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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.!!
It only affect wage earners 100K or below. Average savings for Americans is $180 a month... and just till the end of the year. Has more of a physiological affect than fiscal.
If congress could get their act together and do their job, the executive branch wouldn't need to govern by pen and paper. Every time congress fails to act (I blame all of congress) the executive branch has to do something. Eventually this affect all of us, regardless of your political stance.
Congress is making themselves irrelevant and giving more power to the executive branch. I don't care who's to blame and this isn't how our founders intended government/governance to function. This tax deferment is a prime example.
Term limits and balanced budgets are our only hope.
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.
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.
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.!!
I think Medicare and Soc Security would be much more solvent if they were under private management by a group of large insurers, ie, both programs should be privatized... but, there is realistically no other way to run them except by imposing mandatory contributions - call them taxes, call them something else, same thing.
Since I had been self-employed for much of my career, I am fully aware of the full Soc Security+Medicare tax, because had been paying both the employer half and the employee half of it. If you are an employee, you pay only half of that tax - the employer pays the other half. Trump wants to suspend the EMPLOYER half of this tax for the second half of this year, making it easier for small business owners to save their businesses, and preserve jobs of their employees. He ultimately wants to do this permanently, as a business stimulus.
The remaining half of SocSecurity+Medicare (paid by employees) would remain, and it would have to double (at least) to keep the current funding of SS/MC. But, neither party supports Trump's proposal in its present form. He may succeed in deferral of employer portion of payroll tax for this year - to extend it past this year, it would be much harder, in the context of the enormous national debt. Due to this debt, he or anyone else will have to substantially overhaul the US tax structure anyway in the future years, but the net result will have to be increase in taxes. He is obviously trying to shift taxation from business taxes to personal income taxes, and that is in fact very much how taxation is done in Western Europe.
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.
Just another political stunt. He thinks he’s clever.
Yes, but you just know those Trumpers will fall for it hook line and sinker! Just as they always have. Remember he said Biden will "Hurt God" also. LOL.
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