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Message
Biden says payroll tax cuts are a BIG MISTAKE.
Posted on 9/15/20 at 1:47 pm
Posted on 9/15/20 at 1:47 pm
He just said that. He also just said that Trump's payroll tax cut to help us during the COVID 19 crisis will have to be paid back.
This post was edited on 9/15/20 at 1:51 pm
12
Posted on 9/15/20 at 1:48 pm to GumboPot
Pretty sure the second part is right. That's why my company isn't doing the deal.
Posted on 9/15/20 at 1:48 pm to GumboPot
Imagine being so soy laden that you want more taxes
Just lol
Just lol
Posted on 9/15/20 at 1:49 pm to xxTIMMYxx
quote:
Pretty sure the second part is right.
It's only right if Biden is elected. Trump will forgive those taxes.
Posted on 9/15/20 at 1:49 pm to GumboPot
But vote Joe cause muh SS
if you are young and relying on SS, you’re retarded. I don’t even factor hypothetical ss payments for my retirement.
if you are young and relying on SS, you’re retarded. I don’t even factor hypothetical ss payments for my retirement.
Posted on 9/15/20 at 1:49 pm to GumboPot
to clarify, did he say:
payroll taxes are a BIG MISTAKE? or Payroll tax cuts are a BIG MISTAKE?
payroll taxes are a BIG MISTAKE? or Payroll tax cuts are a BIG MISTAKE?
Posted on 9/15/20 at 1:49 pm to GumboPot
He's right on this one. Never thought Trump's proposal was good on this particular issue.
Posted on 9/15/20 at 1:50 pm to GumboPot
quote:
payroll taxes are a BIG MISTAKE.
I agree
quote:
Biden says
Don't care. He's an idiot.
Posted on 9/15/20 at 1:50 pm to NIH
quote:
Imagine being so soy laden that you want more taxes
Some people just live to be controlled.
Posted on 9/15/20 at 1:51 pm to JPinLondon
quote:
to clarify, did he say:
payroll taxes are a BIG MISTAKE? or Payroll tax cuts are a BIG MISTAKE?
The latter.
Sorry...I f'd up. Edited and fixed.
Posted on 9/15/20 at 1:51 pm to GumboPot
quote:
He also just said that Trump's payroll tax cut to help us during the COVID 19 crisis will have to be paid back.
That's actually true. It's up to the individual companies whether they want to pay the full amount or have the employees match. Military does not have the option to opt-out.
I'm not particularly happy about it because it will be taken out of my retirement stipend from January - April.
This post was edited on 9/15/20 at 1:54 pm
Posted on 9/15/20 at 1:52 pm to idlewatcher
Yet Obama did payroll tax cuts but he probably doesn’t remember that and it wasn’t included on the teleprompter.
Posted on 9/15/20 at 1:53 pm to GumboPot
quote:
Trump will forgive those taxes.
Not without Congress he won't.
Posted on 9/15/20 at 1:53 pm to GumboPot
He’s correct, it’s not a payroll tax cut, it is a deferral. As a CPA we are advising clients not to do it and we aren’t doing it ourselves.
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 1:54 pm to CGSC Lobotomy
quote:
That's actually true.
If Trump is elected he will negotiate with a new congress to have that portion of your payroll taxes forgiven. Trump will be successful if he wins reelection. Biden will not negotiate with congress to forgive those payroll taxes.
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 1:56 pm to GumboPot
what makes you think he will forgive them?
Posted on 9/15/20 at 1:56 pm to GumboPot
quote:
If Trump is elected he will negotiate with a new congress to have that portion of your payroll taxes forgiven.
If Pelosi controls the House this will not happen. Even if she doesn't, he won't be able to get it done before we take a hit in January's paychecks.
Posted on 9/15/20 at 1:56 pm to CGSC Lobotomy
quote:
This is wrong. Government employees get taxed at 6.2%. You only owe 12.5% if you are self-employed.
Dont think you get what I was talking about. If you are participating in the deferral right now your 6.2% is 0% till the end of the year. To pay that back the first 4 months as proposed next year, they have to take out 12.4%, not 6.2% out of your paychecks from Jan-Apr. That's to take the normal 6.2% out and then the other 6.2% you owed for Sep-Dec this year as well when you were at 0% taking the deferral.
So if you participate, your paycheck is 6.2% higher from now till end of year, then your paycheck is 12.4% LOWER (than your original check from pre-September) for Jan-Apr to help back that deferral.
This post was edited on 9/15/20 at 1:59 pm
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