Posted on 08/09/2020 4:18:14 AM PDT by GrandJediMasterYoda
Thanks, that’s good news.
Acutally the combined SS and Medicare tax is 7.65%... so 15.3% paid by employee and employer. Too many years of working payroll to let that ride.
Acutally the combined SS and Medicare tax is 7.65%... so 15.3% paid by employee and employer. Too many years of working payroll to let that ride.
Oui!
higher taxes. Say thank you. Would love to pay 100k in taxes. Maybe not.
However the Democrats and fake news will paint a different picture...They will claim Trump is pushing thru a package that will leave people starving in the streets while they have been arguing for months for enough money to allow those who don't want to work to live comfortably...
And since Trump will eliminate the SS and Medicare tax, they will argue that Trump is going to shut down those programs...
Still waiting on our highly efficient and prudent IRS to send me the first one.
Evidently it was to be mailed May 22. Finally on July 27 they posted to the effect that if the site says yours was mailed on May 22 and you didn’t get it - don’t worry. We made a mistake and they didn’t actually ALL get sent that day. If you live in (one of 21 states) and you didn’t get it we just realized that two months later!! Just wait some more and eventually we’ll send it to you.
Oh, and don’t you DARE make a mistake or be lated on YOUR tax form or fail to send us OUR money! We won’t accept mistakes on YOUR part!
The President has emergency powers and apparently funding for what he did.
He does not have appropriated funds for another round of $1200 checks
Under the EO, the payroll tax is DEFERRED. That means that on April 15, you will owe that money unless there is a law signed that says otherwise.
Personally, I think this is brilliant. It puts the dems in a box. Trump can play the slick willie “send me a clean bill” card. If they won’t, everyone has to write a big check in April.
I even like the 100k limit. They can’t say he’s helping the “rich” either.
My understanding is the tax will still be due without further action, just not paid. So imagine that hitting the fan.
Say, thanks for the precise math! It answers my question as to why it is a significant amount, not to be sneered at.
Wait until April 2021, those receiving unemployment benefits will be in for an awakening unless this payroll tax holiday stands.
I didn’t get the first one and will not get the second one. My wife and I work / make too much. I’m good with that. Many people, who didn’t need it got it. My 3 kids for example. They all put it in savings.
I will do well on the payroll EO. I think. I need to read it.
Still, my family doesn’t need it. So, I guess it will go into savings.
“So, I guess it will go into savings.”
I’d recommend you put it into food suitable for long term storage, ammunition (assuming you can find any), and training.
L
Nancy will be begging to sign on to whatever McConnell proposes. That $1200 check went to how many million people?? Congress will be forced to move on it.
Can't wait till they're back in session.
“ I even like the 100k limit. They can’t say he’s helping the “rich” either.”
$100k is rich? In what century?
It’s fine to have a cutoff; but seriously, Income tax is not a consideration for high net worth individuals. Soros’s secretary pays more than him!
How did you calculate that?
I get significantly lower numbers.
$100k/year is $1923/week. Employee portion of payroll taxes is ~7.5%, so you would get a maximum weekly boost of 0.075 x $1923 = $144/week.
August 2 started week 32 of 2020. So there are 20 weeks to go. I calculate a maximum benefit of $2880 for the remainder of 2020.
Of course, if you make less than $100K/year the benefit to you would be less.
DJT now has to do some fancy footwork to reassure seniors that this is not an attack on Social Security, which is exactly what the RATs are already claiming.
I just read the EO. I won’t be relieved of the payroll taxes. Lol. I’m just a sucker.
I am the bill payer again. My kids will do well. If I read it correctly it’s deferred not forgiven so people better save those $ to pay it back.
We who have worked through this should get the 1200, not just the banks and insurance companies, which is what this is all about. Evictions=Forfeiture=no mortgage=no insurance BUNDLING.
... an emergency powers act EO,...
_______________________________________
The money is already appropriated for exactly the purpose of helping those economically harmed by COVID. POTUS has legal authority under Emergency Declaration to direct those appropriated funds, which are sitting there waiting to be used.
Kudlow wrote that the entire group of EOs had undergone extreme legal vetting and had passed. Progs will approve some level of personal stimulus checks, so POTUS didn’t need to waste an EO on it.
He was very upfront about getting sued and indicated he isn’t worried.
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