal Income tax.

And this does not apply to anyone making over $100k a year.

the $1200 check was really your tax return for 2021.

another $1200 check would have to be your tax return for 2022.

.

100k?

People who make 100k are rich arrogant pricks mostly who have absolutely no fucking clue that they are.

Lol

you idiots dont realize that they are slowly destroying social security with these cuts.

You must be exceptionally poor and probably exceptionally stupid if you think $100K is rich. You really have no idea at all what's going on around you.

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.

WARNING TO ALL: Social Security is 100% funded by our payroll tax contributions. Trump's "permanent payroll tax cut" ends Social Security forever. All that money you paid in your whole life will be gone.

Think long and hard on that before you cast your vote.