Posted on 08/20/2020 7:59:54 AM PDT by RandFan
President Trump's payroll tax deferral is effectively dead.
Pretty much no one, Senate Republicans included, wanted to put a payroll tax cut Trump was pushing for in the next coronavirus relief bill. And Sen. Rand Paul (R-Ky.) seemingly put the final nail in the coffin on Thursday as he told Fox News it's "probably a mistake" to do so.
Paul, a libertarian who reliably opposes any expansion of government spending, stuck to his guns on Thursday when he opposed the "skinny" CARES Act Republicans are starting to push as coronavirus relief talks remain stalled. A pared down package is "just Democrat lite," Paul said, before going on to clearly oppose extending boosted unemployment benefits and stimulus checks to Americans.
But a potential reward for Americans getting back to work — Trump's payroll tax deferral — was also "probably a mistake," Paul said, because it would hurt the Social Security trust it funds. And as Forbes' Andrew Solander noted, Paul's opposition will likely seal the end of the proposition.
(Excerpt) Read more at news.yahoo.com ...
Oh, please. Rand Paul knows better than that.
Trump should focus on other avenues for now.
Trump wants to eventually forgive the deferment, making it a payroll tax holiday for employers too. And he wants to completely eliminate the payroll tax and fund SS through general funds.
The payroll tax deferral is bad policy. Yet there is a certain “Je ne sais quoi” in that Trump flipped off the rats.
I like Rand too, but he’s positioning himself for 2024, and doesn’t want to be accused of bankrupting social security, but part of libertarianism is incentivizing work, and that’s important at the moment because the globalists and tech lords want everyone on UBI because they falsely believe they have enough money to make socialism work this time.
One negative side effect of high payroll taxes is that it has turned us into a nation of do it yourself-ers.
Getting rid of the payroll taxes will make it cheaper for individuals to hire others for projects and repairs.
However, I think payroll taxes are a lot more stable government income than sales taxes or tariffs. So I’m not in favor of getting rid of all payroll taxes.
Washington spent today’s social security incoming receipts 5 years ago! Really!
A real Libertarian is against payroll taxes.
A poser Libertarian is against payroll taxes when that position has no chance of happening, but he defends payroll taxes when they might really be cut.
It was a political move. The National Socialists wanted to hold out for goodies and Trump wouldnt have it. Instead he did what he did and it made the National socialists look bad.
Imposing a financial burden on employers to hire people is a ludicrous approach to raising tax revenues. It does nothing but incentivize employers to move their operations out of the country when that's possible, and hire contractors instead of employees when it's not. And imposing these taxes on workers while paying unemployment benefits to those who don't want to go back to work is about as stupid as it gets.
But Runt Paul would be the first one to give amnesty to 25 million illegals.
Those people are desperate for that money (their money) now not 20 or 30 rears from now.
If he's not, then...
The Federal Income Tax was promised to apply only to the handful of extremely rich (at the time, mostly the steel, railroad, and big bank owners). The campaign slogan was, “the average worker will never pay a single dime in the new tax!”
The Federal Income tax was also promised to be very simple when individual returns were required. Indeed, it was (then) a single short page (yes, it could be printed on a post card).
Finally, Federal Income tax withholding (where the govt takes your money away from you before you even owe it), did not exist. It was passed as a TEMPORARY WW2 emergency revenue acceleration measure to be eliminated at the end of hostilities.
Let’s eliminate the Federal Income tax. This will have many benefits for individuals, jobs, our economy (a tremendous and permanent stimulus). It will also go a long way to cleaning up the WashingtonDC political corruption cesspool.
> “The payroll tax deferral is bad policy”
When Social Security was ruled legal as a ‘tax’ during FDR’s first term in the 1930s, it started at a rate of 1.5% for taxpayers (and had to be matched by employers).
It has since more than quadrupled to 6.2%.
When it started, there were more than 14 taxpayers paying tax into Social Security for each recipient.
Today there are less than 2.
Because DC is broke, scamming agents posing as members of Congress have ‘BORROWED’ the Social Security Trust Fund and transferred the funds into the General Funds account.
So, taxpayers paying into Social Security are in reality paying into the General Fund.
Total scam.
Rand Paul can sometimes be an inspiring voice of reason. But at other times he’s a big dunce. That’s not opinion, that’s fact. He can also be and has been controlled by McConnell, or rather McConnell’s GOP Senatorial campaign war chest, so he doesn’t wander too far off the establishment reservation.
The GOP establishment touts themselves as ‘fiscally conservative’ while watching Rome (the funding mechanisms) burn.
Donald Trump is SPOT ON to give all a taste of payroll tax freedom and put a bug into DC’s Klepto-establishment’s ears forcing them to tell their sweet little lies to the voters about the issue.
“Oh! Trump will hurt Social Security!”
While they’ve ripped off the Social Security Trust Fund for decades and decades spending it according to their preferences which very often involves funding ‘charities’ or non-profits that are fraudulent fronts for slush funds providing kickbacks to the DC class. For example, USAID, Planned Parenthood.
Anyone with a legit concern knows the system is corrupt and bankrupt, but all choose to IGNORE it.
The big picture is the current financial infrastructure survives only by producing more DEBT. But the endgame for taxes was entered years ago.
THERE IS NO WAY FOR AMERICANS TO EVER TAX THEIR WAY OUT OF THE DEBT THAT HAS BEEN PLACED ON THEIR SHOULDERS.
IT IS IIMPOSSIBLE.
But Donald Trump and his circle have a solution that will be introduced for debate among taxpayers in his 2nd term.
And it is THE SOLE REASON that globalists and their pet Swamp snakes are hellbent to take out Trump by any means possible.
Here’s some starting material to help people get caught up:
http://www.freerepublic.com/focus/f-bloggers/3871983/posts?page=55#55
http://www.freerepublic.com/focus/news/3872445/posts?page=14#14
Long and short, the way forward is to dramatically reduce taxes. That can only be done by wiping out the deficit and the public debt. Wiping out these monsters can only be done by a massive negative interest rate blowback and returning to the gold standard.
Trump will propose a controlled demolition of the current corrupt financial infrastructure and replace it with an enduring healthy sound money infrastructure.
I can see Rand’s reluctance for this, if it is because it will be used as a major club by Dems when it comes time for people to repay the amount of SS after the suspension ends.
On the other hand, if Uncle Sam did not have this huge sum of “stable” income from payroll taxes (which I think is a VERY wicked thing) and had to fund itself with excise taxes and tariffs which are the only sources of income the constitution originally allowed, our govt would not be the out of control, overcontrolling, overreaching behemoth that it is, and our nation would be infinitely better off!
Would this effect Social Security and pension checks?
Well, Rand, we can’t worry about 10 to 20 years down the road. The end of the world faces us in November, and getting money to Americans can help us get our POTUS back in.
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