Trump wants to suspend Payroll tax

https://www.cnn.com/2020/08/07/politics/social-security-medicare-trump-payroll-taxes/index.html

In an attempt to end social security. Too bad only congress has the power to do such a thing, even Republicans don’t like this much. Say good bye to the elderly vote, with young people hating him he is digging a grave! Vote this clown out, people need that money and it’s OUR money, we have a right to get it back.

I just don’t get why conservatives hate the poor and old.

As my 80-year old dad is fond of saying: "your generation is so fucked".

Yes, dad....yes we are. Sometimes I wonder that, when I get to retirement age, if there's going to be anything left to look forward to.

I'm 35....as of right now I am planning on working into my 70's. I won't retire at 55 like my dad did.

I don't know, but I do know that we have witnessed the largest transfer of wealth from the middle-class and poor to the richest of the rich.

I forgot the exact numbers, but the middle-class has lost about 6 trillion dollars of it's net worth while the richest have somehow made about 800 billion dollars....during the pandemic.

I'll see if I can find the article.

I thought payroll taxes disproportionately hit the poor. Isn't Trump giving the working stiff one of the biggest tax cuts he can?

As for how we're going to pay for it......phht. Since when did we care about that? We'll just have the government print more money.

@mrbojangles25: I just had this conversation with my parents, but inversed.

They're of the opinion that SS and Medicare should both be abolished. But not for them, they need it.

They've convinced themselves that they're the ones who are effed despite getting SS now (which they're demanding we forego) and 200k in pensions (which were long ago scrapped for most of us).

That generation is going to be loathed.

@comeonman: Not really. Pay toll taxes fund social security and medicate, so it’s the poor that gets hurt if they get cut.

There's a reason I don't feel ashamed every time some kid goes "OK boomer" lol.

Normally I don't like that kind of indifference, that kind of "Yeah, OK, whatever buddy", but deep down I've experienced too much of the older generations criticisms, consequences, or what have you to not take some pleasure from it :D

People under 40 are trying to save the world while people over 40 are trying to ruin it, and might have already. All they have done since the 1950's is consume, consume, consume.

I'm generalizing, of course; my parents are not like that, but it is how I feel at times. My folks will be dead and buried before the fall of the US occurs, and I'm going to be left here holding my dick in the rain going "Gee, thanks"

Yea, let's abolish payroll taxes and plunge our county into a dark age. F*ck it, let's do it. Bring on fiefdom and cyberpunk dystopias.

IF they get cut. I don't believe they will. Do You?

If there are changes made to SS, it will be means testing. Those that prepare for retirement for themselves, and can get by without SS will be cut off, or get a reduced benefit. Those that will be destitute without SS will still get it.

But now, in the present, a payroll tax holiday is a pretty good break for the wage earner.

Bolded: NO

And I'll explain why. While the limit for payroll taxes are more regressive in nature than income taxes, the nature of the benefits pay out directly to the poor or lower income much better. You're giving them a couple bucks back now while denying them multiples of that later in life. The math doesn't equate.

@HoolaHoopMan:

Same question I asked Chomp. Do you really think SS and Medicare will get cut? If so, why?

@mrbojangles25: Yeah, we're talking demographics. There are of course outliers across the group. Generations are defined by their collective action - what they enable their leaders to do - and the generation can't escape what it's sown by pointing to the outliers.

@comeonman: How could you starve them of funding and not cut them? And you have to claim social security, you don’t just get it I think.

Funding? We just tell the Fed to fund it.

@comeonman: Are you trolling us? Or do you not know how those programs work? The fed already funds them, like they fund everything else........BY TAXING THE PEOPLE!

their are some that aer doing to right thing. but that a small amount

I'm not trolling. Since 2008 I've really begun to question if deficits really matter. It seems as though we can just "print" money, as long as we do it gradually and don't shock the system.

@comeonman: Deficits do matter, as we print more money it devalues the value of the dollar. This makes everything more expensive on top of it costs more to subsidize the debt, which means less for other things or even a deadly default.

People in their 40's weren't even alive in the 50's, dude. I'm 44 and was born in '76. And remember: GenX eschewed consumerism. Remember grunge? It was the Millennials who made consumerism cool again: bling bling AIR?

@br0kenrabbit: I was born in 1980, you got it right. Every generation has been wasteful as ****.

@thegreatchomp: Lol social security. I remember when Regan was elected they said social security was not going to last till the end of the decade and it was all because of republicans. Yet 12 years straight of republican rule and social security was just fine. Democrats need a new set of narratives. I mean every election is the same allegations. I mean they already saying Trump not going to accept the election results when they STILL haven't accepted them.

Fact is a payroll tax cut to give people incentive to actually be at work is going to help social security more then them sitting on their ass at home collecting that extra 600 dollars unemployment. Before the virus the record high employment numbers also helped social security more then the Obama era ever did.

People not working they not paying social security. Do not need a degree in economics to see this. Think for yourselves and quit watching CNN it is making you stupid.

So instead of reducing the amount of tax used to pay the ridiculous amount towards military they want to reduce contributions towards something which actually helps people. That's the most republican thing I have read all day.

Supporters of it will of course state that it's an incentive for people to get a job as if there's a job available for every US citizen....

Well...these are the same people who claim bombing brown countries is protecting our freedom. Yet if you suggest we go after the real problem, Saudi Arabia, OMG shitstorm.

Missed GenX by a year, so sorry dude, you're a millennial forever. Has to burn.

@br0kenrabbit: Nope, I’m gen x. Gen X is typically 1965 to 1980 and Millennial is 1981 to 1996. So I’m Gen X by most people.

Ultimate GenX test: Do you remember when Thriller came out?

@br0kenrabbit: The album? 1982. The song was 1983.

Here is hard one, what two number 1 songs of Michael’s were on albums other than his?

We are the World and....Ben?

Guessing.

@br0kenrabbit: We are the world and say say say. Ben was the on the album of the same name.

I was half right. Could have cheated and Googled, lol.

I remember every guy in school (cept me, I was already rocking a tench coat) wearing those red jackets. And when I say guys I mean boys, cause this was like 2nd grade.

If Trump and co are threatening to cut payroll taxes then why would I think otherwise? You can't cut their revenue without affecting their benefits.

Yeah that's fair. I'm going to be 40 soon enough, I better watch what I say :D

@mrbojangles25: Don’t have kids and you can retire at 55 just fine. You can do a soft retire (working 20hrs a week or less) even earlier than that.

That depends entirely on the person's situation.

You lefties always admit no not watching cnn because they’re fake news, and yet they’re still your number one source for links.

There's information and then there's context, or how it's presented.

Yeah, CNN is super biased, but if they say "X, Y, and Z happened today" then no matter how they spin it, X, Y, and Z probably still actually happened. It's up to the viewer to pick out the truth from the bias and the spin, which unfortunately a lot of people don't bother to do if they're hearing what they want to hear.

It's not fake news, it's skewed news. I use FOX News as a source as well, same attitude towards it. And Politico and The Hill and so on and so forth.

Here ya go

Or do you want it from OANN?

@Sevenizz: Can you add something of value to this, because attacking the source is just weak.

Fox is not accurate though.

Depends on if you're referring to the tv network or the website. I think the latter is all right, but the TV shows are mostly opinionated garbage.

Not trying to say anthing nice about FOX News, mind you, just that it seems a bit harder to lie in print than it does while speaking.

Stupid thing is that this doesn't lessen anybody's tax liability, it just postpones payment, so come next year, you still owe it, if you haven't mistakenly spent it thinking you had extra money.

I myself, I am going to have to contact HR and figure out how I have them deduct from my paycheck what should be taken out so I don't owe it later.

My first thought when I heard about this was "I'm pretty sure he can't legally do that". I doubt he had any idea what the consequences of this were going to be if it could be carried out. It was probably written for him by someone else and he couldn't be bothered to read it since it exceeds his 250 character limit.