If so this does nothing for me, it just delays the pain. Is this the same trick to get Votes that Obama used during his first term?
That would be a deferral rather than a cut. I think an actual payroll tax cut would go a long way for Trump. It would also make Pelosi’s head explode.
Do it!
Moore seems to have overlooked that part. If people are smart they’ll bank the FICA tax they would have paid so they have it come January. Not a lot of economic benefit in that.
Does it even matter anymore, stroke of the pen, law of the land.
This is just an extremely bad precedent for America. Just because it is Trump, does not make it any favorable or appealing.
That’s my question, if I have to pay it back come April 15th, just keep it the way it is.
As currently written it is a deferment, so save the money because they will be coming to collect it later. There is language in the EO saying that they will work on legislation to waive the obligation to pay it, but as it stands now, it’s only a delay in the payment of the payroll tax.
Call it DAPA
Deferred Action for Payroll Accrual
Then all the people who have huge outstanding deferred payroll taxes can dream about not paying them. Then we name them “Dreamers” and demand amnesty.
BTW, are the stimulus checks going to be taxable?
The President cannot unilaterally cut or eliminate the tax. He can only defer it. This does, however, put tremendous pressure on Congress to make the deferment an actual tax cut. Imagine if voters go into Election Day knowing that a vote for Democrats will result in a large personal tax bill — not at some unknown future time, but just two months or so later.
Obviously you didn’t listen to the President. He said that if he is reelected, you wont have to pay anything on the Payroll Tax Cut. Now, all you have to do is vote for trump and hope he wins. If he doesn’t, you will be stuck with Raise your Taxes Biden”.
Trump did this yesterday. It’s old news.
Allowing people to slip into payroll tax debt is a bad idea.
Payroll taxes are withheld by employers.
If the payroll taxes are not withheld by employers, tort lawyers might sue the employers for negligence.
“Social Security” is not the REAL point of the payroll tax. And that is what the President is about to expose.
Ah , sorry but Nancy already melted ,LOL
Isn’t this “means tested”? Not everyone would get this deferment.
Millions of families are behind in their rent.
Putting them into IRS debt will make things worse.
A payroll tax cut is racist because only people with jobs get them. Those on gubmint assistance don't pay them, nor do those selling on street corners ( whether it's sex, drugs, or stolen Nikes).
Haven't heard it yet, but you will...
There are many here who advocate doing away with the payroll tax deduction for the express purpose of people seeing what the actual tax bill is come January. This might encourage people to stop voting for tax and spend politicians.
One argument is that as it is today, it’s painless and you may even think you are getting a refund at tax time. It’s not a refund obviously. It’s your money.
Sadly most people would not do the proper planning so that it is painful on tax day, and would prefer to have the govt do their tax payment savings via the payroll tax.
Nancy is an Expert at Complaining but doing her Job , can you hear the crickets