So now what happens to Trump's August payroll tax deferral?

[bmw]

This is a largely forgotten story. Back in August, Trump issued an executive action allowing employers and private contractors to defer the withholding of the 6.3% payroll tax for the months of September-December 2020. He said at the time that if he won re-election that his intention was to find a way to forgive the tax entirely. Well, Biden won, and I can find very few media outlets talking about this story. The only current one came from the WSJ, re-published in-part on on MarketWatch as follows:

President Trump’s decision to defer payroll taxes until the end of the year is leaving challenges for lawmakers to manage after he leaves office in January, and they haven’t figured out what — if anything —to do.

That created a predicament for Congress. Employees whose payroll taxes temporarily shrank will face double withholding starting in January, which could pinch households that haven’t planned for it. Doing nothing could cause harm for those workers, but helping only them could be unfair to others whose taxes continued to be withheld.

“No one will be happy no matter how that gets resolved,” said Mark Mazur, a former Obama administration official who now directs the Tax Policy Center. “It’s kind of like a no-win thing.”

https://www.marketwatch.com/story/how-t ... 1606744441

So what SHOULD happen, and how ultimately will Congress and the new President deal with this?

[tigerwings]

My employer, like many, did not play. I wasn't worth changing their payroll systems for only a few months, with a possible payback by employees.

[audiophile]

Pay up!

[zzand]

Mine and my kids didn't play along either.

[Rate This]

This is a largely forgotten story. Back in August, Trump issued an executive action allowing employers and private contractors to defer the withholding of the 6.3% payroll tax for the months of September-December 2020. He said at the time that if he won re-election that his intention was to find a way to forgive the tax entirely. Well, Biden won, and I can find very few media outlets talking about this story. The only current one came from the WSJ, re-published in-part on on MarketWatch as follows:

President Trump’s decision to defer payroll taxes until the end of the year is leaving challenges for lawmakers to manage after he leaves office in January, and they haven’t figured out what — if anything —to do.

That created a predicament for Congress. Employees whose payroll taxes temporarily shrank will face double withholding starting in January, which could pinch households that haven’t planned for it. Doing nothing could cause harm for those workers, but helping only them could be unfair to others whose taxes continued to be withheld.

“No one will be happy no matter how that gets resolved,” said Mark Mazur, a former Obama administration official who now directs the Tax Policy Center. “It’s kind of like a no-win thing.”

https://www.marketwatch.com/story/how-t ... 1606744441

So what SHOULD happen, and how ultimately will Congress and the new President deal with this?

They’ll be hearing from the folks who have double deductions happen...

[MotorCityRadioFreak]

Make Trump pay the taxes.

[Deleted User 14896]

... If Beijing Biden makes it in, ALL the taxes will increase substantially.

Him and her have said way too many times "Your taxes will NOT go up". If those two do raise taxes, it seems just what they said in the debates will undo them in 2024.

[Rate This]

... If Beijing Biden makes it in, ALL the taxes will increase substantially.

Him and her have said way too many times "Your taxes will NOT go up". If those two do raise taxes, it seems just what they said in the debates will undo them in 2024.

They have set an income threshold above which they would go up under their plan... $400,000..

[km1125]

I want to see them slap a 90% tax on any person making over $1B a year. See how long some of them stay leftists.

[MotorCityRadioFreak]

I want to see them slap a 90% tax on any person making over $1B a year. See how long some of them stay leftists.

Most of the people making $1B aren't leftist anyways.

[Rate This]

I want to see them slap a 90% tax on any person making over $1B a year. See how long some of them stay leftists.

A measly $100 million leftover... whatever will they do?

[km1125]

I want to see them slap a 90% tax on any person making over $1B a year. See how long some of them stay leftists.

Most of the people making $1B aren't leftist anyways.

There are a few notable ones.... Those are the ones I'm referring to.

[km1125]

I want to see them slap a 90% tax on any person making over $1B a year. See how long some of them stay leftists.

A measly $100 million leftover... whatever will they do?

I think 1/2 your income taxes should be just like they are... On "total income" but the other half should be just like businesses and "after expenses". Should be the same for businesses too.

[Rate This]

Him and her have said way too many times "Your taxes will NOT go up". If those two do raise taxes, it seems just what they said in the debates will undo them in 2024.

And the Easter Bunny will lay eggs in your front yard too..........

Doesn’t everybody get their Easter eggs that way?

[Rate This]

I want to see them slap a 90% tax on any person making over $1B a year. See how long some of them stay leftists.

A measly $100 million leftover... whatever will they do?

I think 1/2 your income taxes should be just like they are... On "total income" but the other half should be just like businesses and "after expenses". Should be the same for businesses too.

How exactly does that work for businesses?