Memo outlines plan to defer payroll taxes for federal employees
Source: Politico
At least part of the federal government is preparing to implement President Trumps 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
Iliyah
(25,111 posts)Zoonart
(11,751 posts)kill Social Security BEFORE the election.
Bengus81
(6,909 posts)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.
stillcool
(32,626 posts)but Social Security must be the holy grail for the Republicans.
Evolve Dammit
(16,648 posts)Bengus81
(6,909 posts)Or you can't keep up with some 25 year old working next to you, then your FIRED.
duforsure
(11,882 posts)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.
BlueIdaho
(13,582 posts)Just ask his flying monkeys...
riversedge
(69,739 posts)damn. Trump makes me sick. yes. he does.
........The idea is to boost workers take-home pay, and the presidents 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 wont participate because they fear the plan could leave their workers facing big, deferred tax bills they wont be able to pay.
Less clear is how the federal government one of the nations 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)I am not an accountant, but I come from a long line of accountants
benld74
(9,890 posts)AC_Mem
(1,979 posts)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)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.
intrepidity
(7,243 posts)lordsummerisle
(4,650 posts)James48
(4,416 posts)Of the collection. They can defer until the end of the year, or later. They cant stop it, but they can say its not due until next year.
Thats a provision of the emergency powers passed previously by Congress.
So, then, everybody will owe back taxes, and if Congress doesnt waive it, the republicans will claim Dems are residing taxes .
Republicans are just greedy bastards.
lordsummerisle
(4,650 posts)Trump's reelection is an emergency...
wishstar
(5,267 posts)so this can only be election year ploy combined with rightwing undermining of SS