President Trump signed a directive for a ‘Payroll tax holiday,’ to Americans earning less than $100,000 per year. The memorandum gives employers the right to defer all payroll tax. He also claims he will permanently ‘terminate’ the tax if re-elected.
Excerpts from official White House transcript:
Remarks by President Trump in Press Briefing
Issued on: August 8, 2020
Trump National Golf Club Bedminster, New Jersey
4:21 P.M. EDT
“…Therefore, I’m taking executive action. We’ve had it. And we’re going to save American jobs and provide relief to the American workers, and I’ll be signing these bills in a very short period of time.
First one is on providing a payroll tax holiday to Americans earning less than $100,000 per year. In a few moments, I will sign a directive, instructing the Treasury Department to allow employers to defer payment of the employee portion of certain payroll taxes from September 1st. And we’re actually going to be making that; we just got the word. We’re just getting some word from a lot of people. We didn’t think we’d have to do this because we thought the Democrats would be reasonable, but they’ve been not only unreasonable, they’ve been ridiculous.
So we’re going to make that August 1st, most likely. It’ll be August 1st. We’ll let you know the exact date, but we’re looking like August 1st. So it’d be August 1st through the end of 2020. This will mean bigger paychecks for working families, as we race to produce a vaccine and eradicate the China virus once and for all.
If I’m victorious on November 3rd, I plan to forgive these taxes and make permanent cuts to the payroll tax. So I’m going to make them all permanent.
Now, Joe Biden and the Democrats may not want that. They don’t want that because they’re adding $3 trillion in taxes. So they’ll have the option of raising everybody’s taxes and taking this away.
But if I win, I may extend and terminate. In other words, I’ll extend it beyond the end of the year and terminate the tax. And so, we’ll see what happens. Biden probably won’t be doing that; you’ll have to ask him. I don’t think he knows what he’s doing.
AUDIENCE: (Laughter and applause.)
THE PRESIDENT: Second, I’m signing an executive order directing the Department of Housing and Urban Development, HHS, and CDC to make sure renters and homeowners can stay in their homes.
“…And this is deferral payroll tax obligations. So this is your payroll tax obligations, which we’re going to end up terminating eventually, right?
(The memorandum is signed.)
Q Sir, the payroll tax cut was opposed by both parties on Capitol Hill. Can you give your rationale as to why you think that’s important, particularly since it doesn’t help Americans who (inaudible)?
THE PRESIDENT: Yeah. Okay. It helps people greatly. It helps our country get back. And anybody that would say anything different, I think, is very foolish. Everybody wanted it. By the way, the Democrats want it. The Republicans want it. They just couldn’t get it — they just couldn’t come to an agreement, but everybody wants it.
And the very important thing is the people want it, and the people need it, actually.
https://www.whitehouse.gov/briefings-statements/remarks-president-trump-press-briefing-080920/
https://nofacemask.blogspot.com/2020/08/trump-signs-payroll-tax-holiday-vows-to.html
What a bunch of bologna! In the first place most Americans don’t owe income tax! They’ve been ROBBING from us for years; the most basic right, to work and be compensated for it without a middle man getting their cut. Just another way the illegal corporation sticks it to us! What he could do is tell the people they NEVER owed it & tell the companies they’ve been acting as agents of the US corporation.
This guy is doing NOTHING more than endeavoring to swindle another straw man vote out of the gullible. To those of you that believe any of those creatures care about you are sadly mistaken. It’s one big criminal contracting cartel extracting your life and property, period.
EXACTLY Katie EXACTLY
Ditto!
.
Every sumbitchin “tax break” I’ve EVER gotten has cost me extra.
They stop withholding from your paycheck, but there’s still a tax bill at year’s end, and they don’t like you to be tardy, not one bit.
But, in the event you squandered all that extra money you had and didn’t save 25%, for just such an occasion, the IRS will be happy to extend you, the taxpayer, some slack. You can make monthly payments, but there is a late fee and interest compounding on unpaid balances. Borrow from a loan shark, relatives, knock off a 7/11, but don’t take their bait. Been there, done that. More than once. :-/
Taxation is theft.
certain payroll taxes?
Who makes under $100k that owes taxes?
I’ll tell you what. Send an agent over to tell me I owe. I’ll ensure his family gets survivor benefits. And when the local Mounties arrive we are going to boog real style.
I argued about taxes with the IRS concerning my mom years ago over the phone, they showed up with three armed agents to our house, I guess I shouldn’t have been surprised, it wasn’t a green eggs and ham conversation, thats for sure. These “AGENTS” travel in threes’ when they do this shit.
I was getting into it with the bitch on the phone, I guess she felt I was a threat, told these clowns to check me out, they will come to your home and knock on your door.
Scared the hell out of my mom, pricks…..