Trump's Attack on Social Security & Medicare (employment, Reagan, legal)
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Trump can’t do that. It’s going to get tossed out in court immediately. Congress controls taxation and appropriations. No employer is going to stop deducting payroll taxes from their employees because they know that it’s going to get tossed out in court. Same for the $400 unemployment kicker where the states are required to pay 25%. This is political grandstanding instead of actually leading.
No no no... it seems nobody on this thread understands what Trump wants to do, probably because you never owned a business. This is not about payroll taxes being deducted from employees - this is about 1/2 payroll taxes paid by the employer. As an employee, you never see these taxes - they are paid by your employer, in the equal amount as what you see deducted from your paycheck as an employee. The government collects twice what was deducted from your paycheck, and your employee pays the other half of it. And if you are self-employed, you pay both halves. Trump wants the employer half of the taxes deferred, and eventually abolished.
I wish it was permanent. Stop taxing me and give me the freedom to use private 401k accounts. Let the leftists use up the SS funds until it's zero. If leftists want money, they can get a job or live with their children.
Yeah. That known communist FDR.
Social Security pretty much ended elderly poverty. It’s the most successful social program in the history of the United States.
Personally, I’ve always been high income and maxed out my Social Security contribution in my 5th working year in my 20s. Inflation adjusted, I’ll never get back what I and my employers contributed to the program but that’s not the point of the program. I subsidize lower income elderly people who would starve otherwise. I view it as my civic duty like paying property taxes to fund public schools. This whole FYIGM rhetoric of abolishing Social Security is pretty distasteful to me.
No no no... it seems nobody on this thread understands what Trump wants to do, probably because you never owned a business. This is not about payroll taxes being deducted from employees - this is about 1/2 payroll taxes paid by the employer. As an employee, you never see these taxes - they are paid by your employer, in the equal amount as what you see deducted from your paycheck as an employee. The government collects twice what was deducted from your paycheck, and your employee pays the other half of it. And if you are self-employed, you pay both halves. Trump wants the employer half of the taxes deferred, and eventually abolished.
This is not what all the news media are reporting.
Maybe if CONGRESS actually did their job to help the American people instead of eating $20 a pint ice cream and sending billions to countries that hate us he wouldn't have to take action.
Good for him! Best President since Reagan!
Sorry I don't fall into the CNN the sky is falling crap. It's gonna be fun to watch the liberals have a melt down when he's re- elected in November.
I don't whose half he wants stopped -- uh, deferred. If it funds Soc. Sec. it shouldn't be messed with!
Agree. Social Security and Medicare are two programs that a vast number of Americans want and rely on. They have served millions to survive in retirement age like my mom.
His action is only to deferred, he can’t wave not paying it back that’s Congress job. As someone said earlier half is paid by your employer and half by you. It won’t help the large number of unemployed due to our economic downturn and will do little to help those working.
For those of us retired and planning or collecting Social Security and Medicare this should be a no go regardless of your party affiliations
This is not what all the news media are reporting.
I should clarify: right now, he wants to defer payroll taxes (including employee part as well) for people under certain pretty low income threshold (I think $100k), until the end of 2020. This is probably to test the waters. His long-term goal is aimed at abolishing the taxes paid by the employers. But that would require a major, very major tax reform, because the taxpayer burden would have to be shifted (and increased) from business taxes to personal income taxes.
If you haven't heard it already, Trump just signed an executive order to suspend the payroll tax.
THIS FUNDS YOUR SOCIAL SECURITY AND MEDICARE.
Trump said the employer portion of the payroll tax would be deferred from Aug. 1 through the end of the year, though the move would not directly aid unemployed workers, who do not pay the tax when they are jobless, and faces bipartisan opposition on Capitol Hill.
“If I win, I may extend and terminate,” Trump said, repeating a longtime goal but remaining silent on how he’d fund the Medicare and Social Security benefits that the 7% tax on employee income covers. Employers also pay 7.65% of their payrolls into the funds.
If you value your life and wellbeing- dump him in NOV.!!
Democrats, WHY do you keep buying this FAKE NEWS (Democrat produced) BS?? #WalkAway
(a) The deferral shall be made available with respect to any employee the amount of whose wages or compensation, as applicable, payable during any bi-weekly pay period generally is less than $4,000, calculated on a pre-tax basis, or the equivalent amount with respect to other pay periods.
(b) Amounts deferred pursuant to the implementation of this memorandum shall be deferred without any penalties, interest, additional amount, or addition to the tax.
Sec. 4. Tax Forgiveness. The Secretary of the Treasury shall explore avenues, including legislation, to eliminate the obligation to pay the taxes deferred pursuant to the implementation of this memorandum.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
