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octoberlib

(14,971 posts)

1. We'll have to pay it back.

Reply to Buckeyeblue (Original post)

Sat Aug 8, 2020, 04:59 PM

Aug 2020

Link to tweet

This "payroll tax holiday" is not a tax cut. At the end of it, all deferred taxes will need to be paid, which means workers will get months worth of payroll taxes taken out of their checks at once like an subprime mortgage "balloon payments."

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17 replies

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How do you defer payroll tax? [View all] Buckeyeblue Aug 2020 OP

We'll have to pay it back. octoberlib Aug 2020 #1

That's no favor... Buckeyeblue Aug 2020 #3

No, it's not. I'd like to opt out , too. octoberlib Aug 2020 #4

Unless he wins the Presidency. He said he wants to permanently get rid of payroll taxes, octoberlib Aug 2020 #2

Don't pay anything now, Trump will send you your tax bill just before Christmas. machI Aug 2020 #5

$400.00 unemployement per week . .. Iliyah Aug 2020 #6

Not to mention the other 75% that can't be covered by repurposing money Native Aug 2020 #11

Even if it were legal for him to "do" this... wcmagumba Aug 2020 #7

I'm a payroll admin Freddie Aug 2020 #14

That is what I was thinking...another administrative nightmare for businesses... wcmagumba Aug 2020 #15

And you know if Biden wins durablend Aug 2020 #8

He can defer, but he can't eliminate or forgive payroll taxes. dixiechiken1 Aug 2020 #9

classic move for a conman always a step ahead of the law SiliconValley_Dem Aug 2020 #10

You may have to opt in zipplewrath Aug 2020 #12

This Is A Tax Cut For Employers ProfessorGAC Aug 2020 #13

But then they have to pay it back? Buckeyeblue Aug 2020 #16

Yes, I Explained That ProfessorGAC Aug 2020 #17