General Discussion
Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsSo Manuchen said if Trump isn't re-elected we will
have to pay back the stimulus money. There is no limit to how low these people will go.
underpants
(182,271 posts)This guy is in charge of the money?
tinrobot
(10,848 posts)sop
(9,945 posts)American taxpayers.
we can do it
(12,116 posts)Ms. Toad
(33,915 posts)Here's how FICA works:
Because it is a tax that is based solely on how much you earn, it is typically paid in advance (to the penny) by your employer. Your employer calculates how much you will owe. They withhold it. When you do your taxes at the end of the year it all matches up and you owe nothing.
The executive order Trump signed regarding withholding of payroll taxes merely tells the employers not to collect it (and pay it to the government). He does not have the authority to eliminate the tax - but he can (maybe) mess with how it is paid.
So the order teslls the employers not to collect it starting in September. He has no authority to change what you owe (generally 6.2% of your income). So when you reconcile your taxes in April, you discover that you are roughly 13 short - and since your employer didn't withhold it (and pay it to the government on your behalf) you will owe the FICA taxes for September, October, November, and December.
Most people are not aware of the distinction betwen taxes owed - and the mechanism by which they are paid. They will believe that extra money in their pocket is theirs to spend - they won't set it aside for taxes - and will be scrambling to pay that tax in April.
So (1) it is a cruel joke to make people believe that Trump put money in their pockets and (2) it is a re-election strategy - Trump promises to make the deferred withholding permanent if he is re-elected (in other words {because of what I did} you will have a massive tax bill in April . . . unless you elect me.
MyOwnPeace
(16,887 posts)"Honey, put the kids in the truck - we're gonna' get a new big-screen TV because PRESIDENT DONALD saved us again from them "taxin'-libs!"
SIX MONTHS LATER:
"Huh, wait, what? Wha-chew mean I owe you tax money?"
Let's only hope BunkerBoy is sitting in a new bunker (cell) and his "supporters" can't call and ask him to save their sorry asses!
Ms. Toad
(33,915 posts)is that this temporary benefit comes 6.2% a paycheck - so not many big-screen TVs are gonna get bought with this temporary reprive. (Which means it will likely hurt more when it has to be paid . . . since there is nothing tangible the bought with it - it likely just merged with the grocery bill.
MyOwnPeace
(16,887 posts)You sound like my Mother when I came home with some money for cutting grass. As far as I was concerned there was NO WAY I couldn't buy the world.
And now, if you ever watch TV - there are plenty of good, honorable places that will let ANYBODY (yeah, I'm talking to you, MAGA-hat boy!) buy that BIG SCREEN for only $10 a month!
(Wait, what? I owe you for the next 20 years?)
Seriously, don't you know how to do RepubliCon math? It's only not gonna' work if the LibTards do it!
Ms. Toad
(33,915 posts)Hence, why we need social security.
abqtommy
(14,118 posts)Last edited Mon Aug 10, 2020, 08:38 AM - Edit history (1)
mzmolly
(50,957 posts)Right?
Ultimately we all have to pay back the government for the failures of this Administration. The question is how and who?
Turbineguy
(37,206 posts)we won't have to worry about it. Whoever is left will earn $250,000 per year to wipe rich fucks asses.