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re: Trump floats temporarily eliminating payroll tax to boost economy amid coronavirus fears
Posted on 3/11/20 at 9:39 am to Chef Free Gold Bloom
Posted on 3/11/20 at 9:39 am to Chef Free Gold Bloom
quote:
eliminating payroll tax
quote:
Everyone knows you’ll still have to pay at the end of the year right?
Not with what is being proposed. And not with the payroll tax cut that happened during the Obama administration either. A payroll tax cut is a straightforward reduction in your FICA taxes with no true up at the end of the year or when you file.
1
Posted on 3/11/20 at 9:42 am to yellowfin
quote:
I’m already maxed for this year
Congrats on already making $137,700 in 2020.
Also there is no max income limited for medicare tax so depending on how they structure maybe you can still get a little piece of the savings.
Posted on 3/11/20 at 9:51 am to elposter
Serious question, how does this help somebody under quarantine that's not getting paid?
Posted on 3/11/20 at 9:51 am to yatesdog38
quote:
People gonna save instead of spending.
The last time this was done $.35 out of every dollar was spent. Kyle Bass did a great interview on this with Maria this morning.
Posted on 3/11/20 at 9:54 am to Janky
I’d use the extra dollars towards personal debt.
Posted on 3/11/20 at 10:02 am to bad93ex
quote:
I’d use the extra dollars towards personal debt.
Im paid hourly. SO with that my paychecks vary slightly biweekly. Anything over my set allocated amount goes straight to a vacation fund for me.
But if this were to happen may have to pull that out of there and put it towards some debt like you said.
Posted on 3/11/20 at 10:03 am to DavidTheGnome
quote:
I wonder if those who criticized Obama for an economic stimulus change their tune
If people need government money because they might have to miss work for about 2 weeks due to illness then they should have done a better job managing their money. At least thats what people have said on here in the past.
But I am sure someone can justify Trump doing this.
Posted on 3/11/20 at 10:05 am to Upperdecker
quote:
how will we make up for the missing tax revenue? Hopefully lots of cutting the fat from the government
bad, stupid idea.
if you are laid off it doesnt do a thing.
its a gift to people who have work.
its a simpleton idea to appeal to simpletons.
Posted on 3/11/20 at 10:05 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.
You're amazed that a strong economy can have issues when people are assuming the next Black Plague is coming?
Oh, you're mixing up grocery stores and the economy.
Okay.
Posted on 3/11/20 at 10:08 am to CelticDog
quote:
bad, stupid idea.
if you are laid off it doesnt do a thing.
I don’t think anyone is forecasting mass layoffs. If it does happen this should be a concern
Posted on 3/11/20 at 10:09 am to CelticDog
quote:
its a gift to people who have work.
the nerve!
Posted on 3/11/20 at 10:12 am to Jim Rockford
quote:
Serious question, how does this help somebody under quarantine that's not getting paid?
It would help them when they start working again obviously.
Companies in certain industries are getting hit hard and having to furlough, lay off, terminate workers. A payroll tax cut will help employer's bottom line and may save some jobs, including jobs of those who are temporarily quarantined.
If tax cuts stimulate the economy it will help those temporarily quarantined in the same ways it will help everyone else.
Posted on 3/11/20 at 10:13 am to Chinese Bandit
You should have bloded the helicopter part 
Posted on 3/11/20 at 10:18 am to TH03
quote:
Well the blue places are filled with welfare queens, illegals, and homeless who don't pay taxes in the first place.
Yeah, high voter turnout among welfare recipients and the homeless
Posted on 3/11/20 at 10:22 am to AUCE05
quote:
I do like the idea of putting money in the common man's pocket vs big corp
That's fine and all, but this is the wrong approach to boost the economy in this situation. We are most likely going to face a supply shortage, not a demand shortage. Doesn't matter how much money you have if what you need isn't available.
Posted on 3/11/20 at 10:27 am to Displaced
quote:Great question.
Is my tax burden going to be reduced accordingly or am I going to have to pay it all back in 2021?
This post was edited on 3/11/20 at 11:00 am
Posted on 3/11/20 at 10:35 am to NIH
quote:
The U.S. government's public debt is now more than $22 trillion — the highest it has ever been. The Treasury Department data comes as tax revenue has fallen and federal spending continues to rise. The new debt level reflects a rise of more than $2 trillion from the day President Trump took office in 2017.Feb 13, 2019
Today I learned that people really care about the US debt.. Until it benefits them.
Posted on 3/11/20 at 10:36 am to LoneStar23
It's a great idea as long as the government decides not to spend any money during the same time period.
Posted on 3/11/20 at 10:39 am to elposter
I'm with him on this. Good idea
Posted on 3/11/20 at 10:47 am to OweO
quote:
If people need government money
You consider that money that is taken out of your paycheck "government money?" Didn't you call yourself a moderate recently? That's a very communistic opinion.*
quote:
But I am sure someone can justify Trump doing this.
Do you think it's hard for people to justify keeping more of their own money? It seems your reaction is based solely on hating Trump, rather than the actual policy suggestion.
*No, I don't think you're a communist. I just think you're an idiot.
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