Odysseus
Legend
Trump = Disaster
Posts: 41,115
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Post by Odysseus on Aug 9, 2020 10:35:00 GMT
Can someone please explain how eliminating the payroll tax is going to help the unemployed?
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Post by crepe05 on Aug 9, 2020 10:43:47 GMT
Eliminating the payroll tax will aid the small businesses, a lot of whom have had to shutter their doors due to the restrictions regarding covid-19, could then rehire those that they have had to let go. Small businesses employ most of the workers in the U.S.
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Post by phillip on Aug 9, 2020 11:17:04 GMT
Eliminating the payroll tax will aid the small businesses, a lot of whom have had to shutter their doors due to the restrictions regarding covid-19, could then rehire those that they have had to let go. Small businesses employ most of the workers in the U.S.
The old archaic Reaganomics logic: Businesses will magically create more jobs if they have more money [Or access to money]. Still doesn't work like that. Supply and demand creates jobs, business money that doesn't meet that goal ends up in a bank or stock portfolio.
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Post by crepe05 on Aug 9, 2020 11:34:55 GMT
It's already been proven that the effected businesses provided the supply of what people were demanding at the time. However, Stupid Covid changed our supposed needs, plus we were encouraged to hang out at home and not go out to the various businesses. People are going out more and more. mr crepe injured himself and had to go to the doc, plus I had previously arranged doc appointments for various 'whatevers'. There was almost as much traffic on the streets as there always has been.
Some of the small businesses will be able to make it again. Some won't. People are the ones who make the supply and demand work. If we don't demand it, the suppliers might as well be sucking eggs. Right now ventilators have been in strong need and a couple of companies have changed their business to include making ventilators, with President Trump's approval. As Covid subsides, and it will although I also believe that it will never disappear totally even with a vaccine. Not everyone will want to be vaccinated, for whatever reason, and some will become affected.
Just remember, it's people who demand the supply.
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Odysseus
Legend
Trump = Disaster
Posts: 41,115
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Post by Odysseus on Aug 9, 2020 11:37:43 GMT
Magical thinking galore!
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Deleted
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Post by Deleted on Aug 9, 2020 11:41:21 GMT
Can someone please explain how eliminating the payroll tax is going to help the unemployed?
Is this about Trump’s memorandum? If so, I think you’re being too generous. It’s a deferment, not a cut, correct? A deferment that only lasts until 12/31/20. My understanding of “deferment” means the money would have to be paid back, making this a kind of interest-free loan, as opposed to a temporary tax cut that would end, but not have to be paid back. To put this another way, to me a temporary cut means my paycheck gets bigger for a few months and then goes back to where it was. A deferment means my paycheck gets bigger for a few months and then gets smaller for a few months to make up the difference (or it goes back to where it was and I take a big hit on April 15th). But I might be mistaken. If anybody can clarify this, I’m very interested in hearing how this is supposed to work if I’m not right. A deferment as I understand it would be a terrible idea as the vast majority of people would not be prepared for the financial hit when it came. I very much hope my understanding is wrong. Here is a link to the actual memorandum. www.whitehouse.gov/presidential-actions/memorandum-deferring-payroll-tax-obligations-light-ongoing-covid-19-disaster/ |
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Post by MojoJojo on Aug 9, 2020 13:22:28 GMT
Can someone please explain how eliminating the payroll tax is going to help the unemployed? Is this about Trump’s memorandum? If so, I think you’re being too generous. It’s a deferment, not a cut, correct? A deferment that only lasts until 12/31/20. My understanding of “deferment” means the money would have to be paid back, making this a kind of interest-free loan, as opposed to a temporary tax cut that would end, but not have to be paid back. To put this another way, to me a temporary cut means my paycheck gets bigger for a few months and then goes back to where it was. A deferment means my paycheck gets bigger for a few months and then gets smaller for a few months to make up the difference (or it goes back to where it was and I take a big hit on April 15th). But I might be mistaken. If anybody can clarify this, I’m very interested in hearing how this is supposed to work if I’m not right. A deferment as I understand it would be a terrible idea as the vast majority of people would not be prepared for the financial hit when it came. I very much hope my understanding is wrong. Here is a link to the actual memorandum. www.whitehouse.gov/presidential-actions/memorandum-deferring-payroll-tax-obligations-light-ongoing-covid-19-disaster/From the cited source... I suspect you're correct. It is literally a deferment, that by definition would be subject to repayment. IMO, these EO's are simply him trying to get the political credit for legislation not yet written or passed. Let the Congress clean up by taking care of the actual legislation, I saved the American worker! |
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Post by atreyu on Aug 9, 2020 14:40:33 GMT
Eliminating the payroll tax will aid the small businesses, a lot of whom have had to shutter their doors due to the restrictions regarding covid-19, could then rehire those that they have had to let go. Small businesses employ most of the workers in the U.S.
It's not an elimination, you have to pay it back. Whatever news you watch it must severely under-inform you.
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Deleted
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Post by Deleted on Aug 9, 2020 16:11:17 GMT
Is this about Trump’s memorandum? If so, I think you’re being too generous. It’s a deferment, not a cut, correct? A deferment that only lasts until 12/31/20. My understanding of “deferment” means the money would have to be paid back, making this a kind of interest-free loan, as opposed to a temporary tax cut that would end, but not have to be paid back. To put this another way, to me a temporary cut means my paycheck gets bigger for a few months and then goes back to where it was. A deferment means my paycheck gets bigger for a few months and then gets smaller for a few months to make up the difference (or it goes back to where it was and I take a big hit on April 15th). But I might be mistaken. If anybody can clarify this, I’m very interested in hearing how this is supposed to work if I’m not right. A deferment as I understand it would be a terrible idea as the vast majority of people would not be prepared for the financial hit when it came. I very much hope my understanding is wrong. Here is a link to the actual memorandum. www.whitehouse.gov/presidential-actions/memorandum-deferring-payroll-tax-obligations-light-ongoing-covid-19-disaster/From the cited source... I suspect you're correct. It is literally a deferment, that by definition would be subject to repayment. IMO, these EO's are simply him trying to get the political credit for legislation not yet written or passed. Let the Congress clean up by taking care of the actual legislation, I saved the American worker! “Explore” That sounds like it will really happen. If this doesn’t get challenged and Trump loses the election, you can bet that “exploration” will lead to nothing. He’ll let Biden pay the price. A four-month tax deferment is a worse-than-useless idea. It’s a horrible, no good, very bad idea. It will have no beneficial impact to the economy or to the people getting it. If I get it, I will save every penny of it because I know what I’m doing. No benefit to the economy there and now I get to add extra math to my monthly budget. Yay! Those who don’t know what they are doing will spend it. Whatever temporary benefit comes from that will be mitigated when they take a huge financial hit next year because they spent money they now need to pay back. Stupid, useless idea. |
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Post by rabbitreborn on Aug 9, 2020 17:01:45 GMT
From the cited source... I suspect you're correct. It is literally a deferment, that by definition would be subject to repayment. IMO, these EO's are simply him trying to get the political credit for legislation not yet written or passed. Let the Congress clean up by taking care of the actual legislation, I saved the American worker! “Explore” That sounds like it will really happen. If this doesn’t get challenged and Trump loses the election, you can bet that “exploration” will lead to nothing. He’ll let Biden pay the price. A four-month tax deferment is a worse-than-useless idea. It’s a horrible, no good, very bad idea. It will have no beneficial impact to the economy or to the people getting it. If I get it, I will save every penny of it because I know what I’m doing. No benefit to the economy there and now I get to add extra math to my monthly budget. Yay! Those who don’t know what they are doing will spend it. Whatever temporary benefit comes from that will be mitigated when they take a huge financial hit next year because they spent money they now need to pay back. Stupid, useless idea. It’s not a great idea, but it’s arguably fairly useful to some businesses and people that are riding the edge of solvency. If we believe that COVID will burn out (or more specifically to me, that the government will stop over-reacting to COVID) and that economic activity will be set free in the next quarter, lowering current expenses might be all that’s needed to just survive the short term. They would be provided a zero interest loan to get them thru the short term, in effect. Which can be useful. |
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Post by crepe05 on Aug 9, 2020 17:07:20 GMT
Eliminating the payroll tax will aid the small businesses, a lot of whom have had to shutter their doors due to the restrictions regarding covid-19, could then rehire those that they have had to let go. Small businesses employ most of the workers in the U.S.
It's not an elimination, you have to pay it back. Whatever news you watch it must severely under-inform you.
suits me fine. Any money that I have received from any govt source or bank has to be paid back. This one is interest free. That rarely happens, and I believe it's about as good a deal as we can get. The socialist/dems have not offered any plan that is workable. What's Good Ole Joe's plan, or is he working hard to figure out a VEEP Candidate. Can't seem to do even one thing at a time. |
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Post by Deleted on Aug 9, 2020 18:45:50 GMT
“Explore” That sounds like it will really happen. If this doesn’t get challenged and Trump loses the election, you can bet that “exploration” will lead to nothing. He’ll let Biden pay the price. A four-month tax deferment is a worse-than-useless idea. It’s a horrible, no good, very bad idea. It will have no beneficial impact to the economy or to the people getting it. If I get it, I will save every penny of it because I know what I’m doing. No benefit to the economy there and now I get to add extra math to my monthly budget. Yay! Those who don’t know what they are doing will spend it. Whatever temporary benefit comes from that will be mitigated when they take a huge financial hit next year because they spent money they now need to pay back. Stupid, useless idea. It’s not a great idea, but it’s arguably fairly useful to some businesses and people that are riding the edge of solvency. If we believe that COVID will burn out (or more specifically to me, that the government will stop over-reacting to COVID) and that economic activity will be set free in the next quarter, lowering current expenses might be all that’s needed to just survive the short term. They would be provided a zero interest loan to get them thru the short term, in effect. Which can be useful. If it were just for those who requested it, and who had to sign something saying they fully understood the terms, I might agree. You don't request it, you don't get it. Fine. But if the default state is for every worker under a certain income level to get an interest-free loan that they have to pay back starting next year, then no, I 100% oppose that idea. |
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Post by atreyu on Aug 9, 2020 18:57:42 GMT
It's not an elimination, you have to pay it back. Whatever news you watch it must severely under-inform you.
suits me fine. Any money that I have received from any govt source or bank has to be paid back. This one is interest free. That rarely happens, and I believe it's about as good a deal as we can get. The socialist/dems have not offered any plan that is workable. What's Good Ole Joe's plan, or is he working hard to figure out a VEEP Candidate. Can't seem to do even one thing at a time.
Well good for you, the rest of us have to set that money aside somewhere special so that we can turn around and pay it right back.
Sounds like a wonderful use of administrative time for the government and ourselves.
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Deleted
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Post by Deleted on Aug 9, 2020 19:05:08 GMT
suits me fine. Any money that I have received from any govt source or bank has to be paid back. This one is interest free. That rarely happens, and I believe it's about as good a deal as we can get. The socialist/dems have not offered any plan that is workable. What's Good Ole Joe's plan, or is he working hard to figure out a VEEP Candidate. Can't seem to do even one thing at a time.
Well good for you, the rest of us have to set that money aside somewhere special so that we can turn around and pay it right back.
Sounds like a wonderful use of administrative time for the government and ourselves.
This is my issue. That and the fact that there will be millions of people that won’t know that the bump in their paychecks is a loan. Not everyone pays attention to this stuff, especially the lower-income people. If this loan is something that we pay back when we submit our taxes, as opposed to something that gets taken out of our checks starting in January, a lot of people are going to be enraged when they suddenly owe a ton of money all at once in April. They won’t get the connection that they’re paying for things they bought in October. |
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Post by Deleted on Aug 9, 2020 19:07:46 GMT
Look at it this way, you could be paying for someone else to get it and not have it to use to pay for their share. Learned a long tme ago that there's no such thing as a free lunch. Or we could not be forced into a loan at all. And this doesn’t even get to the idea that, as far as I can tell, the Constitution does not grant the President the power to give out loans to the people absent an authorization from Congress. |
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Post by Deleted on Aug 9, 2020 19:12:57 GMT
Nothing but sleight of hand voodoo economics.
Typical trump.
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Post by Deleted on Aug 9, 2020 19:16:18 GMT
Nothing but sleight of hand voodoo economics. Typical trump. I suspect a desire to burn everything behind him on his way out. If he wins, they’ll find a way to forgive the loans. If not, well, people can blame Biden for what will look like a huge tax increase, especially if it happens in April, three months after Trump leaves office. Of course, it’s also probably an attempt to get Democrats to oppose “tax cuts” in an election year. But since this isn’t actually a tax cut (yet) that’s fairly disingenuous. |
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Post by archie on Aug 9, 2020 21:04:03 GMT
Can someone please explain how eliminating the payroll tax is going to help the unemployed?
I can't believe some of you here. Trump is not only doing things to help the people but also the employers so they can stay in business. Payroll taxes, which are distinct from income taxes, are paid by both employers and employees, with workers paying 6.2 percent of their salaries up to $137,000 to fund Social Security and employers matching that amount. Sounds better than releasing felons from prison, voting with no ID or signature recognition. The democrats have one third of their over 1700 page plan that they can’t get Trump to agree with that has nothing to do with the unemployment or the pandemic. It seems as though they want to make things worse right now to scare the people into not voting for Trump, and that is a fact. |
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Post by phillip on Aug 9, 2020 21:17:36 GMT
Can someone please explain how eliminating the payroll tax is going to help the unemployed?
Is this about Trump’s memorandum? If so, I think you’re being too generous. It’s a deferment, not a cut, correct? A deferment that only lasts until 12/31/20. My understanding of “deferment” means the money would have to be paid back, making this a kind of interest-free loan, as opposed to a temporary tax cut that would end, but not have to be paid back. To put this another way, to me a temporary cut means my paycheck gets bigger for a few months and then goes back to where it was. A deferment means my paycheck gets bigger for a few months and then gets smaller for a few months to make up the difference (or it goes back to where it was and I take a big hit on April 15th). But I might be mistaken. If anybody can clarify this, I’m very interested in hearing how this is supposed to work if I’m not right. A deferment as I understand it would be a terrible idea as the vast majority of people would not be prepared for the financial hit when it came. I very much hope my understanding is wrong. Here is a link to the actual memorandum. www.whitehouse.gov/presidential-actions/memorandum-deferring-payroll-tax-obligations-light-ongoing-covid-19-disaster/
Pretty much. The POTUS can't eliminate taxes via executive order [Although I'm sure the Dear Leader wishes he could and maybe even thinks he could] but they can delay the collection of taxes since the administration is the primary authority in its collection.
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Post by phillip on Aug 9, 2020 21:18:56 GMT
Can someone please explain how eliminating the payroll tax is going to help the unemployed?
I can't believe some of you here. Trump is not only doing things to help the people but also the employers so they can stay in business. Payroll taxes, which are distinct from income taxes, are paid by both employers and employees, with workers paying 6.2 percent of their salaries up to $137,000 to fund Social Security and employers matching that amount. Sounds better than releasing felons from prison, voting with no ID or signature recognition. The democrats have one third of their over 1700 page plan that they can’t get Trump to agree with that has nothing to do with the unemployment or the pandemic. It seems as though they want to make things worse right now to scare the people into not voting for Trump, and that is a fact.
Can someone explain to me what payroll taxes have to do with releasing felons from prison or voting with no ID? Or is this another Archie rant with no coherent thought?
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