People would have more money now but less next year. It’s a scam.
Omg. Employees at IRS — the agency that collects payroll taxes — want to opt out of Trump's payroll tax deferral and have been told they can't https://t.co/3mrxNlVaQZ
— Catherine Rampell (@crampell) September 4, 2020
Perspective | Trump promised a payroll tax holiday — but so far it’s all just talk https://t.co/1i4mE9SZD4
— Glenn Kessler (@GlennKesslerWP) August 29, 2020
His payroll tax cut/not a tax cut looks so bad that it's hard to imagine many employers implementing it 2/ https://t.co/PhQ1u8k5wM
— Paul Krugman (@paulkrugman) August 29, 2020
We told you Trump’s economic orders were bad gimmicks. We weren’t wrong — the Administration just said (on Friday night) how they will do it: workers’ payroll taxes get suspended until the election, then DOUBLED in January.
— Rep. Don Beyer (@RepDonBeyer) August 29, 2020
It’s one of the stupidest policies I’ve ever heard of. https://t.co/QKeGFtj09U
At least part of the federal government is preparing to implement President Trump’s plan to defer payroll taxes even before his administration finishes spelling out the details of how it will work https://t.co/5UlCXrqLFn
— POLITICO (@politico) August 28, 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
A permanent payroll tax cut could deplete Social Security as soon as 2023 https://t.co/5I0T0bnHdY
— CNBC (@CNBC) August 25, 2020
Trump's fakakta payroll tax scheme is supposed to start a week from today. Employers would need to reprogram payroll systems, figure out sign-off from employees, and they'd still be legally on the hook for any unwithheld tax. And *still* no guidance from Trump's Treasury/IRS. 🤔
— Seth Hanlon (@SethHanlon) August 25, 2020
Trump has now stated multiple times that, if reelected, he will “terminate” the payroll tax that funds Social Security. Seniors, people with disabilities, and every American should know how devastating this policy could be. So we've asked the experts:https://t.co/CNG4v6r9nN
— Senator Chris Van Hollen (@ChrisVanHollen) August 20, 2020
The US Chamber of Commerce says Trump executive order is unworkable. Where is Moscow Mitch hiding as tens of millions of Americans are forced to choose between food, or paying their bills and rent? https://t.co/RFMxeXBbDA
— Amy Siskind 🏳️🌈 (@Amy_Siskind) August 19, 2020
Trump's payroll tax scheme is such a debacle.
— Seth Hanlon (@SethHanlon) August 18, 2020
Supposed to begin in two weeks, but employers are saying the only way they'll implement it is if IRS just lets them off the hook for the tax, even though the tax code makes them liable. (And for good reason: https://t.co/eUv2qXu4NS) https://t.co/pZf70ah32I
Didn't get as much attention as the "suburbs" part of Trump's presser, but the Social Security answer had him suggesting you can eliminate the payroll tax and just pay for everything with "tremendous growth." pic.twitter.com/PO72C99BCQ
— Dave Weigel (@daveweigel) August 13, 2020
Asked how he pays for Social Security if he permanently kills the payroll tax, Trump says, "We're taking it out of the general fund." "We'll get it approved, in that case, by Congress." Asked how all that money would get into the general fund, Trump says, "Tremendous growth." ???
— Daniel Dale (@ddale8) August 12, 2020
Trump repeats that he wants to permanently eliminate the payroll tax if he’s re-elected, without explaining how Social Security would be funded if he did. Larry Kudlow, who said Sunday Trump meant the temporary deferral would be forgiven & “the tax is not going away,” looks on.
— Kaitlan Collins (@kaitlancollins) August 12, 2020
Sad! 