Payroll Tax Cut
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DriverNerd
Well-Known Member
Nothing the government is doing is fiscally responsible. They're spending trillions left and right - I'm not saying they shouldn't be spending a lot of money now to prop up the economy (I'm not nearly intelligent enough about that to know). Trump wants to pad people's pockets as much as possible right now and until November to court votes (not a bad idea for his reelection).
And I know that this isn't extra spending, but loss of income, but it has the same affect.
And I know that this isn't extra spending, but loss of income, but it has the same affect.
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That would immediately give every working person extra spending cash regardless of what income tax bracket you're in.
Even if you are unemployed?
I said for every working person
I'm sure the unemployed will get some extra enhance unemployment.
Even though I think the $600 a week is way too much
DriveInDriѵeOut
Inordinately Right
As a "sound fiscal measure", I would say paying people more on unemployment than they make when they're working, is a policy so brilliant only a Democrat could have come up with it.
They are projecting the SSA trust to start operating at a reduced capacity in as little as nine years (I concede I haven’t reviewed the math on such claims). Considering that approximately half of the population doesn’t save for retirement, I’m not certain such a tax cut is going to help those most in need in the long run.
Furthermore, deferring the collection of taxes, and then ultimately granting clemency on said taxes may not be legislatively feasible (especially the latter part of the equation).
Obama did a reduction in social security tax.
And yes I'm not a fan of adding to the social security defecit.
Pretty sure the CARES act passed with bi-partisan support, and Trump has not stated the enhanced amount of $600 per week will be decreased if he takes executive action to extend the benefit.
The funds were replaced by general revenue funds when Obama cut payroll taxes. so it didn’t affect the trust. As far as I know, there are no such funds to offset the cut that Trump is proposing (let me know if I’m incorrect).
I operate as a small business. I would immediately save approximately $7500 a month.
Pay close attention to who really is cashing in.
Big business. Could you imagine how much a company like UPS would save if they didn't have to pay the matching payroll taxes?
This country is so far in debt , they robbed Peter to pay Paul for far too long.
Exactly
DriveInDriѵeOut
Inordinately Right
Okay.
You did not comment on my opinion that it is fiscally unsound, so I guess you agree and support ending the extra unemployment money.
Carry on.
Old Man Jingles
Rat out of a cage
Well, first place ... it is not a payroll tax cut in my understanding.
The Prez cannot do that ... only Congress.
It is a deferral of tax collection ... come next April, all taxes not collected will be due.
DriveInDriѵeOut
Inordinately Right
Which would incentivize companies to bring workers back. As opposed to the marxist garbage Democrats are pushing that incentivizes unemployment.
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If that is the case next April everyone will be broke trying to pay the back taxes.
bbsam, let me ask you this: If there was an executive order that deferred the payroll tax, and the order provided vague details about granting clemency at a later date, would you continue to withhold the taxes? It would be kind of foolish not to in my opinion.
Cut the corporate taxes and give companies to come back to America
And slit China's throat at the same time.
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