Kevin Murray (claystorm) wrote,
Kevin Murray
claystorm

So a few things on tRumps payroll “tax cut” Exec

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So a few things on tRumps payroll “tax cut” Executive Order. First off,
It’s not actually a tax cut, it’s a “DEFERMENT”! Meaning you’ll still be
liable for the amount, most likely when you file taxes next time! And
you’ll owe it in a large lump sum (and we all know how great Americans are
at saving for large, unexpected, lump sum payments. NOT). . Sure, the EO
tasks the Secretary of Treasury to explore options to “forgive” the
deferred tax amount, but there is NO GUARANTEE any of that amount will
actually be forgiven (or if so, when and how). . Second, this actually
doesn’t do anything to actually help those who really need it, those who
are out of work. Sure it gives workers a little more cash every paycheck,
but that’s probably not a huge help to those of us who are actually lucky
enough to be working. . Third, the tax in 26 U.S.C. 3101(a) is the
“Old-Age, Survivors, and Disability Insurance (OASDI)”, which in layman’s
terms is SOCIAL SECURITY! Yes, tRump wants to rob Social Security, aka,
most people’s life-line when they get old! . And for me this equals out to
$50 a week and since there is 17 weeks between September 1st and December
31st, that’s equal to $850 which isn’t inconsequential, but also not a
life-changing amount. But also, that amount basically would wipe out any
tax-refund I might get and if your one who normally ends up owing taxes,
then you’ll OWE MORE! . And lastly, there is a VERY HIGH CHANCE THIS IS ALL
UNCONSTITUTIONAL and will be ruled so! So if this gets implemented and then
ruled unconstitutional, who knows the what happens and what you’ll owe and
if penalties and other things might apply. . So me personally, I’m going to
instruct my company to keep deducting and depositing my Social Security
withholding and I’ll let the chips fall. Worse case, if they do end up
enacting this and forgiving the amount, I should get that back when I file
taxes next (and frankly, I’m better at saving money in large lump sums then
getting an extra $50 a week, which is why I have the maximum withheld
anyway on my federal taxes as is).
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A post shared by Kevin
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(@claystorm) on Aug 10, 2020 at 10:45am PDT
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