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Thread: Trump to Suspend Payroll Tax Until End of 2020

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    Default Trump to Suspend Payroll Tax Until End of 2020

    Donald Trump to Suspend Payroll Tax Until End of 2020

    President Trump said Friday he would defer the payroll tax until the end of the year, using an executive order.

    The tax would continue to be deferred until the end of 2020, the president said, and would likely be retroactive from July 1.

    He said that by the end of 2020 the payroll tax break could be extended.

    “Hopefully I’ll be here to do the job,” Trump said, hinting at the results of Election Day.

    The president also said he would extend unemployment benefits, defer student loan payments and interest, and extend the eviction moratorium as well as an order requiring health insurance companies to cover pre-existing conditions.

    “If Democrats continue to hold this critical relief hostage, I will act under my authority as president to get Americans the relief they need,” he said.

    The president said that the lawyers were drawing up the executive orders and that they could be signed by the end of the week.

    Asked whether he was concerned about the legality of his executive order, Trump replied, “No, not at all. You always get sued, everything you do you get sued … we’ll see.”

    The president also declined to specify whether or not he would extend federal unemployment benefit checks at the full $600 a week.

    But Trump said he was determined to help Americans still struggling with the virus and the cost of the economic shutdowns despite unprecedented obstruction from Congressional Democrats.

    “Tragically Nancy Pelosi and Chuck Schumer continue to insist on radical leftwing policies that have nothing to do with the China virus,” Trump said.

    Pelosi and Schumer are demanding a $2.5 trillion package that White House Chief of Staff Mark Meadows described as a “blank check.”

    Meadows and Treasury Secretary Steven Mnuchin continued negotiations with Democrats throughout the week but ended Friday recommending that Trump act unilaterally.

    “The Chief and I will recommend to the President, based upon our lack of activity today, that he move forward with some executive orders,” Mnuchin said to reporters on Capitol Hill before leaving for the evening.

    The enhanced federal unemployment checks of $600 a week ran out on Friday.
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    WINNING!!!!!!!!!!!!!! I think. Whatever it takes to keep Biden and Harris for 8 years OUT of office
    Gettin old is for pussies! AND MY NEW TRUE people say like Capt. Tom >>>>>>>>>/
    "Wow, often imitated but never duplicated. No one can do it like the master. My hat is off to you DRDUCK!"

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    reward for working vs reward for sitting your ass at home?

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    School my dumbness on payroll taxes. If they don't take them out on every check, will they not still be due come April or does your tax liability change?
    Low country redneck who moved north

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    There are four payroll taxes. Social Security, Medicare, federal income, and federal unemployment. Federal unemployment is only paid by employers, not employees. I suspect this may change Medicare and Social Security paid by employees.

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    Quote Originally Posted by Two Barrels View Post
    There are four payroll taxes. Social Security, Medicare, federal income, and federal unemployment. Federal unemployment is only paid by employers, not employees. I suspect this may change Medicare and Social Security paid by employees.
    The employer also matches ss and mc. The same 6.2 and 1.45%

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    It will be the employees part of SS and MC, quite honestly kind of a stupid thing to do with the state of SS but I understand why A man in his 70’s does not give a shit about payroll taxes long term (DJT is 73 ). Another load of crap we just dumped on the younger generation

    Basically folks will take home 7.5% more each pay period however folks that normally go over the limit on SS wages get shaft AGAIN, most that do this normally hit it 3rd & 4th qtr

    BUT this one is for the working folks even though very minimal at best
    Last edited by tprice; 08-08-2020 at 01:41 PM.

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    Quote Originally Posted by Two Barrels View Post
    There are four payroll taxes. Social Security, Medicare, federal income, and federal unemployment. Federal unemployment is only paid by employers, not employees. I suspect this may change Medicare and Social Security paid by employees.
    You forgot about SUTA. (State Unemployment Tax). Obviously only the employer pays this.


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    Federal income was what I was thinking of, but y'all think you will still pay that part. Edit: Glenn worded it better.
    Last edited by mudflat; 08-08-2020 at 04:17 PM.
    Low country redneck who moved north

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    Will it change the tax liability at years end or will there be a whole lot of surprised folks come tax time next year?

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    Everyone will know what it’s like to be self employed. PUMF.

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    When that 1099 hits..

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    Quote Originally Posted by Glenn View Post
    Will it change the tax liability at years end or will there be a whole lot of surprised folks come tax time next year?


    Nope just your(employee side ) of SS/Medi tax. Employer will still pay their half.

    Should have zero bearing on tax return , at least for NOW

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    Everybody worked for themself's, you either produce or starve. Very simple.
    Gettin old is for pussies! AND MY NEW TRUE people say like Capt. Tom >>>>>>>>>/
    "Wow, often imitated but never duplicated. No one can do it like the master. My hat is off to you DRDUCK!"

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    Quote Originally Posted by Glenn View Post
    Will it change the tax liability at years end or will there be a whole lot of surprised folks come tax time next year?
    That depends on who gets elected November...I suspect.
    “I can’t wait ‘till I’m grown” is the stupidest @!#* I ever said!

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    I could see Biden try a claw back. But just like the stimulus check this will be tax forgiveness not delayed payment.

    Employers only make the payments the taxes come from the employees earnings. It is split so people do not recognize the full cost to them.

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    They won’t turn around and collect a handout. The political fallout from that would be earth shattering.

    The country is beyond gone anyway.


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    Obama was told he could spend his way out of a recession. Still true today.

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    ^^^ Indeed. And it's completely acceptable by those on the train because it's a "Republican" conductor. Was the same way with Bush.

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