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Wed Mar 11, 2020, 07:16 AM

Tax cut? Help me..

In a response to the virus, Trump wants to suspend payroll taxes to boost the economy.

Help me out, I do not understand how this helps people with the illness.

If you are working, you are probably feeling safe and are not ill, and are still getting your normal income.

If you are not working you are not paying payroll taxes so a tax cut helps nothing.

If you cut the payroll taxes without cutting the taxes, it will be hell to pay next April. (after the elections)

What is the theory behind the proposed Trumps tax suspension?

Who is really going to get the $800,000,000 Trump is talking about?

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Arrow 7 replies Author Time Post
Reply Tax cut? Help me.. (Original post)
Chainfire Mar 2020 OP
Maeve Mar 2020 #1
Dem2 Mar 2020 #2
StarfishSaver Mar 2020 #3
SunSeeker Mar 2020 #4
BillyBobBrilliant Mar 2020 #5
Freddie Mar 2020 #6
Chainfire Mar 2020 #7

Response to Chainfire (Original post)

Wed Mar 11, 2020, 07:41 AM

1. It's not to help the people, it's to help the markets

And make his voters feel richer (even if they are not). And to get thru the election....

Cash back into the economy is supposed to lift it, so it doesn't crash before he can get re-selected.

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Response to Chainfire (Original post)

Wed Mar 11, 2020, 07:46 AM

2. It's the dumbest idea ever

People need to be reassured that they can take off work and not lose their home. I have no idea what the fuck this is supposed to do.

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Response to Chainfire (Original post)

Wed Mar 11, 2020, 08:08 AM

3. I think it's also intended to bribe people by giving them a little more take home pay

Gambits like this have fooled people before into believing things are fine because they think they're making more money. But I don't think it would work this time because this has nothing to do with people's money and taking home a slightly higher paycheck won't alleviate anyone's concerns.

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Response to Chainfire (Original post)

Wed Mar 11, 2020, 08:08 AM

4. It hurts you. The payroll tax funds Social Security.

Cutting it is like cutting Social Security. You want that?

Why can't the asshole cut you a check like he did the farmers?

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Response to Chainfire (Original post)

Wed Mar 11, 2020, 08:17 AM

5. Also, suspending the payroll tax

doesn't remove a workers tax burden. After the election, next April, all of that money will still be due in the amount owed to the IRS.

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Response to BillyBobBrilliant (Reply #5)

Wed Mar 11, 2020, 08:38 AM

6. I don't think so

When you file your 1040 it does not consider the payroll tax. But it will affect your earnings record for SS.
Iím a payroll admin. Itís actually pretty easy to just suspend the deduction (both sides) and reinstate it. But itís an incredibly stupid idea.

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Response to Chainfire (Original post)

Wed Mar 11, 2020, 12:45 PM

7. Ok

I was thinking that maybe I inhaled one time to many in the 60s, because it just plain didn't grok.

It sounded goofy even for Trump.

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