Suspension of the Payroll Tax?

Too many people outta work?




Comments pertain to the Covid briefing today, 5AUG20.

Rexedgar said:

Too many people outta work?




Comments pertain to the Covid briefing today, 5AUG20.

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They should get rid of it entirely.

So exactly how does suspending the payroll tax help an unemployed worker

I see two results to this. A windfall for large employers. Social Security and Medicare go broke faster.

rickc said:

So exactly how does suspending the payroll tax help an unemployed worker

I see two results to this. A windfall for large employers. Social Security and Medicare go broke faster.

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Probably be a bigger boost for small businesses struggling to survivor. 7.5% of payroll is a big chunk. You are correct on effect on SS and Medicare, however.

rickc said:

So exactly how does suspending the payroll tax help an unemployed worker

I see two results to this. A windfall for large employers. Social Security and Medicare go broke faster.

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Part of the grand plan for this people opposed to SS, make it go broke limit it to existing people and slowly eliminate it.

Then you will have a population that has to work until they drop

Lord Tammerlain said:

Then you will have a population that has to work until they drop

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^^^ The ultimate goal for Republicans, systematic and complete economic enslavement for just about everyone else to the top percent of the highest income quintile. ^^^

OrphanSlug said:

^^^ The ultimate goal for Republicans, systematic and complete economic enslavement for just about everyone else to the top percent of the highest income quintile. ^^^

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They'll just claim that anyone who opposes such a plan is just lazy and jealous.
They say it's piss easy to become a billionaire if you just put a tiny bit of effort in which is odd as the people saying that invariably aren't billionaires so are they themselves lazy and stupid?

Peter said:

They'll just claim that anyone who opposes such a plan is just lazy and jealous.
They say it's piss easy to become a billionaire if you just put a tiny bit of effort in which is odd as the people saying that invariably aren't billionaires so are they themselves lazy and stupid?

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This is the most stupid cop out post of the day.

RetiredUSN said:

This is the most stupid cop out post of the day.

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Oh really?
The jealousy accusation is used on here by Republicans all the time when anyone proposes anything that seeks to curtail the vast riches and political advantages of the 1%.
It's a standard tactic.

I'm against the suspension of the payroll tax by the way as the last thing the US government needs right now is to cut-off income.

Rexedgar said:

Too many people outta work?

Comments pertain to the Covid briefing today, 5AUG20.

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It's one of the dumbest ideas I've heard. The move doesn't help the unemployed at all, since they pay no payroll tax, and it's poorly targeted relief even if the idea is to give "working" Americans a break. The biggest tax break will go to those making the most money, which is a stupid way to spend borrowed money. It's so dumb the GOP in Congress isn't even on board with it, which is saying something since they normally get behind any "tax cut" of any kind for any reason or no reason.

It will also be news to Congress that POTUS has the "absolute right" to make laws about taxes and spending. And that he feels he has to do it by EO is just admitting his own failures to get a deal done with Republicans and Democrats.

I suspect this will end up with his new health care plan we're going to see any day that will be the GREATEST EVER HEALTH CARE PLAN, and DACA relief he was going to grant by EO and still hasn't done. He just goes on Fox and free associates like a child on acid. Whatever comes to his mind he promises he'll do any day now.

What's the amount you need to earn in the US before you pay income tax?

In the UK everyone pays 20% on anything they earn over £12,500.
Income Tax rates and Personal Allowances - GOV.UK

That's $16405 at today's exchange rate.

Rexedgar said:

Too many people outta work?




Comments pertain to the Covid briefing today, 5AUG20.

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Raise the minimum wage so the Poor can pay their capital share of the tax burden.

People past 65 are currently a strong Republican constituency. That will change quickly if the Republican Party defunds Social Security and Medicare.

watch the (former) fiscal conservatives in this thread who screamed about our National Debt (as did Rush and Sean and Fox). they're as fake as a 4 dollar bill.

Bullseye said:

Probably be a bigger boost for small businesses struggling to survivor. 7.5% of payroll is a big chunk. You are correct on effect on SS and Medicare, however.

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Nope. The President only has power to defer the due date. If employers stop withholding or paying and Congress doesn't change the law, then the employer is going to be up the creek therefore employers will keep taking it regardless of what the president says as he does not have the legal authority to tell them not to.

Drawdown said:

Nope. The President only has power to defer the due date. If employers stop withholding or paying and Congress doesn't change the law, then the employer is going to be up the creek therefore employers will keep taking it regardless of what the president says as he does not have the legal authority to tell them not to.

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Well, yeah. But I thought that was the point. Changes to the law would be includes in the stimulus package.

Bullseye said:

Well, yeah. But I thought that was the point. Changes to the law would be includes in the stimulus package.

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I think he plans to try by pointless executive order. It won't pass muster with congress, but more importantly, it tells me I have been right all long. We are approaching standstill in the deep end of the liquidity trap and running out of tools. Negative interest rates are on the horizon.