Removal of Payroll tax

[Chasadd]

Trump wants to remove the payroll tax (which 94% of us pay.) According to the chief actuary of the Social Security Administration, Steven Goss, " We estimate that the OASI Trust Fund reserves would be permanently depleted by the middle of calender year 2023, with no ability to pay OASI benefits thereafter".

The payroll tax supports Social Security, a program that sends checks every month to 69.1 million retirees, dependents and people who are disabled.

Trump wants to fund Social Security through the general fund. The problem is the general fund is running at a deficit. No money to access here. He wants to replace the payroll tax with a value-added tax. This would not be a good replacement. The payroll tax brought in $1.243 trillion. (circa 2019) That's 36% of all federal revenue for the same time period, just to give everyone a tax break.

I'm for tax breaks, but not at the expense of destroying the lives of millions of Americans, including myself.

[LexusLover]

Trump is not going to eliminate the SS/Medicare taxes. Just the income tax. And secondly the Trump EO is a "deferment" of the payment of the taxes to year' end.

https://www.natlawreview.com/article...xecutive-order

[matchingmole]

Trump lies a lot...so who knows?

[pfunkdenver]

"Companies can stop withholding employees' payroll taxes starting September 1, although workers will have to pay the taxes by the end of April 2021."

It's not a tax cut, just a deferral of payment.

[LexusLover]

Originally Posted by matchingmole

Trump lies a lot...so who knows?

Those who can read. Sorry. That's a skill one must learn.

No wonder you consistently sound so ignorant.

[LexusLover]

Originally Posted by pfunkdenver

"Companies can stop withholding employees' payroll taxes starting September 1, although workers will have to pay the taxes by the end of April 2021."

It's not a tax cut, just a deferral of payment.

It is my understanding that the POTUS cannot eliminate the tax, but the IRS (by his order) can defer the collection of it. Then when Congress finally gets around to passing a second Covid package the legislation can eliminate the requirement to pay the taxes. The deferral gives the temporary relief until Congress gets off its ass.

[pfunkdenver]

Originally Posted by LexusLover

It is my understanding that the POTUS cannot eliminate the tax, but the IRS (by his order) can defer the collection of it. Then

IF

Congress finally gets around to passing a second Covid package the legislation can eliminate the requirement to pay the taxes. The deferral gives the temporary relief until Congress gets off its ass.

Fixed for you.

[the_real_Barleycorn]

Social Security has been paid out of the general fund since 1967. That's when Johnson and the congress joined the SS lockbox with the general fund to hide the cost of the Vietnam War. Biden wants to raise the threshold from $137,000 to milk more money from the "rich". Of course, the "rich" will get no more benefits than before. That is just theft.

[matchingmole]

[HoeHummer]

Poor WSNDs,

Yous can’t count on Trump to do anything he’s promising yous now.

The one thing yous can count on is that.

[oeb11]

A great semi auto legal weapon for defense against DPST terrorists. Steyr AUG.
One of my favorite weapons.

[dilbert firestorm]

ugly weapon

[rexdutchman]

Yup but good for CQC , high ROF ,

[oeb11]

Df - 'ugly weapon' in your opinion - but try One - they work great.

Kind of analogous to a vagina - looks bad - works good!

[pfunkdenver]

Why did you start discussing guns, in a thread about deferring the payroll tax?