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re: Trump floats temporarily eliminating payroll tax to boost economy amid coronavirus fears
Posted on 3/11/20 at 7:55 am to LoneStar23
Posted on 3/11/20 at 7:55 am to LoneStar23
What would this do for the average person?
How much more % can I expect on my paycheck?
How much more % can I expect on my paycheck?
1
Posted on 3/11/20 at 7:55 am to Displaced
quote:Anywhere from 7-9%, most likely.
How much more % can I expect on my paycheck?
This post was edited on 3/11/20 at 7:57 am
Posted on 3/11/20 at 7:55 am to MoarKilometers
quote:
It's amazing in our "strongest economy ever" we can be reduced to Venezuela, our shelves lacking many items, so quickly.
Posted on 3/11/20 at 7:55 am to LoneStar23
quote:
Trump proposed reducing the payroll tax for both employers and employees from 14.4 percent to zero during a lunch with Republican senators where the economic response to the coronavirus was the main subject of conversation.
As an employer, I love the sound of this, but...
quote:
Additionally, sources told Fox News that Trump would like to eventually make the payroll tax cut permanent and fund Social Security, Medicare and unemployment insurance from general revenues.
This doesn't fly. We can't even pass a budget on a good year. How the hell will Congress and the POTUS get together and make the necessary cuts elsewhere to make this dream a reality? Fat chance.
Posted on 3/11/20 at 7:55 am to MoarKilometers
quote:
It's amazing in our "strongest economy ever" we can be reduced to Venezuela, our shelves lacking many items, so quickly.
No, only places with idiots en masse are experiencing this problem.
Went grocery shopping here in Collin County and everything was normal.
Posted on 3/11/20 at 7:57 am to BottomlandBrew
Good. SSec should be done away with in general.
Posted on 3/11/20 at 7:58 am to DavidTheGnome
quote:
I wonder if those who criticized Obama for an economic stimulus change their tune
There’s a hell of a difference between bailing out banks and helping every working person in the US
Posted on 3/11/20 at 7:58 am to Upperdecker
quote:Sheeeeeit
Hopefully lots of cutting the fat from the government
Posted on 3/11/20 at 7:59 am to DavidTheGnome
Alot of that stimulus money went to Mexico and worthless projects.
Posted on 3/11/20 at 7:59 am to LoneStar23
Well. what about those who don't make a paycheck?? 
Posted on 3/11/20 at 8:01 am to Ruxins Rascals
quote:
Well. what about those who don't make a paycheck??
They wont have to pay payroll tax either.
Posted on 3/11/20 at 8:01 am to MoarKilometers
quote:What the Hell are you talking about Karen? The shelves are full where I live.
Its amazing in our "strongest economy ever" we can be reduced to Venezuela, our shelves lacking many items, so quickly.
Posted on 3/11/20 at 8:01 am to LoneStar23
Poli board
Posted on 3/11/20 at 8:01 am to Scruffy
Is my tax burden going to be reduced accordingly or am I going to have to pay it all back in 2021?
Posted on 3/11/20 at 8:02 am to Wtodd
quote:
But will our tax bill remain the same? If not people will be pissed next April.
I don't see how it would be different. Unbeknownst to most (at least those that don't pay attention), you are taxed every year on the money they first take out as payroll taxes. So, not only do they take payroll taxes out before you ever see it, you also pay taxes on it as well. It's amazing to me how many people don't have a clue about this.
This post was edited on 3/11/20 at 8:04 am
Posted on 3/11/20 at 8:02 am to Displaced
Good question - and what about the self-employed?
Posted on 3/11/20 at 8:03 am to LoneStar23
delete
This post was edited on 3/11/20 at 9:27 am
Posted on 3/11/20 at 8:03 am to Displaced
quote:No clue.
Is my tax burden going to be reduced accordingly or am I going to have to pay it all back in 2021?
There are no specifics.
Posted on 3/11/20 at 8:03 am to rsbd
quote:
Any day the government doesn’t take the money I work for is a good day
All tax cuts are good. All of them.
Posted on 3/11/20 at 8:04 am to HoustonGumbeauxGuy
Eh there is one word that’s political. The rest has to do with our paycheck. I debated putting it in poli but I don’t think it fits. If trump triggers you I’m sorry you’re soft.
This post was edited on 3/11/20 at 10:16 am
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