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(Kiplinger)   About that "payroll tax holiday"...unless Congress does something, it's actually a loan that'll come due as a lump sum on April 15. Which in addition to being Tax Day, is also the anniversary of the Titanic sinking   (kiplinger.com) divider line
    More: Asinine, Payroll tax, Taxation, collection of payroll taxes, Federal Insurance Contributions Act tax, series of executive orders, payroll tax cut, Medicare, Social Security  
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2877 clicks; posted to Politics » on 09 Aug 2020 at 7:05 AM (7 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



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2020-08-09 12:44:50 AM  
That could be crippling for some companies, couldn't it?
 
2020-08-09 12:46:15 AM  
Oh wait...Does this mean no taxes out of peoples paychecks?
That's a terrible idea.
 
2020-08-09 12:47:52 AM  
Trump knows he's gonna get farked hard by the November election and he's pulling a combo of "throw it against the wall and see if it sticks" and "I'm gonna burn this place to the ground just to spite Biden"
 
2020-08-09 1:08:47 AM  

ArkAngel: Trump knows he's gonna get farked hard by the November election and he's pulling a combo of "throw it against the wall and see if it sticks" and "I'm gonna burn this place to the ground just to spite Biden"


It's not Trump. He wasn't smart enough to think this up.  It's the enablers around him.

We have to do better and holding all these people responsible for his failures.
 
2020-08-09 1:45:28 AM  
And the death of Lincoln.

Apropos for the "party of Lincoln".
 
2020-08-09 6:34:05 AM  
The executive order only suspends payroll taxes - it doesn't eliminate them. It would take Congressional action to actually wipe out the tax debt. As a result, some employers might continue withholding payroll taxes from their workers' paychecks to avoid a large bill when the taxes eventually become due (a bill that they employers could have to pay themselves or by withholding a large amount from paychecks later).
 
2020-08-09 6:35:10 AM  
Quick! Do something!

Fark user imageView Full Size
 
2020-08-09 7:06:18 AM  

cretinbob: That could be crippling for some companies, couldn't it?


Absolutely. If withholding isn't set aside as normal....it could create a significant tax bill for everyone involved.
 
2020-08-09 7:08:03 AM  

cretinbob: Oh wait...Does this mean no taxes out of peoples paychecks?
That's a terrible idea.


No Medicare or social security either.
 
2020-08-09 7:09:40 AM  
Another masterful move from the 12th-dimension Candyland tactician supreme.

Surely, handing his opponent a ready-made campaign ad saying "Donald Trump stopped payment on everyone's Social Security checks" will make the old people who didn't have the common courtesy to die of COVID-19 for the stock market say "Hurray! I didn't want to eat *every* day!"
 
2020-08-09 7:10:53 AM  
So, basically he's forced Congress's hand. Monster style negotiation tactics at work.
 
2020-08-09 7:11:09 AM  
*Mobster
 
2020-08-09 7:13:17 AM  

Mr. Coffee Nerves: Another masterful move from the 12th-dimension Candyland tactician supreme.

Surely, handing his opponent a ready-made campaign ad saying "Donald Trump stopped payment on everyone's Social Security checks" will make the old people who didn't have the common courtesy to die of COVID-19 for the stock market say "Hurray! I didn't want to eat *every* day!"


It doesn't stop payment on people's Social Security checks though
 
2020-08-09 7:13:33 AM  
If mine go down I'm pretty much increasing my withholding the same amount.  I don't need the headache next year
 
2020-08-09 7:15:47 AM  

SpaceMonkey-66: If mine go down I'm pretty much increasing my withholding the same amount.  I don't need the headache next year


They're not the same thing
 
2020-08-09 7:16:30 AM  

qorkfiend: Mr. Coffee Nerves: Another masterful move from the 12th-dimension Candyland tactician supreme.

Surely, handing his opponent a ready-made campaign ad saying "Donald Trump stopped payment on everyone's Social Security checks" will make the old people who didn't have the common courtesy to die of COVID-19 for the stock market say "Hurray! I didn't want to eat *every* day!"

It doesn't stop payment on people's Social Security checks though


It does stop the collection of monies. Which are... notorious... for their scarcity  at Social Security HQ.
 
2020-08-09 7:16:36 AM  
I think I'd prefer having my taxes taken out of my paycheck every two weeks instead of having one huge bill next year.
 
2020-08-09 7:17:00 AM  

iheartscotch: qorkfiend: Mr. Coffee Nerves: Another masterful move from the 12th-dimension Candyland tactician supreme.

Surely, handing his opponent a ready-made campaign ad saying "Donald Trump stopped payment on everyone's Social Security checks" will make the old people who didn't have the common courtesy to die of COVID-19 for the stock market say "Hurray! I didn't want to eat *every* day!"

It doesn't stop payment on people's Social Security checks though

It does stop the collection of monies. Which are... notorious... for their scarcity  at Social Security HQ.


And?
 
2020-08-09 7:18:12 AM  
"Here's a wad of money. Vote for me and just maybe I'll let you keep it. Vote for the other guy and you gotta pay it all back. With interest."
 
2020-08-09 7:18:19 AM  

Shaggy_C: *Mobster


whynotboth.gif
 
2020-08-09 7:18:56 AM  

qorkfiend: SpaceMonkey-66: If mine go down I'm pretty much increasing my withholding the same amount.  I don't need the headache next year

They're not the same thing


Ya, I forgot, its early (facepalm)
 
2020-08-09 7:19:24 AM  

iheartscotch: qorkfiend: Mr. Coffee Nerves: Another masterful move from the 12th-dimension Candyland tactician supreme.

Surely, handing his opponent a ready-made campaign ad saying "Donald Trump stopped payment on everyone's Social Security checks" will make the old people who didn't have the common courtesy to die of COVID-19 for the stock market say "Hurray! I didn't want to eat *every* day!"

It doesn't stop payment on people's Social Security checks though

It does stop the collection of monies. Which are... notorious... for their scarcity  at Social Security HQ.


Also the trust fund has a balance of $2.8 trillion, so no, money isn't "scarce" at "SSHQ"
 
2020-08-09 7:20:06 AM  

SpaceMonkey-66: qorkfiend: SpaceMonkey-66: If mine go down I'm pretty much increasing my withholding the same amount.  I don't need the headache next year

They're not the same thing

Ya, I forgot, its early (facepalm)


Though - increased withholding is a bigger refund, which would presumably go to offset any payroll taxes owed.
 
2020-08-09 7:23:01 AM  
I wonder if everyone will have to file SE forms next year? It wouldn't surprise me.
 
2020-08-09 7:24:17 AM  

qorkfiend: iheartscotch: qorkfiend: Mr. Coffee Nerves: Another masterful move from the 12th-dimension Candyland tactician supreme.

Surely, handing his opponent a ready-made campaign ad saying "Donald Trump stopped payment on everyone's Social Security checks" will make the old people who didn't have the common courtesy to die of COVID-19 for the stock market say "Hurray! I didn't want to eat *every* day!"

It doesn't stop payment on people's Social Security checks though

It does stop the collection of monies. Which are... notorious... for their scarcity  at Social Security HQ.

And?


Just that if money is going out and none is coming in... eventually there won't be any money.
 
2020-08-09 7:25:04 AM  
Well Biden will be President then and assuming Trump isn't finally kicked off Twitter, he'll probably tweet about how Biden raises our taxes when this comes due.
 
2020-08-09 7:26:35 AM  
Well, for people like Trump and his horrible crotch fruit, they cheat on their taxes every year anyway. This will just let them shirk more of their responsibilities to this nation.
 
2020-08-09 7:26:40 AM  

iheartscotch: qorkfiend: iheartscotch: qorkfiend: Mr. Coffee Nerves: Another masterful move from the 12th-dimension Candyland tactician supreme.

Surely, handing his opponent a ready-made campaign ad saying "Donald Trump stopped payment on everyone's Social Security checks" will make the old people who didn't have the common courtesy to die of COVID-19 for the stock market say "Hurray! I didn't want to eat *every* day!"

It doesn't stop payment on people's Social Security checks though

It does stop the collection of monies. Which are... notorious... for their scarcity  at Social Security HQ.

And?

Just that if money is going out and none is coming in... eventually there won't be any money.


"Eventually" being the key word
 
2020-08-09 7:28:07 AM  
Might be a good time to switch to 1099 instead of W2 so I can plan accordingly, instead of having to have a company fark it up and have a big tax bill next year like I ended up with this year because a company farked up my withholdings.

/as others have said, this is nothing more than an attack on "entitlements" because everyone knows that next year Congress will be forced to "forgive" this debt because COVID is going to last through 2021 with the derp anti-mask brigade and shiathole red state Governors
 
2020-08-09 7:28:15 AM  
So the  unemployed get farked on the front end, and the still employed get farked on the back end

No wonder trump was so hot to have this as part of a relief package- it hurts the maximum of people possible

Sadistic piece of shiat
 
2020-08-09 7:31:13 AM  
Ruination day.

/I wonder where I should flee?
//North, this time. Somewhere with seasons.
 
2020-08-09 7:33:32 AM  

qorkfiend: iheartscotch: qorkfiend: Mr. Coffee Nerves: Another masterful move from the 12th-dimension Candyland tactician supreme.

Surely, handing his opponent a ready-made campaign ad saying "Donald Trump stopped payment on everyone's Social Security checks" will make the old people who didn't have the common courtesy to die of COVID-19 for the stock market say "Hurray! I didn't want to eat *every* day!"

It doesn't stop payment on people's Social Security checks though

It does stop the collection of monies. Which are... notorious... for their scarcity  at Social Security HQ.

Also the trust fund has a balance of $2.8 trillion, so no, money isn't "scarce" at "SSHQ"


i.insider.comView Full Size
 
2020-08-09 7:33:41 AM  

imbrial: So the  unemployed get farked on the front end, and the still employed get farked on the back end

No wonder trump was so hot to have this as part of a relief package- it hurts the maximum of people possible

Sadistic piece of shiat


Don't worry; I have it on excellent authority that this won't be a problem until "eventually".
 
2020-08-09 7:35:52 AM  

qorkfiend: iheartscotch: qorkfiend: iheartscotch: qorkfiend: Mr. Coffee Nerves: Another masterful move from the 12th-dimension Candyland tactician supreme.

Surely, handing his opponent a ready-made campaign ad saying "Donald Trump stopped payment on everyone's Social Security checks" will make the old people who didn't have the common courtesy to die of COVID-19 for the stock market say "Hurray! I didn't want to eat *every* day!"

It doesn't stop payment on people's Social Security checks though

It does stop the collection of monies. Which are... notorious... for their scarcity  at Social Security HQ.

And?

Just that if money is going out and none is coming in... eventually there won't be any money.

"Eventually" being the key word


Think that the program can make it the 4 months without any additional funding? Its not like Congress is capable of bailing them out just now.

/ to clarify, they are technically capable; it's just not likely that they would agree that long
 
2020-08-09 7:43:36 AM  
I really want to thank him for making my taxes that much more painful next year.

But hey, giant deferred payments for employers, so good for Republicans.
 
2020-08-09 7:45:34 AM  

iheartscotch: qorkfiend: iheartscotch: qorkfiend: iheartscotch: qorkfiend: Mr. Coffee Nerves: Another masterful move from the 12th-dimension Candyland tactician supreme.

Surely, handing his opponent a ready-made campaign ad saying "Donald Trump stopped payment on everyone's Social Security checks" will make the old people who didn't have the common courtesy to die of COVID-19 for the stock market say "Hurray! I didn't want to eat *every* day!"

It doesn't stop payment on people's Social Security checks though

It does stop the collection of monies. Which are... notorious... for their scarcity  at Social Security HQ.

And?

Just that if money is going out and none is coming in... eventually there won't be any money.

"Eventually" being the key word

Think that the program can make it the 4 months without any additional funding? Its not like Congress is capable of bailing them out just now.

/ to clarify, they are technically capable; it's just not likely that they would agree that long


I guess you missed the part about the $2.8 trillion trust fund
 
2020-08-09 7:45:45 AM  
Maybe he forgot Obama enacted a payroll tax holiday, and got no bounce in the polls for it because very few people noticed?

Of note, liberals opposed it when Obama did it too.
 
2020-08-09 7:48:21 AM  

qorkfiend: iheartscotch: qorkfiend: Mr. Coffee Nerves: Another masterful move from the 12th-dimension Candyland tactician supreme.

Surely, handing his opponent a ready-made campaign ad saying "Donald Trump stopped payment on everyone's Social Security checks" will make the old people who didn't have the common courtesy to die of COVID-19 for the stock market say "Hurray! I didn't want to eat *every* day!"

It doesn't stop payment on people's Social Security checks though

It does stop the collection of monies. Which are... notorious... for their scarcity  at Social Security HQ.

Also the trust fund has a balance of $2.8 trillion, so no, money isn't "scarce" at "SSHQ"


Actually that 2.8 Trillion is in bonds, not cash. The fund is by law not allowed to keep cash, anything over its expenditures in SS must be used to buy US bonds, the interest of which is added to paying more SS later, or back into buying more. forcing them to sell those bonds early is not the wisest course of action unless you want it to be destroyed, oh yea.
 
2020-08-09 7:50:51 AM  

thaylin: qorkfiend: iheartscotch: qorkfiend: Mr. Coffee Nerves: Another masterful move from the 12th-dimension Candyland tactician supreme.

Surely, handing his opponent a ready-made campaign ad saying "Donald Trump stopped payment on everyone's Social Security checks" will make the old people who didn't have the common courtesy to die of COVID-19 for the stock market say "Hurray! I didn't want to eat *every* day!"

It doesn't stop payment on people's Social Security checks though

It does stop the collection of monies. Which are... notorious... for their scarcity  at Social Security HQ.

Also the trust fund has a balance of $2.8 trillion, so no, money isn't "scarce" at "SSHQ"

Actually that 2.8 Trillion is in bonds, not cash. The fund is by law not allowed to keep cash, anything over its expenditures in SS must be used to buy US bonds, the interest of which is added to paying more SS later, or back into buying more. forcing them to sell those bonds early is not the wisest course of action unless you want it to be destroyed, oh yea.


You believe that using any of the trust fund for its stated express would "destroy" it?
 
2020-08-09 7:54:23 AM  

iheartscotch: qorkfiend: iheartscotch: qorkfiend: Mr. Coffee Nerves: Another masterful move from the 12th-dimension Candyland tactician supreme.

Surely, handing his opponent a ready-made campaign ad saying "Donald Trump stopped payment on everyone's Social Security checks" will make the old people who didn't have the common courtesy to die of COVID-19 for the stock market say "Hurray! I didn't want to eat *every* day!"

It doesn't stop payment on people's Social Security checks though

It does stop the collection of monies. Which are... notorious... for their scarcity  at Social Security HQ.

And?

Just that if money is going out and none is coming in... eventually there won't be any money.


If these cuts remain in place, I've seen estimates of 2023-2029 for SS shortfalls (vs. 2035).
 
2020-08-09 7:58:06 AM  

qorkfiend: thaylin: qorkfiend: iheartscotch: qorkfiend: Mr. Coffee Nerves: Another masterful move from the 12th-dimension Candyland tactician supreme.

Surely, handing his opponent a ready-made campaign ad saying "Donald Trump stopped payment on everyone's Social Security checks" will make the old people who didn't have the common courtesy to die of COVID-19 for the stock market say "Hurray! I didn't want to eat *every* day!"

It doesn't stop payment on people's Social Security checks though

It does stop the collection of monies. Which are... notorious... for their scarcity  at Social Security HQ.

Also the trust fund has a balance of $2.8 trillion, so no, money isn't "scarce" at "SSHQ"

Actually that 2.8 Trillion is in bonds, not cash. The fund is by law not allowed to keep cash, anything over its expenditures in SS must be used to buy US bonds, the interest of which is added to paying more SS later, or back into buying more. forcing them to sell those bonds early is not the wisest course of action unless you want it to be destroyed, oh yea.

You believe that using any of the trust fund for its stated express would "destroy" it?


You believe in creating strawman arguments?

The STATED goal of the GOP is to destroy entitlements (SS and medicare)

Currently without a legislation removing the top tax rate for those taxes SS has a limited lifespan. Selling those bonds, even if the people have to pay back those payroll taxes shorted the lifespan of SS, because they will have less interest from those bonds over its life, thereby destroying SS faster. This goes back to the stated goal of the GOP.
 
2020-08-09 7:59:22 AM  

qorkfiend: thaylin: qorkfiend: iheartscotch: qorkfiend: Mr. Coffee Nerves: Another masterful move from the 12th-dimension Candyland tactician supreme.

Surely, handing his opponent a ready-made campaign ad saying "Donald Trump stopped payment on everyone's Social Security checks" will make the old people who didn't have the common courtesy to die of COVID-19 for the stock market say "Hurray! I didn't want to eat *every* day!"

It doesn't stop payment on people's Social Security checks though

It does stop the collection of monies. Which are... notorious... for their scarcity  at Social Security HQ.

Also the trust fund has a balance of $2.8 trillion, so no, money isn't "scarce" at "SSHQ"

Actually that 2.8 Trillion is in bonds, not cash. The fund is by law not allowed to keep cash, anything over its expenditures in SS must be used to buy US bonds, the interest of which is added to paying more SS later, or back into buying more. forcing them to sell those bonds early is not the wisest course of action unless you want it to be destroyed, oh yea.

You believe that using any of the trust fund for its stated express would "destroy" it?


The fund pays put $2.9 trillion a year. You think six months of selling off bonds that haven't matured wouldn't cause any longer term problems problems? Naivety or ignorance?
 
2020-08-09 7:59:31 AM  
"Lets start putting this plague debt on the Democrats tab"
 
2020-08-09 8:00:11 AM  

cretinbob: Oh wait...Does this mean no taxes out of peoples paychecks?
That's a terrible idea.


Hey, Boomers!

President Trump's payroll tax holiday is just letting Gen X and Millennials skip out on paying for YOUR Social Security benefits!
 
2020-08-09 8:10:12 AM  
So now what?  So I give my employees a choice if they want payrolls taxes withheld?  Or do I just keep doing what I've been doing?
Maybe I'll just ignore this EO and what until someone brings it up.
 
2020-08-09 8:11:23 AM  

Bovine Diarrhea Virus: So now what?  So I give my employees a choice if they want payrolls taxes withheld?  Or do I just keep doing what I've been doing?
Maybe I'll just ignore this EO and what until someone brings it up.


your best bet is to put all that money into a savings account. It will be owed later without a law, if  your employer even gives it to you.
 
2020-08-09 8:13:09 AM  
I know they're not, but they should be coming up with reasons why going around congress is wrong and possibly illegal now so they will be prepared when a dem president does the same thing down the road...you know, since trump is lowering the bar every day.
 
2020-08-09 8:15:38 AM  
Stop feeding the troll.

Fark user imageView Full Size
 
2020-08-09 8:17:53 AM  
Is this another evidence of trying to blow up values of markets, and then playing them for a future loss?  I seriously hope that after this election there is a change in power and everyone caught pillaging the coffers gets stripped and imprisoned.
 
2020-08-09 8:19:09 AM  

cretinbob: That could be crippling for some companies, couldn't it?


Not if they continue to withhold to make the payments as they normally would.

If that means Trump's tax deferral has no stimulative effect, then maybe the White House and Congressional Republicans should consider compromising with Democrats to actually get something done.
 
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