Payroll tax

[Marvin the Martian]

Anyone know why the payroll tax is such a big thing to the president? I know it will boost corporate profits, and 7% will be ok for people, but it will be a disaster for social security/Medicare funding. The next president will have to deal with this (they already needed to but now it rockets to priority one).

 

[IUINSB]

Anyone know why the payroll tax is such a big thing to the president? I know it will boost corporate profits, and 7% will be ok for people, but it will be a disaster for social security/Medicare funding. The next president will have to deal with this (they already needed to but now it rockets to priority one).

Must be trying to lock up the senior vote.

 

[UncleMark]

Anyone know why the payroll tax is such a big thing to the president? I know it will boost corporate profits, and 7% will be ok for people, but it will be a disaster for social security/Medicare funding. The next president will have to deal with this (they already needed to but now it rockets to priority one).

You answered your own question. A 7% tax break for businesses is pretty sweet in the aggregate, while it does little for the average low wage worker. The fact that it will hurt the viability of Social Security and Medicare is no concern for him. He'll be long gone before they'll have to address the fallout. Even the Republicans in the Senate aren't interested in this.

 

[bawlmer]

As he gets more desperate, anything goes. The Treasury is his to spend.

 

[Bill4411]

It would make the stock market soar which would be good for Trump in the short term and that is all he really cares about.

 

[Marvin the Martian]

It would make the stock market soar which would be good for Trump in the short term and that is all he really cares about.

That is my impression, it is bigger for the stock market than the economy.

Interest rates are dang low, no reason we aren't doing infrastructure. I would rate that FAR more important than a payroll tax holiday.

 

[i'vegotwinners]

Trump is an employer.

tax cut to self.

his favorite beneficiary.

 

[ribbont]

You answered your own question. A 7% tax break for businesses is pretty sweet in the aggregate, while it does little for the average low wage worker. The fact that it will hurt the viability of Social Security and Medicare is no concern for him. He'll be long gone before they'll have to address the fallout. Even the Republicans in the Senate aren't interested in this.

7% is sweet for business but not low wage earners? Why do you say that?

 

[UncleMark]

7% is sweet for business but not low wage earners? Why do you say that?

If you're making $12 an hour, $30/wk is fine but it's not going to make a real difference in your standard of living.

 

[StelioKantos]

It would make the stock market soar which would be good for Trump in the short term and that is all he really cares about.

so the stock market soaring would benefit trump and trump alone? Your myopia is frightening

 

[StelioKantos]

If you're making $12 an hour, $30/wk is fine but it's not going to make a real difference in your standard of living.

If you’re making $12 you only need lookl inward to figure out why

 

[UncleMark]

If you’re making $12 you only need lookl inward to figure out why

Not everyone can live in Lake Wobegone.

 

[StelioKantos]

Not everyone can live in Lake Wobegone.

$12 an hour tho

 

[UncleMark]

$12 an hour tho

Dude, you need to get out of your shell. There are a lot of people trying to live on that kind of wage. A lot.

 

[Neves]

It's incredibly irresponsible and has negative ramifications for social security. Trump is destroying the country.

 

[Bill4411]

Dude, you need to get out of your shell. There are a lot of people trying to live on that kind of wage. A lot.

A lot of older people depend totally on social security and I believe the average check is something like $1500/month in Indiana. I suppose you can argue that they did not save properly during their lifetimes but there are so many variables on why that is not always possible: children, bad marriages, sickness, injury, addictions, etc. Some people could never catch a break and some were just irresponsible but nonetheless try living on $1500/month.

 

[UncleMark]

A lot of older people depend totally on social security and I believe the average check is something like $1500/month in Indiana. I suppose you can argue that they did not save properly during their lifetimes but there are so many variables on why that is not always possible: children, bad marriages, sickness, injury, addictions, etc. Some people could never catch a break and some were just irresponsible but nonetheless try living on $1500/month.

Not unusual at all. And there are widows who were homemakers who are trying to survive on much less.

 

[UncleMark]

7% is sweet for business but not low wage earners? Why do you say that?

If you're making $12 an hour, $30/wk is fine but it's not going to make a real difference in your standard of living.

Additionally, IIUC, all Trump's order does is reduce the withholding, it doesn't reduce the tax obligation. There will be a lot of pissed off people come tax time who learn they have to pay those back taxes and won't get the refund they were counting on.

 

[Bill4411]

Additionally, IIUC, all Trump's order does is reduce the withholding, it doesn't reduce the tax obligation. There will be a lot of pissed off people come tax time who learn they have to pay those back taxes and won't get the refund they were counting on.

Why would he care if it gets him another term as president.

 

[UncleMark]

Why would he care if it gets him another term as president.

He wouldn't. That's what is so disgusting. And the only way he can make it "permanent" -- as he claims he'd do -- is through legislation. Which won't happen, because Democrats. It would be their fault. No matter that he'd be undermining the safety net for generations.

 

[CO. Hoosier]

Anyone know why the payroll tax is such a big thing to the president? I know it will boost corporate profits, and 7% will be ok for people, but it will be a disaster for social security/Medicare funding. The next president will have to deal with this (they already needed to but now it rockets to priority one).

Here’s the argument used during the Obama administration.

These cuts in the Federal Insurance Contributions Act tax (FICA) may be one of the best available stimulus options in the current political climate, and they will have a positive economic impact. An analysis by The Center for Budget and Policy Priorities notes that the cuts already in place make a substantial difference in the spending power of middle class families, and that allowing them to expire at this time would be very negative for growth:​

 

[twenty02]

Here’s the argument used during the Obama administration.

These cuts in the Federal Insurance Contributions Act tax (FICA) may be one of the best available stimulus options in the current political climate, and they will have a positive economic impact. An analysis by The Center for Budget and Policy Priorities notes that the cuts already in place make a substantial difference in the spending power of middle class families, and that allowing them to expire at this time would be very negative for growth:​

When can we expect you to start a thread about Trump's pen and phone?


2008/9 was a demand side crisis. This is actually just the opposite and a payroll tax cut is nonsensical..... just as is sending checks to people that haven't lost income. When they can't go anywhere to spend money.

 

[UncleMark]

When can we expect you to start a thread about Trump's pen and phone?

That's different. But Obama!

2008/9 was a demand side crisis. This is actually just the opposite and a payroll tax cut is nonsensical..... just as is sending checks to people that haven't lost income. When they can't go anywhere to spend money.

That's different. But Obama!

This is why no one even tries to engage with him anymore.

 

[Marvin the Martian]

When can we expect you to start a thread about Trump's pen and phone?


2008/9 was a demand side crisis. This is actually just the opposite and a payroll tax cut is nonsensical..... just as is sending checks to people that haven't lost income. When they can't go anywhere to spend money.

Sending checks is purely political and is remarkably stupid.

I cannot figure out how infrastructure is not coming up. The 30 year treasury rate is 1.2. It is practically interest free to do infrastructure that already needs done. We will pay much more in five years.

The $600 needs to be passed but I am willing to cap it at 95%, or even 90%, of salary, to give conservatives cover to support it.

 

[CO. Hoosier]

When can we expect you to start a thread about Trump's pen and phone?


2008/9 was a demand side crisis. This is actually just the opposite and a payroll tax cut is nonsensical..... just as is sending checks to people that haven't lost income. When they can't go anywhere to spend money.

I think government by EO is dangerous. In this case it’s probably ultra vires. Our government has become pretty much dysfunctional. On the one hand we have Pelosi and Schumer who pack their bill with irrelevant liberal wish list items and who are obsessed with RESIST! and on the other we have an impatient and impulsive Trump who is not a politician. Meanwhile we have action that must be taken. Public policy now is all about who has the power, who gets credit, and a collective pissing on the people they are supposed to serve.

Sending checks is purely political and is remarkably stupid.

I cannot figure out how infrastructure is not coming up. The 30 year treasury rate is 1.2. It is practically interest free to do infrastructure that already needs done. We will pay much more in five years.

The $600 needs to be passed but I am willing to cap it at 95%, or even 90%, of salary, to give conservatives cover to support it.

I think Trump has done what he could with infrastructure. More must start in congress. Between impeachment, investigations, lockdowns and pandemic relief congress doesn’t seem to be interested. The bill needs to get through the Democratic house, I don’t think Pelosi will ever want to see Trump sign a meaning infrastructure bill.

 

[CO. Hoosier]

2008/9 was a demand side crisis. This is actually just the opposite and a payroll tax cut is nonsensical.....

I don’t get how demand side makes a difference. Seems to me we need to get people back to work now. Lowering the tax on work would help. Putting more money in workers pockets would also help.

 

[twenty02]

I don’t get how demand side makes a difference. Seems to me we need to get people back to work now. Lowering the tax on work would help. Putting more money in workers pockets would also help.

People aren't going back to work in the areas where the job losses have been focused. As there is no demand in those industries. But it's not lack of demand based upon lack of money by consumers.... it's pandemic related consumer behavior, that isn't going to change until a vaccine comes about. More money in employed people's pockets will go to debt, savings, investments or buying stuff from the industries that are already doing well.

 

[sglowrider]

 

[CO. Hoosier]

People aren't going back to work in the areas where the job losses have been focused. As there is no demand in those industries. But it's not lack of demand based upon lack of money by consumers.... it's pandemic related consumer behavior, that isn't going to change until a vaccine comes about. More money in employed people's pockets will go to debt, savings, investments or buying stuff from the industries that are already doing well.

Can you reconcile your first and third sentences? People are out of work, but consumers have money? The pandemic presents many reasons why people aren’t working. Lowering the costs of employment is just strand in the cable.

 

[Marvin the Martian]

Can you reconcile your first and third sentences? People are out of work, but consumers have money? The pandemic presents many reasons why people aren’t working. Lowering the costs of employment is just strand in the cable.

Travel, tourism, restaurants are hammered. How does this help those industries. I ain't flying, I do not care what money I have. No Disney, no hotels. And takeout needs fewer employees than full service.

 

[IUINSB]

Travel, tourism, restaurants are hammered. How does this help those industries. I ain't flying, I do not care what money I have. No Disney, no hotels. And takeout needs fewer employees than full service.

Why the hell do you bother.

Trump=good. Biden=socialism. BLM=bad commies. Putin=good commie. Protester=looter/arsonist

 

[ButHerEmails]

Anyone know why the payroll tax is such a big thing to the president? I know it will boost corporate profits, and 7% will be ok for people, but it will be a disaster for social security/Medicare funding. The next president will have to deal with this (they already needed to but now it rockets to priority one).

Trump thinks it will get him votes and he gets to help kill social security. Republicans have been wanting to kill social security forever. It’s their game. The republican slogan should be “government sucks and can’t work, elect us and we’ll prove it”

 

[CO. Hoosier]

Travel, tourism, restaurants are hammered. How does this help those industries. I ain't flying, I do not care what money I have. No Disney, no hotels. And takeout needs fewer employees than full service.

Many places around here have help wanted signs out. The $600 unemployment benefit is counterproductive in some sectors and locations.

 

[Bill4411]

Many places around here have help wanted signs out. The $600 unemployment benefit is counterproductive in some sectors and locations.

Colorado has more opportunities than you will find in the rust belt.

 

[Lucy01]

Many places around here have help wanted signs out. The $600 unemployment benefit is counterproductive in some sectors and locations.

Isn’t the $ 600 on top of the $300 dollars the state pays for unemployment, making a person’s total at 900 hundred a week?

 

[Marvin the Martian]

Many places around here have help wanted signs out. The $600 unemployment benefit is counterproductive in some sectors and locations.

Are they actually hiring? A lot of people list hiring, but only do so in case Superman walks through the door.

 

[IUclover]

7% is sweet for business but not low wage earners? Why do you say that?

https://www.aspanet.org/ASPA/Code-of-Ethics/Code-of-Ethics.aspx

 

[IUclover]

Many places around here have help wanted signs out. The $600 unemployment benefit is counterproductive in some sectors and locations.

Do you think not extending unemployment has anything to do with voter suppression in the upcoming elections?

 

[CO. Hoosier]

Are they actually hiring? A lot of people list hiring, but only do so in case Superman walks through the door.

I’ll go fill out an application and let you know. I’ll wear my mild mannered reporter clothes.

 

[Aloha Hoosier]

Trump thinks it will get him votes and he gets to help kill social security. Republicans have been wanting to kill social security forever. It’s their game. The republican slogan should be “government sucks and can’t work, elect us and we’ll prove it”

Nonsense. Republicans do not want to kill Social Security.