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re: Trump's EO to defer payroll tax
Posted on 8/8/20 at 6:42 pm to DallasTiger11
Posted on 8/8/20 at 6:42 pm to DallasTiger11
quote:
I thought it was deferred for income up to $100K?
It is a deferment. It’s technically up to $104k in income. Only Congress can actually cut taxes legally. The President does have the power delay tax collections, which he did here. He will move to have them forgiven if re-elected. He also wants to move to further cut the payroll tax, but I am not sure how SS could afford that.
2
Posted on 8/8/20 at 6:44 pm to go ta hell ole miss
quote:
It is a deferment
So are businesses just going to hold the amount in escrow, or will individuals need to be aware of the I coming tax liability?
It seems like this is creating a situation where people who aren't paying attention could be blindsided by a major tax liability
Posted on 8/9/20 at 8:48 am to go ta hell ole miss
quote:hopefully he succeeds. otherwise, this sounds like a disaster with a bunch a people owing money they can't pay.
y. The President does have the power delay tax collections, which he did here. He will move to have them forgiven if re-elected.
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