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2020-08-08 Government
Donald Trump to Suspend Payroll Tax Until End of 2020
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Posted by Ebbomoger Speaking for Boskone4589 2020-08-08 03:02|| E-Mail|| Front Page|| [390 views ]  Top

#1 During World War II, Congress introduced payroll withholding and quarterly tax payments with the vote of the Current Tax Payment Act of 1943 :

In their History of the U.S. Tax System, the U.S. Department of Treasury describes tax withholding.

This greatly eased the collection of the tax for both the taxpayer and the Bureau of Internal Revenue. However, it also greatly reduced the taxpayer's awareness of the amount of tax being collected, i.e. it reduced the transparency of the tax, which made it easier to raise taxes in the future.[2]
- wiki

Another 'temporary' wartime action which, like so many, gain a life of its own. The freaking war ended in 1945. See - "temporary lockdown" for centralized government management and operation of the economy.
Posted by Procopius2k 2020-08-08 07:09||   2020-08-08 07:09|| Front Page Top

#2  During World War II, Congress introduced payroll withholding and quarterly tax payments with the vote of the Current Tax Payment Act of 1943 :

All under FDR's (president forever) term. Prior to that, only the very wealthy paid payroll taxes. Do we need the completed in 1930 - now condemned New Harmony, IN toll bridge graphic? The toll or the taxes seldom disappear.
Posted by Besoeker 2020-08-08 07:15||   2020-08-08 07:15|| Front Page Top

#3 My concern would be: As an employee, am I going to have to make the deferred (or dismissed?) all good when the moratorium ends? Taxes next year?
Posted by Frank G 2020-08-08 07:32||   2020-08-08 07:32|| Front Page Top

#4 As currently legislated, yes, you will still have to pay taxes next year. No need to wait for any refund though. Don't worry Socialists Donks, the check, like those votes, will be in the mail.
Posted by Procopius2k 2020-08-08 07:47||   2020-08-08 07:47|| Front Page Top

#5 /\ Yes, I was very concerned about my....'Earned Income' filing :-(
Posted by Besoeker 2020-08-08 07:48||   2020-08-08 07:48|| Front Page Top

#6 I don't have details quite yet but the way I'm reading it is like this - no FICA withholdings (Social Security and Medicare taxes) from your paychecks from here until December 31st, 2020. Presumably this would extend to the employers as well, as they match these taxes and fork 'em over to Uncle Sam.

I'm not sure how the retroactive nature of the tax will work; some kind of tax rebate through the payroll check would be my guess.

I'll go hunt for anything else I can find and comment on it later. Once real details emerge I'll weigh in, of course.
Posted by Raj 2020-08-08 07:58||   2020-08-08 07:58|| Front Page Top

#7 Clarification - As stated this is a suspension of tax, not a deferral, Frank G. Of course we'll wait until this thing comes out but if this in fact is a deferral, I'm not cool with it at all as more problems $-wise will crop up as it ends.
Posted by Raj 2020-08-08 08:01||   2020-08-08 08:01|| Front Page Top

#8 ^ that's what I figured. Taxes are gonna be a surprise next year when the "refund" becomes a due bill
Posted by Frank G 2020-08-08 08:22||   2020-08-08 08:22|| Front Page Top

#9 The thing the Left hates/fears about this so much is that the public will get a real handle on what they are being, uh taxed, and not just in APR either.
Posted by Cesare 2020-08-08 08:39||   2020-08-08 08:39|| Front Page Top

#10 All assuming one still has a job
Posted by Clem 2020-08-08 09:01||   2020-08-08 09:01|| Front Page Top

#11 Thats the one fault I can find with our Founding Fathers system of government.

We need a Third arm of the Legislature whose only job is to review, then remove or renew laws and regulations after 5 years has passed. 3 year terms, 3 members from each state, 1 elected at large, 1 appointed by the state legislature, and 1 member by the state governor. Terms staggered, 1 expiring every year, max of 2 consecutive terms served in any position. If it is not renewed at the 5 year mark, it continues. At the 10 year mark it is rendered invalid by default unless renewed previously, or renewed currently.

Or else a Sunset amendment to the Constitution that all laws expire 5 years from passage unless renewed by a simple majority for 5 more years (no presidential signature needed). At the 10 year point, renewal requires a majority with presidential signature (meaning it can be pocket veto'd after 10) or no signature with a 60% majority. After 15 years, all laws require a 2/3 superiormajority AND a presidential signature - anything more than that requires "permanent" process, which mirrors the constitutional Amendment process, sending the laws to the states or a Constitutional Convention type of assembly.
Posted by Marilyn Tojo7566 2020-08-08 09:53||   2020-08-08 09:53|| Front Page Top

#12 Thank you, Raj. Because our field and office staff are also puzzled, we've asked our resident Accounting folks the same question.
Posted by Mullah Richard 2020-08-08 09:56||   2020-08-08 09:56|| Front Page Top

#13 I really can't say anything in depth until Trump signs the EO, then we'll know.
Posted by Raj 2020-08-08 10:43||   2020-08-08 10:43|| Front Page Top

#14 July 1 is the first day of the 3rd quarter 2020. Taxes withheld and matched must be paid to the gov by Aug 21. Trump may be saying to the employers don't pay us, return July's withholding on Aug 21 to the emps. And no more wholdings till 2021.
Posted by Vespasian Ebbereng3110 2020-08-08 12:01||   2020-08-08 12:01|| Front Page Top

#15 This must be making the Dims p all over themselves. They NEVER not whold. Always demanding more taxes.
Posted by Vespasian Ebbereng3110 2020-08-08 12:06||   2020-08-08 12:06|| Front Page Top

#16 I’ve always thought that payroll withholding was a bad idea and that 1) the payment should be from the taxpayer - be it an automatic withdrawal from their bank account or written check, etc... as long as the see it being taken from their account and 2) everyone should pay something so they have skin in the game - yes even the welfare recipients. Social security is taxed, why isn’t welfare? If that welfare mom had to pay $20 out of their check they view taxes a little differently.
Posted by CrazyFool 2020-08-08 12:25||   2020-08-08 12:25|| Front Page Top

#17 well the Dems don't like this because they can't use the public coffers as bribe money for their constituents.
Posted by Bob Grorong1136 2020-08-08 14:32||   2020-08-08 14:32|| Front Page Top

#18 No such luck with the German Finanzamt. They woke up from their Corona slumber and want money.
Posted by European Conservative 2020-08-08 15:21||   2020-08-08 15:21|| Front Page Top

#19 Student loan payments for the rest of 2020. Deferred taxes will be forgiven.
Posted by Ebbomoger Speaking for Boskone4589 2020-08-08 19:07||   2020-08-08 19:07|| Front Page Top

#20 ^No student loan payments...
Posted by Ebbomoger Speaking for Boskone4589 2020-08-08 19:08||   2020-08-08 19:08|| Front Page Top

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