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Started By
Message
1
Posted on 8/8/20 at 9:15 pm to GumboPot
quote:
Congress will forgive it unless they want to commit suicide.
Sounds to me like we have people not thinking things through in Congress.
Defer scares me. This will be just like the loans and mortgages. We will see a bust in about a year.
Completely wiping it away would mean inflation hell right?
Posted on 8/8/20 at 9:23 pm to HailToTheChiz
Go back and listen to his press conference. It sounds like he wants to do away with social security. I think the social security admin would have to do a pay out to what people paid in if they do this but I would support. I could dump another 150k into my 401k on stocks.
This post was edited on 8/8/20 at 9:24 pm
Posted on 8/8/20 at 10:29 pm to DavidTheGnome
quote:
Which he has to pay back next year correct? Since it’s a deferment?
Technically yes. But congress wont have the balls to make him pay it back. Political suicide.
Posted on 8/8/20 at 10:36 pm to Thunder
quote:
Jesus fricking Christ this country is being run with monopoly money!....
Well yeah. You just figuring that out? We’ve been on Monopoly money since 1971.
Posted on 8/8/20 at 10:39 pm to HailToTheChiz
quote:
Completely wiping it away would mean inflation hell right?
The main way to combat inflation is with production. Get back to pre COVID economic levels in relation to debt and we should be good.
Posted on 8/8/20 at 11:48 pm to Mrtommorrow1987
quote:
I think the social security admin would have to do a pay out to what people paid in if they do this but I would support.
They don't have to do anything. That is optimistic to think you will get everything back that you put into it so far.
Posted on 8/9/20 at 12:03 am to HailToTheChiz
quote:
Completely wiping it away would mean inflation hell right?
Only for the things that money is chasing.
Posted on 8/9/20 at 12:06 am to GumboPot
This tells me that you still pay full freight on FICA tax if you make over $100K. It’s not a progressive tax system like the Federal income tax that is withheld from your check. Unless there is other language I would bet it’s all or none on this.
The deferral shall be made available with respect to any employee the amount of whose wages or compensation, as applicable, payable during any bi-weekly pay period generally is less than $4,000, calculated on a pre-tax basis, or the equivalent amount with respect to other pay periods.
I don’t like this language at all. Almost makes me glad that I won’t get the “deferment”.
The Secretary of the Treasury shall explore avenues, including legislation, to eliminate the obligation to pay the taxes deferred pursuant to the implementation of this memorandum.
At least we have this going for us.
Amounts deferred pursuant to the implementation of this memorandum shall be deferred without any penalties, interest, additional amount, or addition to the tax.
The deferral shall be made available with respect to any employee the amount of whose wages or compensation, as applicable, payable during any bi-weekly pay period generally is less than $4,000, calculated on a pre-tax basis, or the equivalent amount with respect to other pay periods.
I don’t like this language at all. Almost makes me glad that I won’t get the “deferment”.
The Secretary of the Treasury shall explore avenues, including legislation, to eliminate the obligation to pay the taxes deferred pursuant to the implementation of this memorandum.
At least we have this going for us.
Amounts deferred pursuant to the implementation of this memorandum shall be deferred without any penalties, interest, additional amount, or addition to the tax.
Posted on 8/9/20 at 12:12 am to Mrtommorrow1987
quote:
I think the social security admin would have to do a pay out to what people paid in if they do this but I would support.
The only people getting social security right now have public information that in 1960 the Supreme Court ruled in Flemming vs. Nestor that there is absolutely zero contractual obligation for the federal government to make payments on social security.
As in they have been voting in this case for over 40 years for politicians and promises knowing that it is a slush fund.
frick them.
They should absolutely be the first to get NOTHING from social security.
This post was edited on 8/9/20 at 12:13 am
Posted on 8/9/20 at 1:10 am to jflsufan
I hope people don't make life decisions based on information they read on td. The majority of our members are fricking morons.
I honestly feel a little more retarded every time I read this shite. I need to just post porn.
Is this what Facebook is like?
I honestly feel a little more retarded every time I read this shite. I need to just post porn.
Is this what Facebook is like?
Posted on 8/9/20 at 1:16 am to TSLG
What you on about? Just tell me so I ain't gotta look into it myself. Then we can both go back to porn.
Posted on 8/9/20 at 2:22 am to GumboPot
Such a dumb plan, and it doesn't even go back to July? Trump really, really needs to stop over promising on stuff.
Posted on 8/9/20 at 8:03 am to CCT
quote:
But those who get paid on a monthly basis...if they make, say $6000/month, gross, only anything after $4000 will be taxed? Only $2000 would be taxed?
Math and reading comprehension are hard.
No way you make even $6K/month
This post was edited on 8/9/20 at 8:05 am
Posted on 8/9/20 at 8:04 am to meeple
quote:This was already the law. There is a maximum earned income at which you are taxed for FICA after which you are no longer taxed. For 2020 that maximum income is $137,700. For 2021 it is projected to be around 141,900. It goes up almost every year.
After the point in time I gross $137,700 then I’ll stop paying the tax after that?
quote:Pretty much as far as this goes.
Are those that make between $100-138k just screwed then?
Posted on 8/9/20 at 8:06 am to RoyalWe
fricking bullshite. More redistribution. frick’em all.... every last one of them.
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