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No, I think you are wrong about that. Trump knows exactly what payroll taxes pay for. They finance Social Security and Medicare. It's no accident that he choose that to cut.
Most people have no idea that the money collected for Social Security and Medicare goes out almost as fast as it comes in. If you cut payroll taxes, the effects will be felt in a matter of a month or two. Granny's December SS check could take a hit and you don't want her mad at you at Christmas time.
Look how fast the media and the lunatic left went from "Trump isn't doing enough to help people in the pandemic" to "Trump isn't allowed to help people with executive actions".
Mental Illness roams the streets
Mental illness best describes a US citizen not grasping basic civics and constitutional boundaries. Especially when most of them cried about it under the last administration.
Proves my theory of right wing hypocrisy and one of the many reasons I left and became an independent. I for one support the Constitution and loathe EO’s for what they are, a circumventing of the constitutional process.
Look how fast the media and the lunatic left went from "Trump isn't doing enough to help people in the pandemic" to "Trump isn't allowed to help people with executive actions".
I gotta ask - since Trump has waived the payroll tax from July thru December 2020, will that affect how much money i will receive in Social Security/Medicare when i retire? I want to know how this will affect that.
The goal is to get rid of these programs. So no need to worry about that if Trump is successful. These programs will be gone before you get there.
Legally he has no authority to take this action. It will be overthrown in the courts. All spending bills must initiate in the House. Even Trump should know this. It’s all theatrics for the election.
The E.O.’s signed yesterday are not “spending bills” ... the are actions taken under the National Emergency Act due to the lack of Congress coming to any agreement. Keep in mind, Pelosi/Schumer said it’s theire way or no way. They will not negotiate.
Quote:
Originally Posted by Threerun
I hope there is an option to refuse the payroll tax holiday gimmick because I sure as hell don't want to have to pay 4-5 months of that back next April.
It'll be fun to see the lawsuits over this.
Remember all those Shut Downs when Federal workers are Furloughed? Remember what happens EVERY time they go back to work? Congress immediately passes a bill to pay them their lost wages. This is what President Trump plans when the Payroll Tax suspension is over. Congress can pass a bill so that people don’t have to pay it back. They do this for Federal Employees, they can do the same for American Workers ...
OR explain why not when they regularly do it for their own staff.
Quote:
Originally Posted by ChicagoMeO
I gotta ask - since Trump has waived the payroll tax from July thru December 2020, will that affect how much money i will receive in Social Security/Medicare when i retire? I want to know how this will affect that.
Don’t be fooled on the Social Security argument. Social Security and Medicare are already paid through the general fund, which funds the discretionary side of government because of the decades that the social security trust fund was raided by politicians.
The General fund is indebted to the Security Trust fund, thus Social Security and Medicare are funded by the general fund which is funded by income taxes, corporate taxes and tariffs.
Cutting payroll taxes will not mean the end of entitlement programs. It will mean that Trump will look to fund entitlements through other means. In the short run that will be debt (Debt that is being bought up by the Fed) as is all of government at this point. Don’t be surprised if Trump uses reciprocal trade tariffs to fund the treasury in his last 4 years.
The goal is to get rid of these programs. So no need to worry about that if Trump is successful. These programs will be gone before you get there.
Actually he didnt 'waive' it... he did a 'tax holiday' a 'deferral' - once the holiday is over, then you will have to pay back those taxes - so it will be a 'tax hike' (essentially) ... which if Biden is elected HE will have to figure out how to deal with... He will either have to follow through on the tax hike to get the money back into the SS and Medicare coffers OR he will have to 'forgive' the deferred taxes... and have SS and Medicare run short that amount.
What Trump said is that if he's elected he will 'forgive' those deferred taxes... and his goal is to get rid of SS and Medicare completely.
MY thought is that anyone who has already paid into it... is going to be SOL as what WE would get paid is funded by our children... what WE paid was what funded our parents.
Trump personally authorizing $400 a week bonus? Sounds like vote buying.
There are those who actually need it and more . But there are others just exploiting and abusing these programs. Unfortunately there are people who purposely rode out unemployment from a existing old claim and pretend their situation was because of the virus.
At this rate if people must be weaned off the bonus it will be at least another year of racking up debt. To top it off its sets another precedent for the use of executive orders.
Turns out the $400 is actually $300 Federal money, and he's asking the states to chip in $100 per person.
Anybody know if that's $400 per person? Or $400 per family? Or $400 per "unemployed person" (meaning, each person eligible to work who isn't working?
And when is this money supposed to be showing up?
And how many weeks (months?) is it supposed to keep coming?
Don't know about other states, but California has been saying that if the Feds come up with less than $600 per person, they (Calif) will give out whatever it takes to bring the total up to $600.
So far that's only talk from Calif. Now we'll see if they want to sign the State part into law.
Just one little problem: The Calif constitution requires them to balance their budget every year. How they figure to come up with and extra $300 for every one of their 40 million population, remains to be seen.
The 300 and 100 apply to people receiving unemployment in addition to the standard unemployment.
Turns out the $400 is actually $300 Federal money, and he's asking the states to chip in $100 per person.
Anybody know if that's $400 per person? Or $400 per family? Or $400 per "unemployed person" (meaning, each person eligible to work who isn't working?
And when is this money supposed to be showing up?
And how many weeks (months?) is it supposed to keep coming?
Don't know about other states, but California has been saying that if the Feds come up with less than $600 per person, they (Calif) will give out whatever it takes to bring the total up to $600.
So far that's only talk from Calif. Now we'll see if they want to sign the State part into law.
Just one little problem: The Calif constitution requires them to balance their budget every year. How they figure to come up with and extra $300 for every one of their 40 million population, remains to be seen.
The 300 and 100 apply to people receiving unemployment in addition to the standard unemployment. This is weekly.
So for the last several months people received 600 extra dollars a week on top of what ever other Unemployment amout they would get! And now they are getting an extra 400 a week! No wonder people refuse to go back to work! No wonder all I see each day are all of these people having a good time playing in their yards, walking, biking laughing, having partys enjoying all of this free time and free money! ANd they are getting an incredible amount of free food from food cards as well! Must be nice.
When I was on unemployment last year I did not get all of this huge free money. I got a tiny amount that did not even pay the bills. Yet I had to drive 12 miles each week to attend workshops or else I would be cut off!
I also had to have a resume on the state job link and go there and look for a job and it kept an automatic record to show if you applied or not. And you had to do so or else again lose your UI. Also had to check in with job recruiters and not turn down any jobs without a real good reason, and on and on.
These people this year are getting a LOT more money on Unemployment than I ever did and they are not going to workshops or having to have resumes anywhere or do job searches and they are turning down jobs right and left and refusing to go back to jobs they had as they are getting SO much money sitting at home!
Meanwhile people that work like me are getting nothing! I cannot even get SNAP food cards to help me with buying food even though prices are going up!
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