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Trump's "payroll Tax Holiday"

JoeE.

Titanium
Joined
Aug 31, 2006
Location
Kansas
I called my company's payroll division with the intention of telling them that I want no part of trump's scheme, and to instruct them to keep on withholding taxes as per my instructions on form W4.

The voice on the other end of the phone reassured me that "....no, we aren't falling for that and have no intention of doing that to our employees."


I was relieved to hear that.

Here is a little tidbit I gleaned from the internet:

"Employers are required to repay the deferred taxes beginning Jan. 1

Employers who suspend collection of eligible employees' Social Security payroll taxes during the four-month suspension period must repay the deferred taxes to the IRS from Jan. 1 through April 30, 2021. Employers can fulfill this obligation by collecting additional taxes from the workers’ paychecks early next year. Employers should explain to employees that this collection will result in smaller paychecks during the first four months of the year."

So, is anyone falling for this scheme?
 
I called my company's payroll division with the intention of telling them that I want no part of trump's scheme, and to instruct them to keep on withholding taxes as per my instructions on form W4.

The voice on the other end of the phone reassured me that "....no, we aren't falling for that and have no intention of doing that to our employees."


I was relieved to hear that.

I am afraid that those sympathetic to "his" cause cheer at the thought of "not paying taxes", but didn't read the fine print and will be caught off guard when their tax preparer tells them that they still actually owe Uncle Sam that money....
??
Well, I'm actually not afraid... I'm actually going to enjoy listening to them cry about it.

Here is a little tidbit I gleaned from the internet:

"Employers are required to repay the deferred taxes beginning Jan. 1

Employers who suspend collection of eligible employees' Social Security payroll taxes during the four-month suspension period must repay the deferred taxes to the IRS from Jan. 1 through April 30, 2021. Employers can fulfill this obligation by collecting additional taxes from the workers’ paychecks early next year. Employers should explain to employees that this collection will result in smaller paychecks during the first four months of the year."

So, is anyone falling for this scheme?

Surely. Those who need the money NOW.

The Marxists won't consider any aid/stimulus that doesn't cover their blue-state and blew shiddy bail-outs, so there isn't going to BE any more stimulus.

An interest-free loan was all he had.

Flawed? Surely. It is.

But for the desperate? Better than the Pelosi option.

NOTHING at all.
 
I called my company's payroll division with the intention of telling them that I want no part of trump's scheme, and to instruct them to keep on withholding taxes as per my instructions on form W4.

The voice on the other end of the phone reassured me that "....no, we aren't falling for that and have no intention of doing that to our employees."


I was relieved to hear that.

I am afraid that those sympathetic to "his" cause cheer at the thought of "not paying taxes", but didn't read the fine print and will be caught off guard when their tax preparer tells them that they still actually owe Uncle Sam that money....
??
Well, I'm actually not afraid... I'm actually going to enjoy listening to them cry about it.

Here is a little tidbit I gleaned from the internet:

"Employers are required to repay the deferred taxes beginning Jan. 1

Employers who suspend collection of eligible employees' Social Security payroll taxes during the four-month suspension period must repay the deferred taxes to the IRS from Jan. 1 through April 30, 2021. Employers can fulfill this obligation by collecting additional taxes from the workers’ paychecks early next year. Employers should explain to employees that this collection will result in smaller paychecks during the first four months of the year."

So, is anyone falling for this scheme?

You bring up some good points. Just like when with the shutdown all the bills still run for even the most terrific Atomic families. The economic impact is real. Efforts to write stimulus bills are good yet when the bill runs through Congress it has so many ways that abuse and corruption set in.

Can’t deny it regardless of which party is in charge they still harm the American people. I do not believe much of what they say especially if they are not from my favorite party-Republican. I see this kind of thing supported by my own party and so I just shrug and move on disappointed.

The bill will come due and the Government will get their due especially under the direness of any Pandemic or social disrupting/riots. Every time government will prevail -just pass another tax if need be.
 
The bill will come due and the Government will get their due especially under the direness of any Pandemic or social disrupting/riots. Every time government will prevail -just pass another tax if need be.

I'm betting they do NOT get a "CR".

That portions of the Yew Ass Gummint DO shut down. Nutsy Pelosi will AGAIN figure she can exercise the blackmail card.

And DJT will WELCOME another shutdown, if only to stitch her up.

Yet, again!
 
as an employer, I aint doing it. Its the employers choice whether or not to do this, and I am not. I will discuss it with my employees, but I am confident that they would rather have the small amount of taxes (2 part timers right now) paid, as employees do NOT like having to pony up unknown amounts of taxes some time in the future. They like to get money back, by overpaying.
 
And a question to ask... If the employee elects to take this scam. And leaves employer on Dec 31. Who is ultimately on the hook to pay the taxes that begin to come due in Jan 2021?
 
as an employer, I aint doing it. Its the employers choice whether or not to do this, and I am not. I will discuss it with my employees, but I am confident that they would rather have the small amount of taxes (2 part timers right now) paid, as employees do NOT like having to pony up unknown amounts of taxes some time in the future. They like to get money back, by overpaying.

I'll go out on a limb and forecast that you are a majority of 90 percent or better.

Simply put, the folks who NEED help most are those not drawing a paycheck.

It cannot help them! They had no "payroll" to BE taxed or have a tax deferred FROM!

Those who ARE back on a payroll - or never left it to begin with - don't have as much need, if any need at all.

So why did he do it?

Mayhap to win the war ... not just one more battle?

His gamble that self-reliant Americans could manage to recover without another bailout vs the Marxists belief they could not?

No foul.

For once, they are both correct.

Marxist? Meet your impoverished future. You worked hard for it. You got it. Now all you have to do is keep on voting straight Democratic ticket to enjoy it forever.

A "city" was getting to be an obsolete concept in any case.
 
Surely. Those who need the money NOW.

The Marxists won't consider any aid/stimulus that doesn't cover their blue-state and blew shiddy bail-outs, so there isn't going to BE any more stimulus.

An interest-free loan was all he had.

Flawed? Surely. It is.

But for the desperate? Better than the Pelosi option.

NOTHING at all.

All they need to do to pay it back is win the lottery. Probably the only way that someone that needs the money today will have the money to pay it back later.

As to Dems and Republicons, we still have over a half trillion dollars that trump and his band of thieves won't even tell us where it went. Over five hundred thousand million dollars gone and unaccounted for. I suggest that the treasury department looks in trumps bank account.
 
I'll go out on a limb and forecast that you are a majority of 90 percent or better.

Simply put, the folks who NEED help most are thsoe not drawing a paycheck. It cannot help them! They had no "payroll" to BE taxed or have a tax deferred!

Those who ARE back on a payroll.. or never left it to begin with, don't have as much need, if any need at all.

So why did he do it?

"Tactics"

He's trying to buy votes from his very unsophisticated base. They'll believe anything. Even "slow the testing down" to eliminate the virus. How stupid can you be to follow trump and think that his lies are true. What a total shit show.
 
He's trying to buy votes from his very unsophisticated base. They'll believe anything. Even "slow the testing down" to eliminate the virus. How stupid can you be to follow trump and think that his lies are true. What a total shit show.

Messy world. Trump is the one doing the following. Not the reverse.

I don't really mind the stoopid dumbasscraptics have their pet delusions in their multiple tens of millons. Bottom half of the bell curve is exactly what it says it is. SOMEBODY has to populate it.

Poor bastards didn't have blame-the-other self-pity for a life?
They would have NO life AT ALL!

As long as the upper half of the bell curve remain the WINNING "shit show" ... instead of the WHINING "shit-show" of career LOSERS? We'll do OK and things will get better, bye and bye.

"Run what you think you got!"

Enjoy a glass of whine as you go.

No charge for it. Just blame it on the winners.

:D
 
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Yer all doing this wrong.
You're supposed to take this tax $$$ and bet it on facebook or tesla or Hertz or something like that that you can feed your family on in hard times.
Who cares about January, that's a whole other year man.

I mean, I guess the government could cut waste spending like all the unfunded social programs but people want that even less than a tax cut.
 
I've always thought it amazing the number of people that will extend an interest free loan to the government every year through excess payroll tax, but would NEVER consider an interest free loan to any other entity.. Well, Except the banks of course.

Now if "someone" were so dumb as to not have any productive use for their excess wealth, well, they should very well consider giving up control of those funds in hopes that something constructive might be done with them. (Some economies are near a situation of negative interest rates)

Think of how stupid the average person is, and realize, half of them are even more stupid.!
 
Think of how stupid the average person is, and realize, half of them are even more stupid.!

Well, F**ks sake! That ain't exactly no accident!

Weren't for the party of Jefferson...Davis.. actively farming them for stoopid suckers for such a long time?

ALL Americans would be like the children of Norwegian bachelor farmers up around Lake Wobegon.

Above average!

The entire population!

:D
 
Devil in the details.
Not free money but It is sort of a short term loan without interest.
Mostly I see a game played as the hit is past the election cycle. Viewed that way this make big sense.
One often sees the work overtime and I pay more taxes on it. Not understanding the end of year and how it works.
Bob
 
And when it comes due on April 15, after the election is over and counted, they will have to pay penalties and interest on the underpaid taxes won't they? Which ever party wins they will blame the tax penalties on the other party who either started the program or did not follow through after the election like our party was going to do if we had won.
Bil lD
 
I won't go for deferred anything, it's no better than a balloon mortgage. Our employees are too smart for it. Or maybe well enough compensated that they don't need it, IDK.

Yes, since there's no chance of another PPP the deferral, bad idea that it is, was all that was left. But it won't save the businesses that try it as a last resort, or at least not enough of them to make a difference. We the survivors will get stuck with the eventual bill. Or maybe not. Give me four more years of Trumpian optimism and that's about all I'll need. While I think I could survive a Trojan Horse administration with the strings being pulled by AOC, Omar, et al it is an extremely disheartening prospect. If you are actively in business, the possible takeover by Bolsheviks is an existential threat. I say that in full awareness of their presence as a majority on this forum.
 
And when it comes due on April 15, after the election is over and counted, they will have to pay penalties and interest on the underpaid taxes won't they?

F**k NO! Where are you getting the "penalty" BS? Dumbasscraptic lie 101 course?

"No penalty" WAS the very point!

Executive branch actually DOES have discretion as to timing.

No penalty. Same as COVID had them already move the ordinary annual filing deadllne.

No real LOSS to the FED ... nor we OTHER chikn's either.

All it has to DO if even a few percent take it up is send a signal somebody is TRYING .... and we can just GO for best each of us is able to do with a higher degree of confidence

Leverage positive.

Not leverage NEGATIVE!

"Red" cities and States grab opportunity - of ANY kind - run with it to improve their situation?

"Blue" shiddies and States go low, throw pity-parties and riots instead to signal what they CLAIM is "virtue", net-net seriously reduce their fortunes?... LOSE the better-economic strata of their tax base as the wise bail-out?

Campaign on the Promise to expand the misery and economic pain to the entire nation?

"Pyrrhic Victory" if ever was, even they were to "win". State AG's will have the Fed in Court at 70 minutes to the hour. Self-sufficent bizness folks will route right around them, eat their lunch, help them starve faster.

Courts where 300 "originalist" judges have already begun turning the tide back to US Constitution and sanity rather than Marxism on LSD and suicidal madness?

Breaks my heart, NOT, that the looting parasites are f**ked either way!
 
you are so right, nothing changes no matter which party is in place.
That's why we need to vote independents.

We need to stop this same old shXt different party thing. An independent will help reduce the power of the 2 parties. The dems are too left, and the repubs are too right... There's nothing in the middle, and no common sense.

last election I voted Gary Johnson, because I knew what trump was, and couldn't vote clinton. Now I say lock them both up.

Gary Johnson was the least evil, and was quite fresh, in that he admitted not knowing stuff. trump lied and knew nothing. Someone who admits they don't know, is my man, because usually they will jump in and become an expert at what they didn't know..

Now, my only vote is to remove trump. When you look at some of the numbers, there really hasn't been the great rebirth of the economy. There was a shift in some areas, and some are better and many are worse then before.

do I think Biden is the greatest... absolutely NOT. But I think trump was very destructive to the constitution. That's what makes the USA great. A fantastic constitution compared to others, and he trampled it.

The lack of respect in this country has been amplified by a president who acts like a jerry springer guest. And you don't need to love your neighbor, but we should not go around spewing the hate that he has made common. Respect another as you want to be respected. If you want to continue on trumps way, there will be a civil war down the road. Then no one wins.
 








 
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