Payroll Tax Delay To Boost Take-Home Pay, But Don't Spend It Yet

Trump insists his goal, if he's reelected, is to cut the payroll tax for good.

But while the president can delay the collection of taxes, only Congress can eliminate them altogether. There's no guarantee lawmakers would do so. And if they did, that would be a severe blow to Social Security, which the delayed payroll taxes pay for.," MacGuineas said."Getting rid of the revenue source that funds the program would make the finances of it much, much worse."

"The people who love the payroll tax cut are the American people," said conservative pundit Stephen Moore — an adviser to Trump's campaign who wasMoore, who co-founded the anti-tax Club for Growth, has been one of the most dogged advocates for payroll tax relief.

I don't want it.

realDonaldTrump Here is all trump has left!

I don’t want my payroll tax cut. I live on a budget. PayrollTax is fine the way it is.

There better be a way to opt-out of this crazy ass plan.

I'm writing a check immediately to the IRS so I don't have to pay any more taxes at tax time than I already do. Totally ridiculous. Smoke and mirrors by the Con of all Con's!

Then what’s the point, again?

Even better news! NPR is lying about that last part...maybe. If Trump is reelected he has indicated he will seek to dismiss the deferred withholding. NPR: On the front lines of fake news.

Terrible.

This guy has no clue in regard to making less than $104,000 a year.

🤦‍♀️”the tax relief is only temporary, workers are expected to repay the taxes next year.” Can someone explains me what’s the benefit of this “tax relief” when I would have to repay it in April 2021?😑🙄 coronavirus COVID19 recession

This is just to fuck over anyone that cant afford a tax proffesional... the rich will benefit, and the poor will be drug through the ringer again next year...

So I'm assuming it won't be possible to have the option to continue to pay taxes as normal?

My company had better give me the option of opting out. I am NOT going to be stuck with that tax bill at the end of the year.

Can we opt out of this BS?

This is a disaster.

What does this do for unemployed people?

So your telling i will never get out of debt?

Such bullshit fake help that no one actually wants.

Duh!

JonathanPtak

But didn’t the President say he would introduce legislation to make it so we won’t have to pay it back , of course, Congress will need to vote to allow us to not have to pay it back!!

Sounds like a huge disaster. Let’s give people more money, but they have to give it right back. How is this a good plan? 🤨

So how are Social Security and Medicare being funded in the meantime?

We elect these people instead of dragging them out of their offices. Don’t expect better if we don’t demand it. 🤷🏽‍♂️

Well employers are ones who get too hold payroll tax that all employees pay out their checks approx 6% per pay check. No business would do this! Its like you are gonna have to pay it back. And suffer even more financial distress. Terrible plan!

He is holding Americans hostage in exchange for their votes. He is saying that if he doesn't get a second term, Americans will be saddled with an extra large tax bill that they can't afford - and the actual plan is for them to spend that money and not have it again.

If we TaxTheRich down to their last Billion, we wouldn’t have to play these games with the livelihoods of working people.

Fake News.... If Trump wins , he will forgive the Tax kinda like he did with PPP .

So really this fucking sucks for middle and lower income families.

What % of the public will understand this and set that money aside to return? Good job making a bad situation worse.

But what if there is a Democrat controlled WH, Congress, and Senate?

They’ll want it back?

This is just so dumb.

Don’t even do it!

That's not help

Do we have to take the extra money? Can we still have the money withheld?

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Social Security could be vulnerable under President Trump’s plan for payroll taxesThe executive order deferred payroll taxes until Dec. 31 Wrong again. What are you CNN now, just making stuff up. Its a short term DEFERRAL of tax payments and student loans, not a cut. There is not net loss in revenue to the SS Trusts Trash.ifiots You’re going to be “vulnerable” in terms of keeping your Twitter following, simply because you choose to focus your negative BS energy on realDonaldTrump
Source: MarketWatch - 🏆 3. / 97 Read more »

How a payroll tax holiday might ultimately cost workers more next yearThe payroll tax deferral plan President Donald Trump authorized as part of a series of executive orders could result in higher tax bills for workers in 2021, tax experts said. Because, you'll still own the tax and have to pay it at the end. lol The democraps who do not agree with it can send back to the IRS the exedent in their paychecks. They don't have to take it. They can pay more taxes if they want. Defunding Social Security is not a good platform to run on, but Trump is doing it anyway.
Source: CNBC - 🏆 12. / 72 Read more »

Trump's tricky tax ployBy 'deferring' the payroll tax, Trump is hoping to label Joe Biden a middle-class tax raiser if he lets the deferral lapse God Bless President Trump!!! Trump 2020!!!
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Trump's payroll tax cut would 'terminate' Social Security, critics sayPresident Donald Trump signed new executive orders on Saturday that included a payroll tax holiday for workers. While that could mean bigger paychecks in the short term, it would also mean significantly less funding for Social Security. If he is able to make the cuts permanent, critics say that would change the program as we know it. Silver and Gold shortages are here. $2000 Gold, companies like Sandstorm Gold (SAND) are money making machines. Great interview. Total BS ....as usual Critics say. Such bull.
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Employers Cast Wary Eye on Trump Payroll-Tax DeferralEmployers considering President Trump’s plan to allow deferred payment of payroll taxes face a series of costs, uncertainties and headaches. The landlords, thieves, complaining about Trump. Funny. You lot were burning businesses down a few weeks ago now you’re concerned about balancing their books?
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Trump vows to end revenue source for Social Security systemThe political implications of 'terminating' the payroll tax, as Trump has vowed to do, are awful. The policy implications are just as bad. MaddowBlog Bullshit. Talk about something Twitter should censure....Maddow is it AnklezTwisted MaddowBlog realDonaldTrump Trumpsters, your president is ending the revenue source for your social security! You may love Trump but obviously he doesn’t return the love! Are you still going to love your dear leader when you don’t have social security you’ve paid into all these years? MaddowBlog
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