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re: Biden says payroll tax cuts are a BIG MISTAKE.
Posted on 9/15/20 at 1:53 pm to GumboPot
Posted on 9/15/20 at 1:53 pm to GumboPot
Honestly the payroll tax move by Trump is brilliant politically.
I mean, it's stupid as hell in practical terms which is why private companies by in large are not even giving their employees the option of electing into it really, but politically...basically if Trump gets re-elected, they can push very hard to get it forgiven in congress as relief, and give everyone a big tax break for it on their 2020 taxes if they didnt participate originally. If the Dems refuse to give in, they can make them out to be the enemy once more that the blood suckling Dems always want your tax money, etc etc...Republicans could care less about SSI and the such so it's win/win for them.
If Biden wins, then he gets the fun task of dealing with "getting back" all that tax money withheld and all those americans (like government employees who participated) to get double hit (12.4% instead of 6.2%) on their paychecks the first 4 months of 2021 to "pay it back". Making him and the dems public enemy #1 on "taking our money" - because most wont even realize why their paychecks got much smaller to start the year - seriously, imagine people suddenly having their paychecks get 12.4% smaller all of a sudden and trying to explain to them why
I mean, it's stupid as hell in practical terms which is why private companies by in large are not even giving their employees the option of electing into it really, but politically...basically if Trump gets re-elected, they can push very hard to get it forgiven in congress as relief, and give everyone a big tax break for it on their 2020 taxes if they didnt participate originally. If the Dems refuse to give in, they can make them out to be the enemy once more that the blood suckling Dems always want your tax money, etc etc...Republicans could care less about SSI and the such so it's win/win for them.
If Biden wins, then he gets the fun task of dealing with "getting back" all that tax money withheld and all those americans (like government employees who participated) to get double hit (12.4% instead of 6.2%) on their paychecks the first 4 months of 2021 to "pay it back". Making him and the dems public enemy #1 on "taking our money" - because most wont even realize why their paychecks got much smaller to start the year - seriously, imagine people suddenly having their paychecks get 12.4% smaller all of a sudden and trying to explain to them why
This post was edited on 9/15/20 at 1:56 pm
Posted on 9/15/20 at 1:55 pm to thunderbird1100
quote:
like government employees who participated) to get double hit (12.4% instead of 6.2%
This is wrong. Government employees get taxed at 6.2%. You only owe 12.5% if you are self-employed.
Posted on 9/15/20 at 2:00 pm to thunderbird1100
quote:
Republicans could care less about SSI and the such so it's win/win for them.
So this is BS in my mind....if the GOP could care less about SSI as you say why not put the payroll tax break in the CARES Act....it would have been political suicide at that time for Pelosi and Schumer not to pass it because of that. It didn't get in because of Republicans like Turtle, Lindsay, Marco, etc.
This post was edited on 9/15/20 at 2:01 pm
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