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Started By
Message
re: Trump floats temporarily eliminating payroll tax to boost economy amid coronavirus fears
Posted on 3/11/20 at 8:04 am to Wtodd
Posted on 3/11/20 at 8:04 am to Wtodd
quote:
But will our tax bill remain the same? If not people will be pissed next April.
My understanding is the proposal would eliminate payroll tax not federal and state. So your tax bill should not be affected.
1
Posted on 3/11/20 at 8:04 am to LoneStar23
quote:
Trump floats temporarily eliminating payroll tax to boost economy amid coronavirus fears
Please, sweet baby Jesus, let this happen
Posted on 3/11/20 at 8:06 am to cable
quote:
Good question - and what about the self-employed?
The last time this was done, it was a 2% cut and it only applied to the employee share. Therefore, you would still have to pay the full amount if you are self employeed - less that 2% employee portion.
Right now, the self employed basically pay 15.3%, with 12.4% for Social Security and 2.9% for Medicare. If it's done the same way as 2009, you'll pay 13.3%.
This post was edited on 3/11/20 at 8:17 am
Posted on 3/11/20 at 8:07 am to TH03
I always think this is Patton Oswalt when I see this clip.
Posted on 3/11/20 at 8:13 am to 50_Tiger
quote:
No, only places with idiots en masse are experiencing this problem.
Went grocery shopping here in Collin County and everything was normal.
Yeah, I'm not sure where all of these empty shelves are. I think people just saw a 30 second clip on Twitter and decided that was happening everywhere
Posted on 3/11/20 at 8:18 am to fallguy_1978
All I know is that I've seen an uptick in clear cutting in the area, which I'm sure is related to all the toilet paper hoarding people are doing
Posted on 3/11/20 at 8:21 am to Scruffy
quote:
Scruffy doesn’t recall a reduction in taxes with the stimulus.
There was absolutely a payroll tax cut for employees in the Obama stimulus.
Posted on 3/11/20 at 8:23 am to SippyCup
quote:
So your tax bill should not be affected.
Thank you
Posted on 3/11/20 at 8:23 am to LoneStar23
Question is, do I need to adjust my W4 for the rest of the year to make up for what they don't withhold for whatever paycheck they decide to do this on?
ETA: I didn't read the whole thread.
ETA: I didn't read the whole thread.
This post was edited on 3/11/20 at 8:24 am
Posted on 3/11/20 at 8:23 am to LoneStar23
Anything that gives the government less money is a good thing
Posted on 3/11/20 at 8:24 am to TH03
quote:
I wonder if those who criticized Obama for an economic stimulus change their tune
quote:
Why? They aren't really the same. This is letting citizens keep more of their own money.
Do you really not remember that the Obama tax cut included a payroll tax cut for employees?
Posted on 3/11/20 at 8:25 am to The Pirate King
quote:
There’s a hell of a difference between bailing out banks and helping every working person in the US
The bank bailout was engineered by the Bush administration, although Obama did support it as a Senator.
Posted on 3/11/20 at 8:28 am to LoneStar23
(no message)
This post was edited on 3/11/20 at 8:29 am
Posted on 3/11/20 at 8:29 am to Wtodd
The fact that companies are taxed to employ and pay people, and then those people are taxed for receiving income is asinine to begin with.
Posted on 3/11/20 at 8:29 am to Upperdecker
quote:
That would be a big boost to the economy and a winning strategy for Trump. I’m heavily in favor of it, but how will we make up for the missing tax revenue? Hopefully lots of cutting the fat from the government
Simple...furlough all “non-essential” government leeches “cough” employees and never bring them back. Do it right after the election though to avoid any kind of fallout.
Posted on 3/11/20 at 8:30 am to Specktricity
quote:
The fact that companies are taxed to employ and pay people, and then those people are taxed for receiving income is asinine to begin with.
I only wish I had more than one upvote to give...
Posted on 3/11/20 at 8:30 am to Specktricity
quote:
The fact that companies are taxed to employ and pay people, and then those people are taxed for receiving income is asinine to begin with.
The amount of taxes & double taxes we pay everyday is criminal
Posted on 3/11/20 at 8:31 am to DavidTheGnome
quote:
I wonder if those who criticized Obama for an economic stimulus change their tune
You must think this is a gotcha but you’re to stupid to realize that it’s apples and oranges
Posted on 3/11/20 at 8:32 am to AUCE05
quote:
I do like the idea of putting money in the common man's pocket vs big corp
It puts it in both because it would eliminate both sides - employee and employer - of payroll taxes.
It doesn't help workers who are sent home without sick/leave time, nor does it help those with paltry health insurance that may come down with the virus. It's a horrible idea.
Posted on 3/11/20 at 8:34 am to LoneStar23
Would just put more money in the pockets of Amazon because no one wants to leave their house.
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