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brooklynite

(93,893 posts)
Fri Aug 28, 2020, 05:46 PM Aug 2020

Memo outlines plan to defer payroll taxes for federal employees

Source: Politico

At least part of the federal government is preparing to implement President Trump’s plan to defer payroll taxes even before his administration finishes spelling out the details of how it will work.

The National Finance Center, which handles payroll for thousands of federal workers, said it will begin deferring Social Security taxes for “all” employees who are eligible for the initiative — apparently not giving them the option of whether to participate.

In a memo posted on its website, NFC is also telling workers that the deferred taxes will eventually be forgiven, though that is hardly certain — only Congress can do that.

“This is a deferral of the deductions, and Treasury should look to have legislation put in place so that employees do not have to pay back these deferred amounts,” reads the memo, which was first reported by the tax journal Tax Notes.

Read more: https://www.politico.com/news/2020/08/28/payroll-tax-federal-employees-deferral-404546

18 replies = new reply since forum marked as read
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Memo outlines plan to defer payroll taxes for federal employees (Original Post) brooklynite Aug 2020 OP
Without Congress? . . Iliyah Aug 2020 #1
Nice plan... Zoonart Aug 2020 #2
Medicare will go too........... Bengus81 Aug 2020 #15
it never stops... stillcool Aug 2020 #3
Absolutely correct. Most of their base collects, or anticipates having SS, and remain clueless Evolve Dammit Aug 2020 #5
It is...they want seniors working for pennies till they drop dead just like in the 20's Bengus81 Aug 2020 #16
While's claiming he won't hurt Social Security. duforsure Aug 2020 #4
He's also not killing the USPS. BlueIdaho Aug 2020 #18
........The idea is to boost workers' take-home pay, and the president's electoral prospects,...... riversedge Aug 2020 #6
I'll join the inevitable class action lawsuit. mahatmakanejeeves Aug 2020 #7
Save me a place in that line benld74 Aug 2020 #8
I work for the government AC_Mem Aug 2020 #9
its a scheme to blame the democrats drray23 Aug 2020 #10
Exactly right nt intrepidity Aug 2020 #17
I don't get how any of this can be done without Congress n/t lordsummerisle Aug 2020 #11
They can because it's only a timing James48 Aug 2020 #12
Oh, that's right lordsummerisle Aug 2020 #14
Yet most of his yearly budgets refused to give federal employees payraise and wanted benefit cuts wishstar Aug 2020 #13

Bengus81

(6,909 posts)
15. Medicare will go too...........
Sat Aug 29, 2020, 08:43 AM
Aug 2020

I turned 67 a few weeks ago and I bet BCBS would give me a wonderful rate on health insurance if Medicare gets gutted by Trump. Does say....$3000 to $4000 per month sound like a rate 99% of seniors could afford.

Hell Trump should get his ass KICKED badly in the elections just on that point.

Bengus81

(6,909 posts)
16. It is...they want seniors working for pennies till they drop dead just like in the 20's
Sat Aug 29, 2020, 08:45 AM
Aug 2020

Or you can't keep up with some 25 year old working next to you, then your FIRED.

duforsure

(11,882 posts)
4. While's claiming he won't hurt Social Security.
Fri Aug 28, 2020, 06:27 PM
Aug 2020

Just like he's done with health care claiming they wasn't trying to insert no coverage for pre-existing conditions into the ACA when they had a court case trying to take them away, he lies all the time, and cannot be trusted on anything. He wants Social Security destroyed , period. Vote people . End this nightmare.

riversedge

(69,739 posts)
6. ........The idea is to boost workers' take-home pay, and the president's electoral prospects,......
Fri Aug 28, 2020, 07:56 PM
Aug 2020

damn. Trump makes me sick. yes. he does.


........The idea is to boost workers’ take-home pay, and the president’s electoral prospects, ahead of the November elections. The money will eventually have to be repaid, though Trump is betting Congress will eventually step in and waive the tax bills.

Much of the focus on the plan has been on the lukewarm-to-chilly reception from the business community. Many trade associations have warned employers won’t participate because they fear the plan could leave their workers facing big, deferred tax bills they won’t be able to pay.

Less clear is how the federal government — one of the nation’s biggest employers — will respond. It would be embarrassing for the administration if the executive branch could not implement the plan, slated to begin Sept. 1, in a timely way.

mahatmakanejeeves

(56,910 posts)
7. I'll join the inevitable class action lawsuit.
Fri Aug 28, 2020, 08:07 PM
Aug 2020

I am not an accountant, but I come from a long line of accountants

AC_Mem

(1,979 posts)
9. I work for the government
Fri Aug 28, 2020, 09:45 PM
Aug 2020

and I asked if I could take a pass on this. I didn't get a yes or no, just that nothing had been enacted yet. I should have a choice. If they make me do this, I will take whatever the amount is and have it transferred into my retirement each payday. I don't want it - I want my social security, your social security - all of our social security payments to be protected.

drray23

(7,587 posts)
10. its a scheme to blame the democrats
Fri Aug 28, 2020, 10:21 PM
Aug 2020

After the elections, the republicans will whine that a law should be passed to allow employees to not return the money. When the dems refuse, they will be accused of raising taxes.

James48

(4,416 posts)
12. They can because it's only a timing
Sat Aug 29, 2020, 04:27 AM
Aug 2020

Of the collection. They can defer until the end of the year, or later. They can’t stop it, but they can say it’s not due until next year.

That’s a provision of the emergency powers passed previously by Congress.

So, then, everybody will owe back taxes, and if Congress doesn’t waive it, the republicans will claim Dems are residing taxes .

Republicans are just greedy bastards.

wishstar

(5,267 posts)
13. Yet most of his yearly budgets refused to give federal employees payraise and wanted benefit cuts
Sat Aug 29, 2020, 04:31 AM
Aug 2020

so this can only be election year ploy combined with rightwing undermining of SS

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