Employees will get more money now but less money next year when the tax is recouped. It’s confusing and hard to implement. Making people think they are getting more money is another Trump scam. It also doesn’t help the millions of people who are unemployed. It will severely damage Social Security if the tax cut is permanent.
"I’m not doing it for my own company, and I wouldn’t suggest anybody do it for theirs either."
— Seth Hanlon (@SethHanlon) August 31, 2020
"I don’t have any clients that are eager to implement this."
"All of a sudden…double withholding–that is a difficult decision for an employer to make on behalf of an employee.” https://t.co/58cZGhIyMx
Trump’s proposal to permanently terminate the payroll tax could defund Social Security and eliminate benefits for senior citizens and people with disabilities in <4 years. That’s not Bernie Sanders talking. That’s what the Social Security Administration recently reported to us.
— Bernie Sanders (@BernieSanders) August 31, 2020
How that payroll tax break will work: IRS says companies have the responsibility to stop collecting some payroll taxes that would normally be due Sept. 1–Dec. 31. Then co’s must collect twice as much from workers’ paychecks early next year. @laurapdavisonhttps://t.co/ZmiIuRRR2a
— Jennifer Jacobs (@JenniferJJacobs) August 28, 2020
The IRS has posted guidance, if you can call it that, on the payroll tax deferral scheme.
— Seth Hanlon (@SethHanlon) August 28, 2020
It purports to say that employers can stop withholding Social Sec. tax from Sept-Dec…but then they have to withhold double from January-April.
Wut is the point?https://t.co/DPWMCLwnDj
Trump’s push to defer payroll taxes could lead to smaller paychecks for workers in early 2021, Treasury signals https://t.co/p0rbzkC1AU
— The Washington Post (@washingtonpost) August 29, 2020
Liars. The payroll tax holiday in 2011-2012 specifically held Social Security harmless. 👇 Trump's payroll tax scheme does not. https://t.co/E94DM9RNP9 pic.twitter.com/Vth5mmX0do
— Seth Hanlon (@SethHanlon) August 31, 2020
Companies don’t like Trump’s payroll tax deferral, saying it’s not fair to hit employees with a big tax bill that must be paid in full by the end of April. It’s like putting people in debt just when they can least afford it. It’s just a PR stunt by Trump.https://t.co/0ZlvGlbP3c
— Ladywolf (@NorskLadyWolf) August 30, 2020
AFGE President: Trump's payroll tax scheme is a "scam that leaves workers with a substantial tax bill right after the holiday season.” https://t.co/TV1PlAwEcK
— Seth Hanlon (@SethHanlon) August 31, 2020
Icymi last week Social Security’s Chief Actuary said trump’s plan to eliminate payroll taxes will deplete the S.S. Trust Fund by 2023, “with no ability to pay benefits thereafter.”
— Bill Pascrell, Jr. (@BillPascrell) August 31, 2020
Translation: trump is openly planning to eliminate Social Security. pic.twitter.com/LNKmQ4n4Fu
The payroll tax deferral takes effect Sept. 1. What it really means for your paycheck https://t.co/ZIe68QggYQ
— CNBC (@CNBC) August 31, 2020
Sad! 