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Payroll Tax Deferral [Trump Executive Order] 

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In this video I'm explaining the Trump Executive Order for the Payroll Tax Deferral. The deferral portion for employees begins September 1st and ends December 31st.
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2020 ж. 9 Там.

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Travis Sickle
Travis Sickle 2 ай бұрын
Here is the links to everything I covered in the video. If I missed one just comment. www.theincrediblepenny.com/trump-payroll-tax-deferral/
Travis Sickle
Travis Sickle Ай бұрын
It’s optional. Talk with your employer.
rickynewton72
rickynewton72 Ай бұрын
If this already started why is my employer still taking it out?
boondockpaint
boondockpaint 2 ай бұрын
Should I be paying payroll taxes on my ppp loan?
Ray Fiore
Ray Fiore 10 күн бұрын
So if a person were making about 3K/ mo the deferred amount that is added to their paycheck is ~$200/ mo vs the $1600/ mo for someone on unemployment. Is this intended to be punitive because of 'Job Privilege'?
Travis Sickle
Travis Sickle 9 күн бұрын
I hear you.
Ray Fiore
Ray Fiore 9 күн бұрын
@Travis Sickle My hope is that you understand & help others to realize how far we have strayed from the Constitution.
Travis Sickle
Travis Sickle 9 күн бұрын
That’s some deep thought.
Ray Fiore
Ray Fiore 9 күн бұрын
@Travis Sickle We need fewer taxes, not more. The deferred taxes are simply a sword of Damocles hanging over people's heads. Get back to the Constitution and have the Feds run off of the 'Tariff' that was set up to protect American workers & free them from the 'Serfdom' of the 'Dark Ages'.
Travis Sickle
Travis Sickle 10 күн бұрын
There are multiple issues with unemployment but at the end of the day. What could we vote for? More UI tax to boost the system?
Tailled
Tailled 21 күн бұрын
Well it's not working in Alaska.. at least not for my company, Securitas.. a global security company..
Eagle
Eagle 28 күн бұрын
Wish Federal employees had a choice
Alexander
Alexander 28 күн бұрын
And we wonder why the things are so messed up and the time is nigh to repent know jesus if you are not saved man is just moral and sinners on earth.
sam8911sk
sam8911sk Ай бұрын
If Trump wins he said he would continue it over his next term - this would kill Social Security !
Travis Sickle
Travis Sickle 23 күн бұрын
@sam8911sk hmm. Railroad?
sam8911sk
sam8911sk 23 күн бұрын
@Travis Sickle Travis for me it is - I got a stimulus check ( got some short benefit from government adding to dept ) but I work for city government ( we do not pay into SS we have private pension ) so the cost of taking it from general fund hurts me without and benefit ! I also work in SS plan in the past and paid into it - I won't what I put into it when I reach 62/67 !
Travis Sickle
Travis Sickle 25 күн бұрын
It’s no different than the stimulus check.
sam8911sk
sam8911sk Ай бұрын
So you say to make up the loss they will take money out of the general found ? right ! what's another trillion added to the national debt. Again since you made this video Trump said he would continue it into his next term !
The Reeper
The Reeper Ай бұрын
This guy is slanting this info. To simplify.... If your employers participates in this option, the employee can delay having taxes taken from their paycheck so their checks are larger. Then next year, after the pandemic and when things have normalized again, you will pay your 2020 last quarter taxes along with your 2021. It’s a delay in you having to pay your taxes until you have more income. Geeez people..... 🙄
Travis Sickle
Travis Sickle Ай бұрын
Please explain how I'm slanting this info?
Moe S
Moe S Ай бұрын
I don't have a problem with with the guy is saying for the most part, but if you can't say pursuant and rigmarole correctly there's issues. Also, trust me when I say deferring anything for a long period of time is not good.
Travis Sickle
Travis Sickle Ай бұрын
Lol, I’ll work on my annunciations.
SANTUARY
SANTUARY Ай бұрын
7:33 - 100k a year, 2000 a week!!! what's the point if you have to pay it back the beginning of the year!!!!
Travis Sickle
Travis Sickle Ай бұрын
Unless you desperately need it. I can see some who may be behind getting a little relief. But I agree, it’s hard thinking you may have to pay it back.
Canberk Hancan
Canberk Hancan Ай бұрын
Now even the conservatives with so called values don't like him because this country is all about money, zero morals no nothing. Hahaha
Canberk Hancan
Canberk Hancan Ай бұрын
@Travis Sickle well same people also go and vote. In 21st century. Unable to understand corporations choose whoever leads. That's why capitalism is great. 1-2% shepherds and 98-99% sheeples.
Travis Sickle
Travis Sickle Ай бұрын
Media was making people believe it was an attack on social security itself.
Canberk Hancan
Canberk Hancan Ай бұрын
@Travis Sickle unless they happen to watch this pretty informative video of yours with the organ they sit upon instead of the one inside the head, I can't see a reason for them unable to understand that.
Travis Sickle
Travis Sickle Ай бұрын
Most are just totally confused about the payroll tax deferral.
moubear32
moubear32 Ай бұрын
It is September 10 and I have received nothing, I don't make 100k a year??? It might be an executive order but my state or employer whichever the case may be is not abiding by it. My check is the same and I'll report so on my taxes. I'll give it till the end of September though but it doesn't look good.
danny poore
danny poore 22 күн бұрын
moubear32 ahh that makes sense. I think most company’s will opt out of it since the amount isn’t confirmed forgiven
moubear32
moubear32 26 күн бұрын
@danny poore That's a negative good buddy. As of today, which means my company opted out.
moubear32
moubear32 26 күн бұрын
poore that's a negative good buddy. As of today. Which means my company opted out.
moubear32
moubear32 29 күн бұрын
@danny poore We'll see next week, I'll let you know.
danny poore
danny poore 29 күн бұрын
Your pay period may be 8/16 - 8/31 (or dates in August) and the pay day is on September 10th, so September 1st wasn’t paid for yet to u.
Cells Velocity
Cells Velocity Ай бұрын
Great video. I was a little shaky about how it works exactly , but now after seeing this I understand it a lot better. My company is going to decided if we are going take part in it. Thank you great information.
Danny Boy
Danny Boy Ай бұрын
The thing I'm feeling is that once this starts people are not gonna want to go back to paying taxes so when he does get re-elected that's wen he'll get rid of taxes since he might also get rid of the irs
Johnny James
Johnny James Ай бұрын
BS WE WILL STILL PAY THIS BACK. JUST ANOTHER WAY OF HELPING PEOPLE LIKE EMPLOYERS WHO DON’t NEED IT. THESE A, HOLES ALWAYS FIND A WAY TO SCREW US OVER. DON’t believe this crap don’t except the money.
Amanda Lee
Amanda Lee Ай бұрын
Could you explain how this affects the military?!
Michael Mendez
Michael Mendez Ай бұрын
Companies can opt out and make employees still pay. The one I work for has opted out.
moubear32
moubear32 Ай бұрын
I'll bet my company did too because my paycheck is as of right now, still the same. Sad
Jason Brown
Jason Brown Ай бұрын
So someone making 3999 bi-weekly will be getting a much bigger net pay check than someone making 4001?
Travis Sickle
Travis Sickle Ай бұрын
$248 more.
Cyn Moir
Cyn Moir Ай бұрын
This will screw everyone -- young & old! Egregious idea! And if T. decides to make SS a part of the governmental budget-- this will make for a type of "welfare" system based on income. What happens to all the elderly that have paid into SS all their lives & now has to rely on what the government assigns them for income = driving many more into poverty. T. could care less about the people -- obviously. All this would benefit large corporations of the huge payroll taxes they contribute to SS! This is the real reason he wants this -- it'll help him & his 1% cronies to benefit hugely!
Francisco Rojas
Francisco Rojas Ай бұрын
So only 6.2% tax cut? That mean on my 1000$ check after taxes would be around 70$ in savings a week. That much of a difference. So I’m reality it’s not that great of a tax break.
Francisco Rojas
Francisco Rojas Ай бұрын
@Travis Sickle right, but I don’t see 70$ a week being a huge tax break that it was made to be. I mean I can pay it back no problem. But this tax break was made to be like this huge money savings ordeal.
Travis Sickle
Travis Sickle Ай бұрын
That’s $70 x 16 weeks. So it’s $1,120 total.
Al
Al Ай бұрын
Can you explain this but way more simplified
DV Omni
DV Omni Ай бұрын
The combined IQ of the comments is sad to think about. Most of you need to either watch other news outlets or, best of all, do your own “news” research! Wow! Pretty good video Travis👍🏼, thanks. Just for giggles, everyone saying this is bad, remember the treasury is getting ALOT more money because of Trump policies! Individuals aren’t paying as much in taxes either. Do your research and LEARN.
Apples Smokin
Apples Smokin Ай бұрын
@Vicki C EXACTLY...Hopefully soon
Vicki C
Vicki C Ай бұрын
Nesara/Gesara TRUMP 2Q2Q
jesuismieux01
jesuismieux01 Ай бұрын
WTF !!!! IS THIS SERIOUSLY HAPPENING?!!! SO BASICALLY VOTE FOR HIM AND IT WILL BE FORGIVEN OR VOTE HIM OUT AND WE ARE SCREWED AND BIDEN IS LEFT WITH THE BURDEN??? WOW
Ian Ayala
Ian Ayala Ай бұрын
@KYSNGAMING lol that totally makes up for being held hostage to re-elect trump
KYSNGAMING
KYSNGAMING Ай бұрын
I mean he tried to get us another stimulus check but they said no.
Rochelle Amadeo
Rochelle Amadeo Ай бұрын
It's like a temporary share loan to help those businesses and individuals take the squeeze off of lifes economic burdens during this pandemic season. Although in the end you still owe the monies back, its better than nothing? Don't do it unless you know how to manage your finances well. With too many Americans living paycheck to paycheck this will crush you.
Travis Sickle
Travis Sickle Ай бұрын
It’s unfortunate that both sides can’t get behind the forgiveness.
james wheeler
james wheeler Ай бұрын
NO THANK YOU. I will not be doing this. This is not going to help me long term. Maybe a politician short term but NOT ME long term. No thank you.
Lady C
Lady C Ай бұрын
This is not good because you we will be paying double January to April so they can recoup the taxes.
Z Jones
Z Jones Ай бұрын
Employers should simply refuse to participate and withhold tax as normal. It's a bad deal for everybody.
Marcia Simeone
Marcia Simeone Ай бұрын
Ss is a contribution towards a retirrment fund
Marcia Simeone
Marcia Simeone Ай бұрын
Social Security is not a tax is a retirement fund .
Travis Sickle
Travis Sickle Ай бұрын
@Jason Brown Yes, it is a tax.
Jason Brown
Jason Brown Ай бұрын
Unlike electing to NOT contribution to an IRA/401(k) if you willfully fail to pay it you'll be charged with tax evasion. I think that makes it a tax.
Travis Sickle
Travis Sickle Ай бұрын
It’s funded with the social security tax.
Lyann B
Lyann B Ай бұрын
I rather have my normal amount taken and the rest direct desposit to me. I don't want to owe 6.2% when I file next year.
Primping
Primping Ай бұрын
If Trump gets reelected it will be forgiven. I'd rather not risk losing 3 months of my money. Worst thing that will happen is myself and my employer will take a small hit next year and pay more.
jen lewis
jen lewis Ай бұрын
So what happens if we don't withhold the 6.2%, and then all the tax deferrals gets forgiven??? Will the 6.2% be given back to us when we file our 2020 income tax?
Stanley Glover
Stanley Glover Ай бұрын
“ You May have to pay this back...... unless you vote for me. Then hope I don’t lie about a payroll cut!” GTFOH please don’t be so gullible people
MEL OD
MEL OD Ай бұрын
IT'S TRUMPH "CHUMP" CHANGE
grrlinduluth
grrlinduluth Ай бұрын
those that dont pay back wont get any tax refunds-thats how i guess they figure they,ll get the money back no matter what
TheRisingSalas
TheRisingSalas Ай бұрын
Why you quoting these guys. They go one 80 real quick.
Melissa Todd
Melissa Todd Ай бұрын
Wonder this really gonna happen bc I would love to bring my regular full check amount back
Jimmy P
Jimmy P Ай бұрын
It not ideal, but the extra money will definitely help right now.
hollice 1922
hollice 1922 Ай бұрын
@Jonathan Wilkerson why are people not understanding your gonna have to pay this shit back in the long run lol
Jonathan Wilkerson
Jonathan Wilkerson Ай бұрын
It’s gonna screw people in the end, this is a sham and an awful idea.
29kalel
29kalel Ай бұрын
This is how they are going to get this deferment back at the beginning of next year: you will go back to having taxes withheld at normal rate plus what you had deferred for the months of sept-dec 2020 until paid. So 6.2% every paycheck plus another 6.2% on top every month of jan-April 2021
Travis Sickle
Travis Sickle Ай бұрын
29kalel they’ll push to forgive it. Biden will do the same if elected.
29kalel
29kalel Ай бұрын
There is no fucking benefit. I like paying for my Future retirement the way it is now. I don’t want to have to pay higher taxes during tax return time to cover trumps fuck up or have to be hit twice at the beginning of the year for four months when this tax deferment has to be paid back
Doug Still
Doug Still Ай бұрын
Remind us how an INCOME tax deferral helps the victims of COVID-19 who are out of work?? THEY HAVE NO INCOME TO DEFER!! DUH!! This is a completely stupid and reckless idea.
Travis Sickle
Travis Sickle Ай бұрын
Help bridge the gap for those getting back to work. Unemployment was also extended through FEMA.
J. C. B.
J. C. B. Ай бұрын
Trump is making it seem that he is giving you money. But in reality he is giving you a bill to be paid April 15, 2021. This is what we call Voter manipulation.
SLEEPER 972
SLEEPER 972 Ай бұрын
Ty Rou good luck with IRS LOLZ
Ty Rou
Ty Rou Ай бұрын
@SLEEPER 972 I was thinking of calling the IRS
SLEEPER 972
SLEEPER 972 Ай бұрын
backwoodsbully yea call your HR.
backwoodsbully
backwoodsbully Ай бұрын
@SLEEPER 972 Can we opt out??
backwoodsbully
backwoodsbully Ай бұрын
I totally agree with you!! This is all to make him look great. But people need to realize we HAVE to pay these taxes back. Sooner than later.
Santos Rivera
Santos Rivera Ай бұрын
Laugh now/ Cry later.
Don Schmidt
Don Schmidt Ай бұрын
@Santos Rivera Well said.
Esti Luke
Esti Luke Ай бұрын
Exactly....smh
Alexis Arrizon
Alexis Arrizon Ай бұрын
This is going to screw so many people over.
D K E
D K E Ай бұрын
@Travis Sickle taxation is theft. We started a war over a little tax on tea. Now we are taxed like crazy. We need a new war. Burn and loot irs and government buildings!!!!
Travis Sickle
Travis Sickle Ай бұрын
If the payroll isn’t forgiven and someone spent the money they may not be able to pay it back. Also, employers could be on the hook for the money if the employee doesn’t work there anymore.
Division Agent Bailey
Division Agent Bailey Ай бұрын
How? I’m genuinely asking btw
vincent narvaez
vincent narvaez Ай бұрын
We're screwed. These clowns keep jerking this system around and when it crashes the blame game starts but the working man shoulders the heavy load.
Alexander
Alexander 29 күн бұрын
@Zach Carlson go worship your god I am a Democrat I bow down to no one and you should not be so rude in a time like this have some respect son.
Zach Carlson
Zach Carlson 29 күн бұрын
@Alexander hes not taking ss... you need to pay better attention
Alexander
Alexander Ай бұрын
@felix u ok 🤗
felix u
felix u Ай бұрын
@Alexander well, it's plain you are among the legions that do not understand what Trump has done for America. Stop watching the MSM and social media. In the news information category, they do you no favors.
Alexander
Alexander Ай бұрын
@felix u So if he takes social security and Medicare away from people that need it what kind of person with a heart would do that.God says help those less fortunate and you will be blessed I stand by the true word of god.
Jeff Bishop
Jeff Bishop Ай бұрын
Trump said he would permanently eliminate the payroll tax in December effectively defunding social security. This will be an economic calamity for millions of retired and near retirement Americans.
Travis Sickle
Travis Sickle Ай бұрын
He misspoke. He will push to eliminate the payroll tax not withheld and replace those funds with other tax money. It was the only technical way to distribute the money. It’s got little to do with social security.
Terri Wilson
Terri Wilson Ай бұрын
Well explained.
Charlydx21
Charlydx21 Ай бұрын
Question, if the taxes are deferred till Dec 31 like Trump wants. We will have to pay it back next year is what o understand. My question is if, does every citizen filing their taxes have to pay it back or only who currently were working? Like what about those that were layed off not working, do they have to pay it back.
Jimmy P
Jimmy P Ай бұрын
I would imagine, you pay back what was not taken out when working. If your not official employed(I say officially because we all do odd jobs that we don't account for) by an employer, what taxes are there to be paid back? Say that you unemployed right now, but get a job in October, from October to December is the tax you would pay back. That's how I understand it. Though the amout people pay back would be different.
Brian Tep
Brian Tep Ай бұрын
i dont understand how we can spend billions of dollars on defense, but cant afford social security
Travis Sickle
Travis Sickle Ай бұрын
We can afford it. It's a move to just get money in people's pockets. That's it. The social security trust will not change. The money will come from another account. That's what most people miss.
Aengus MacNaughton
Aengus MacNaughton Ай бұрын
And we have just spent over $3 *TRILLION* on COVID-19 relief (more to come) -- where is that getting paid back from?
Meryk Sindrak
Meryk Sindrak Ай бұрын
This is all a ploy to get you to vote for Trump. I know nobody likes paying taxes but he keeps talking about cutting taxes now and after election. So how is he gonna support all the programs that rely on our taxes. The General Fund. What is that? Where does it come from? Bottom line is pay me now or pay me later. Personally I don't want to find out what the pay me later totals up to. Don't fall into this empty pit.
Daniel McCabe
Daniel McCabe Ай бұрын
Incredibly well spoken, no uhms or uhhs. Broken down and deconstructed for the layman, thank you Sir. You managed to keep it from getting political too, I appreciate that.
austenluego
austenluego Ай бұрын
lol. i think its funny how the only video on youtube that actually explains the tax cut without fearmongering also has the least views
Andrei Snowbarger
Andrei Snowbarger Ай бұрын
So this means More money in our paychecks and less taxes taken out, until the end of the year.
MrGpt2010
MrGpt2010 Ай бұрын
Then you owe the taxes next year. For what wasn’t taken out and (I believe but am not sure) a certain percentage tacked on.
Betsy Bird
Betsy Bird Ай бұрын
I hate to say this however if you don't make over 170 thousand a yr and if your not white and your not happy with Trump you can just move to another country. Trump doesn't care for people on pensions or people that have had to use any type of goverment assistance because they don't fit into his America his idea of the perfect American country. This is how I feel about Trump I don't know about anybody else but I'm buckeling up and getting ready for the dissasters to hit. Sad sad rich America.
Betsy Bird
Betsy Bird Ай бұрын
I thought Trump said if you vote for him you don't have to pay the taxes back?
Aengus MacNaughton
Aengus MacNaughton Ай бұрын
Where did you hear or read that? Please send me a link? Hmmmm -- isn't it illegal to buy votes in this country?
Travis Sickle
Travis Sickle Ай бұрын
The payroll tax cuts were for those earning $104k or less. He said if he wins he will fight to get those taxes forgiven. It’s not a presidential power to forgive taxes but he’ll advocate for it.
Betsy Bird
Betsy Bird Ай бұрын
I don't trust Trump to fund Social security. I don't trust Trump period or his rebuplican puppets. I don't even know if demás got enough money to fund all these dissasters and unemployment. What's going on on the hill? Wow even Capitol Hill can't touch Trump. That's scary.
Travis Sickle
Travis Sickle Ай бұрын
If payroll is forgiven it also means the social security trust fund would get additional funding to make up the difference.
James Akers
James Akers Ай бұрын
If companies withhold anyway it is doing nothing but letting these companies gain money by collecting interest and that is not right. If companies do hold this I bet they get hammered by the citizens and take a chance on losing business. I know a lot of people and they are all saying the same thing if these companies hold out and do not give it to the employees then they will no longer shop or use these businesses. They as well as I will call for a boycott on any business that does it. The tax department was saying that this does nothing for the people not working well we say the 600.00 week they was getting was more then a lot of people were making and the people working did not get anything and they also do not have to pay that back where we will so still a long way from being fair about it. Trump and his team did not expect them to try this crap so i also bet he does something else. I also believe he should freeze all prices and not let these businesses keep raising prices on everything and make it retroactive back to when covid 19 started and if person has receipt they should be refunded back to original prices before they started raising everything up. It needs to be about the people from now on not these businesses that take advantage of the public and their employees.
kerryroman305
kerryroman305 Ай бұрын
It is simple math. If you don't pay now, you'll pay later. So they plan to pay Social Security from some other tax. Which had nothing to do with Social Security finding. How ever they use the federal to pay Social Security in the mean time will affect something else. That's the ripple affect. 🤔
Aengus MacNaughton
Aengus MacNaughton Ай бұрын
But that is part of the CARES Act enacted in March -- employers have been allowed to hold the total Social Security and Medicare amounts and do with that what they wish -- as long as they pay the withholding amounts and employer contributions as of 12/31/2020....
Ryan Beasley
Ryan Beasley Ай бұрын
TRUMP 2020
Jody Hughes
Jody Hughes 2 ай бұрын
God damn people are so conditioned by the IRS that you all live in complete fear of it. You all realize we had a war over a small tax on tea? Founding fathers are ass up in their graves. All hail INGSOC. Ignorance is strength. Keep on taking your blue pills
Alan W Chase
Alan W Chase 2 ай бұрын
I'M thinking lots of folks will be in for a rude awakening at tax time when they discover that this isn't free money after all.I heard Larry Kudlow stating that this would be equivalent to another 1200 stimulous🤔.Huh?Saving mine to payback.BTW the President has no authority to eliminate this.
Que Parker
Que Parker 2 ай бұрын
How is this going to help people, if you have to turn around and pay this back around tax time??? This is a joke. Trump is just doing this for votes. And the sad part is, people are not going to look at the bigger picture here. There just going to see the money now. I suggest people put that money aside, because Uncle Sam is going to reach down in your pockets and take it right back.
Charles House
Charles House 2 ай бұрын
This is just trump blowing more smoke out his ass. Trump has no ability to do any of this and it wont happen
Yohan Gosimas
Yohan Gosimas 2 ай бұрын
Iv currently been at work since this whole bs started. Once again I'm screwed. I should of just went unemployed. I'd have made triple what I make now. 100 bucks to my check isn't going to make me feel special. Cause I'm screwed anyway we'll have to pay it back so yeah I'm screwed. Yet again.
Jared Fleming
Jared Fleming Ай бұрын
Jobs are mad that people are leaving cause they could make more on unemployment I worked through the pandemic to maybe the problem isn't people are lazy maybe it's the the problem that jobs are wanting people to work like crazy for very little money,
Skammy5
Skammy5 2 ай бұрын
Now my brain is bleeding....
Viet Nguyen
Viet Nguyen 2 ай бұрын
I'll take a close look between my Aug and Sept tax lines. I think the best case scenario is immediately save the difference in a high yield savings account immediately and see what happens by Dec and tax time. Best case scenario I suppose
Zspun12
Zspun12 2 ай бұрын
There are 3 different taxes taken out 1. Federal 2. Social security 3. Medicare Federal tax is the highest amount of money taken out of your check of the three types of taxes. You didn’t mention the federal tax withholding. Or I missed it. So is the federal tax not considered payroll tax?
Zspun12
Zspun12 2 ай бұрын
Hey thanks for writing me back. I’ve tried to look this up and could not find a clear answer. I appreciate it!!!
Travis Sickle
Travis Sickle 2 ай бұрын
It is not considered payroll.
Leighann
Leighann 2 ай бұрын
Just heard today that, your basically borrowing your own Social Security money (that you paid-into) BUT what the "Fine Print" says Is that you pay it back with your 2020 Taxes. (Overall you will most likely Owe Taxes, next year) Bad Idea, I would not do this 😳🔥👎
Todd M
Todd M Ай бұрын
Nope. what's taken out each pay period for fica will be doubled between Jan 1 and April 30 2021. bigger pay check now, smaller paycheck later. Thanks for nothing Dotard.
Cool Cat
Cool Cat 2 ай бұрын
So when do we see it on our checks ? Lol
Luis Sauceda
Luis Sauceda Ай бұрын
@Aengus MacNaughton yea they sent out a memo to us also that we're not participating in it.
Aengus MacNaughton
Aengus MacNaughton Ай бұрын
@Luis Sauceda -- My company is not doing it. In fact of all my friends/family only the government workers are having it done, and then they have no choice -- but they did get an ALL CAPS memo warning them that it all had to be paid back in 2021! What a nice gift....
Aengus MacNaughton
Aengus MacNaughton Ай бұрын
@Luis Sauceda -- And then keep track of that 6.2% because you have to pay it all back next year!
Luis Sauceda
Luis Sauceda 2 ай бұрын
Sept 1 hopefully
Frogger 251
Frogger 251 2 ай бұрын
Social security will continue to be funded. Chill out.
Frogger 251
Frogger 251 Ай бұрын
Darryl Simpson totally true. Social security will continue to be funded...chill out...
Darryl Simpson
Darryl Simpson Ай бұрын
Trump said it would be funded through the general fund.
Frogger 251
Frogger 251 Ай бұрын
Biden For President well. I hope you’re right. But I doubt it. The payroll tax is a general tax. Argued in the Supreme Court in 1937. Social security is old people stealing from young people. It was sold as a savings account. That’s a myth. No social security will still be funded. Through taxes and printing. It is not politically viable to end social security
Biden For President
Biden For President Ай бұрын
No it won’t, that’s the only funding Social security gets. He also says if re-elected he will end it for good. Even if a Democrat gets back in after 4 1/2 years of being unfunded it can never recover.
Frogger 251
Frogger 251 2 ай бұрын
Social Security is a general tax. There is no social security fund that gets allocated to some vault and or investment vehicle. Money in The United States is fugazi fugahzi whoot in the ether. The only reason we can print and not hyper-inflate is because USD is the reserve currency. See dollar milkshake theory.
gldavis72
gldavis72 2 ай бұрын
I'm confused....if the payroll tax cut affect the social security and Medicare which is already running out how is this a good thing?
gldavis72
gldavis72 2 ай бұрын
Its hard for me personally to trust politicians on both sides....im considered an essential worker...we (essential workers) have been hung out to dry...i get unemployed people needed help...i thought $600 was a little too much...personally I would've just gave them 100% of unemployment instead of a boost...if they lived on it before then they could still do it with the same amount...i don't know the logistics of it but.....i know people that's buying cars,getting their house remodeled amongst other things...i know not all of them..im just speaking on the people I know...all im saying is that all you hear from them is the republicans this and democratics that instead of "we"...you don't hear neither say we as a body of government agree to this for the people of this country...it's all a blame game...grown people can't even agree on what's needed for this country without thinking the other side has an agenda
gldavis72
gldavis72 2 ай бұрын
@Travis Sickle maybe....who knows
Travis Sickle
Travis Sickle 2 ай бұрын
gldavis72 or else pay it back, but I think Biden would forgive it too.
gldavis72
gldavis72 2 ай бұрын
@Travis Sickle I get that...that's not the problem here...you keep saying "if"...as we see...we've been getting "if" and "maybe" for 4 months and if I remember correctly Trump said it would be extended "if" he's re-elected
Travis Sickle
Travis Sickle 2 ай бұрын
gldavis72 it was considered to help boost the economy is the short term. The social security will not be effected either way. It’s just a means to get people money. If they forgive it then it will be because they replaced the money from the general fund.
Carlos Rangel
Carlos Rangel 2 ай бұрын
I have seen a lot of videos in regards the payroll tax deferral but I wonder if people is considering that there are pre-tax deductions and then these taxes, meaning, I am very sure that the 6.2% will be slightly lower than what is being calculated
Travis Sickle
Travis Sickle 2 ай бұрын
No, payroll taxes are on gross income which is before deductions.
josh norton
josh norton 2 ай бұрын
Why does everyone else gets there cuts and the men and woman that are on the front line like my self working through this shit and get no love.... If you're going to cut taxes and give us a little more money till December....DON'T MAKE US PAY IT BACK... GIVE US A BREAK DAMMIT.... IM NOT PAYING SHIT BACK.... that's how I feel..... Trump 2020
dustbustr91
dustbustr91 2 ай бұрын
so instead of politicians stealing ss just cut it! nothing to steal, same net result
MrGpt2010
MrGpt2010 Ай бұрын
What about those like my dad whose looking forward to SS he’s been paying into for 50+ years? Will he get anything back?
jmpopa
jmpopa 2 ай бұрын
Explained well thanks!
Tyrone Tucker
Tyrone Tucker 2 ай бұрын
Taxation is theft and is immoral
Frogger 251
Frogger 251 Ай бұрын
Anne Bergeron you move to Somalia you unread moron. There are plenty of governments involved in Somalia. Our constitution argues a minimalist government and there was no provision for income taxes. See the U.S. Constitution, the Federalist papers, and the Law by Bastiat if you can get through those and still hold your beliefs I’ll buy you Ruth’s chris steak. I mean a gallon of soy
50jakecs
50jakecs Ай бұрын
Troll
Frogger 251
Frogger 251 Ай бұрын
MrGpt2010 you’re right I haven’t argued a point with logic or reason. BLM IS about black lives. There are 112 genders. MSNBC, WAPO are the most trusted names in news..and Joe Biden doesn’t need to debate Trump.
Frogger 251
Frogger 251 Ай бұрын
MrGpt2010 ya you’re trolling or you’re stupid. Either way...
Frogger 251
Frogger 251 Ай бұрын
MrGpt2010 seriously you’re trolling me? Touché sir.
Donna Norris
Donna Norris 2 ай бұрын
They giveth and they taketh away.
George Rady
George Rady 2 ай бұрын
“Trump wants to terminate social security” Didn’t the GOVERNMENT already - terminate - Social Security by stealing all the money outta the “locked box” and stuffing it with IOUs... sure, RINOs aided and abetted... but Trump is the exact Opposite of the GOVERNMENT and he knows the ONLY way to save Social Security AND Medicare (which the Democrats also want to gut you pay for their Government Run Health Care) is to GROW OUR ECONOMY OUT OF $25 trillions in DEBT!
Jon Hester
Jon Hester 2 ай бұрын
my office manger says i dont have the power to withhold my taxes???????????????????? he says its not law?
Aengus MacNaughton
Aengus MacNaughton Ай бұрын
No -- *YOU* do not withhold your taxes -- your employer does.
Optimistically Skeptical
Optimistically Skeptical 2 ай бұрын
You had best keep all your check stubs until you file in 2021, google the issue of "employer witholdings" for your state, or seek legal advice from a CPA or tax attorney, or contact the local District Attorney's office of where you live. The IRS will likely post more information about it on their website sometime in the near future.
MiHiHemi
MiHiHemi 2 ай бұрын
Duh. Those “most in need” are the ones without a job right now.
Kyle Bentley
Kyle Bentley 2 ай бұрын
To everyone crying about social security. Social security has nearly been bankrupted by corrupt politicians and provides a terrible return on investment. You’ve been made to think that only the government can take care of you. We’d all be much better off investing our own money.
Ronald Gardner
Ronald Gardner 2 ай бұрын
Where are you going to invest it and get a return on it certainly not the stock market .
Kyle Bentley
Kyle Bentley 2 ай бұрын
@RyuX23 the people you mentioned that have paid into social security there entire life and rely on it should not be effected by this deferal or any change ever. Because they have paid into social security there entire lives there money should have already made them enough money on inflation alone to sustain them until the end of there life. This notion that we must all constantly pay into social security forever to keep other people afloat comes across to me as a pyramid scheme. Clearly peoples money is not being invested or handled correctly if someone puts there money away there entire life and has to rely on others for them to draw a check. Youd be more secure throwing your money into the worst 401k you can possibly find compared to social security which has nearly been bankrupted thanks to corrupt politicians who cannot manage money.
dustbustr91
dustbustr91 2 ай бұрын
RyuX23 the reason most people CANNOT work is because they are given the choice not to. if they actually had no choice but to “find a way to survive” they sure as hell would. im sick of seeing freeloaders get free dr visit, drugs, and food,. all that shit turn into spending money for tatoos, suburbans, and piercings.
Travis Sickle
Travis Sickle 2 ай бұрын
It should be an optional insurance program. However, I do understand the inherent problem of people not saving or having insurance.
Travis Sickle
Travis Sickle 2 ай бұрын
That’s a great point. I was going to do the math. It’s not even close. It’s a terrible return.
Matthew Lemmers
Matthew Lemmers 2 ай бұрын
It's still a crock of shit though, granted I am working right now and don't need this. We all know if they truly wanted to help us out they would temporarily stop taking federal tax. But we all know they gotta keep paying them to play golf
Doug Dimmadome
Doug Dimmadome 2 ай бұрын
Thanks a ton for the upload man. I'm not very rounded when it comes to these subjects and this really cleared a lot of things up for me.
Bill Deem
Bill Deem 2 ай бұрын
7.65%
Travis Sickle
Travis Sickle 2 ай бұрын
?
Jay Kundalini
Jay Kundalini 2 ай бұрын
Did you purposely leave out the bottom line, that stated he directed the Treasury to implement a Tax Forgiveness plan? No. You won't have to pay it back. Finding the money to fund these programs is EASY. Simply divert the funds being used for Chemical Trails, HAARP, 5G, and any other program that's used against the population. Government uses OUR tax dollars to empower themselves, and enslave US. Less money to them is ALWAYS a good thing. It's YOUR money, not theirs.
Aengus MacNaughton
Aengus MacNaughton Ай бұрын
The president and the Sec of Treasury *CANNOT* forgive taxes owed -- only congress can do that, take a look at who controls taxation per the Constitution and amendments.
Betsy Bird
Betsy Bird Ай бұрын
You don't pay it back maybe if you vote for him
E Randco
E Randco 2 ай бұрын
Really doubt it gets forgiven. Don’t count your chickens before they hatch.
Enrique
Enrique 2 ай бұрын
All this sounds like doing my taxes next year will be complicated and painful ..
Enrique
Enrique 2 ай бұрын
Get that 6.2% and put it into an account that will earn interest. Or am I crazy
felix u
felix u Ай бұрын
No, you're not crazy. That's the smart move, and probably one of the reasons you don't have to wait on the govt trough.
Travis Sickle
Travis Sickle Ай бұрын
Which makes no sense. They just need to negotiate who came up with the plan and everyone will be happy.
Travis Sickle
Travis Sickle Ай бұрын
That’s a testament to Fiancial education.
Travis Sickle
Travis Sickle Ай бұрын
I don’t think you’re crazy at all. It’s smart to do it if you’re not needing the money.
Deshaun Wataon
Deshaun Wataon Ай бұрын
@dustbustr91 i agree i don't support any president but trump could give 15 thousand to every American tax free and they will still find something wrong with it.
Enrique
Enrique 2 ай бұрын
How the fuck does this help anyone? If its deferred all that means is that we have to pay that back eventually.
Travis Sickle
Travis Sickle 2 ай бұрын
Enrique Trump couldn’t do it any other way. He also said he would push legislation to forgive it. And it’s likely Biden would do the same. It’s not the best solution but not many options.
JULiA BLiSS
JULiA BLiSS 2 ай бұрын
We own a business and were SO relieved for the promise of the payroll tax relief!!! But??? It sounds like it needs to be paid back?? Thoughts? Anyone, please explain. Thank you 🙏🙏
Don Schmidt
Don Schmidt Ай бұрын
Travis Sickle Are you going to COUNT on that?!? I as sure as hell won’t.
Travis Sickle
Travis Sickle 2 ай бұрын
JULiA BLiSS I agree it is a big but...in my opinion it will get forgiven but since it’s not in writing this would be an absolute last resort.
DYNAMO ME
DYNAMO ME 2 ай бұрын
To me. This just illustrates how all of the Entitlements are choking the life out of the Economy.
Thystaff Thywill
Thystaff Thywill 2 ай бұрын
Welfare shouldn't exist. America now has 3 generations of people who never worked and only collected welfare. You or I shouldn't be held to accountable to supplement other people's income.
Stephen
Stephen 2 ай бұрын
I am a idiot and I understood it thank. 😎
Travis Sickle
Travis Sickle 2 ай бұрын
Genius, that’s what you are. 😎
Enrique Pasos
Enrique Pasos 2 ай бұрын
Thanks! Great explanation
Calibur E0S
Calibur E0S 2 ай бұрын
Nice explanation thanks.
xeriscape 1
xeriscape 1 2 ай бұрын
This is such a cluster $&@!. i don’t see business changing withholding schedules if there is a chance of the money having repay. With regard of permanent changes to payroll, where is the fed going to come up to fund SS when when we have ran budget deficits for quite some time and will likely continue to. Taking away a dedicated funding stream for thinly balanced program and replacing it with money from thin air is foolish.
Kyle Bentley
Kyle Bentley 2 ай бұрын
Social security has nearly been bankrupted by corrupt politicians and it also provides a terrible return on investment. Youve been made to think that only the government can take care of you, when in fact, we’d all be much better off investing our own money.
Travis Sickle
Travis Sickle 2 ай бұрын
xeriscape 1 I agree, but conceptually it’s no different than writing stimulus checks. He doesn’t have the power to do that so this was next best thing.
Josh
Josh 2 ай бұрын
I use to work for the IRS federal one not the state. I will be sending in my tax payments lol 😂 it is not worth owing it is such a pain owing I will just keep it as is hopefully they let people choose whether they want to opt in or out.
Aengus MacNaughton
Aengus MacNaughton Ай бұрын
Interesting -- as far as I know in our country there is only one IRS -- not an IRS for each state. States collect taxes, but I'm pretty sure that none of the state tax agencies are called "IRS"....
Aengus MacNaughton
Aengus MacNaughton Ай бұрын
@Golf Nut -- The president does not have the power to forgive taxes owed -- nor does the Sec of Treasury -- only congress.
Travis Sickle
Travis Sickle 2 ай бұрын
100% agree.
Golf Nut
Golf Nut 2 ай бұрын
The only problem with that position is Trump says he will forgive the amounts deferred. My concern comes from the business side. If we do NOT deduct the money from employee payroll, what happens when the bill comes due? Will we have employees working for nothing, because we have to deduct all of the previously deferred taxes? What happens if employees leave the company?
Erica Locke
Erica Locke 2 ай бұрын
You explained this so well, thank you!
Jack
Jack 2 ай бұрын
So, come 1 Step should we, employer , simply keep paying payroll and employees as well? I am already in an argument with my CPA over PPP loan and deferring our payroll tax. She says we have to pay now and we read the 5 June act amendment says we can defer even if we are forgiven or not. Those PPP checks are a heck of a lot of payroll we owe now. I recommended to get this PPP loan forgiven asap and go back to continue to make payroll tax payments except the Mar thru Aug Sep when we estimate our loan is forgiven. This whole Cares act is getting to be a payroll nightmare. We will continue to plan on the original PPP loan plan funding plus 60. After that resume business as usual, pay payroll taxes as usual. PPP loan helped but having to employ everyone and give out all these payroll checks means we need to fork over the funds to pay the employer portion. If sales remain low then the money you receive goes to pay the payroll, sometimes the cost you would normally accumulate is offset by the loan money but one the money runs out you must rely on sales/ services again so back to square 1. For example Apr thru June, most of Apr thru may 1 business closed and the other continued. Paying full time we already have a 4,000 tax bill that our CPA says we can't defer because we didn't elect that option when getting the loan. ??? I never read anything in the application that you had to initial a box stating you would defer or not. Then again once we got the loan, 1 May, everything about it changed from the 60 day to 70/30 to 60/40, etc... The only thing I can think of is initially we could not defer but after 5 June PPPFA it said we could and many accountant CPA types are not keeping up to date on the laws like you, JJ, and the others. So TY
JR Quinn
JR Quinn 2 ай бұрын
It looks like this memo is worded in a mafia style loan shark kind of way. The president did state that if re elected he "may" once again the word "may" forgive the deferral. He made this a political loan to the taxpayers, with no guarantee of forgiveness. It is unfortunate that most people will think that this will be free money with no strings attached.
Aengus MacNaughton
Aengus MacNaughton Ай бұрын
The president nor the Sec of the Treasury can forgive taxes owed -- only congress. Do you seriously see that happening?
Travis Sickle
Travis Sickle 2 ай бұрын
I 100% agree but if enough people are negatively effected I’ll bet it gets forgiven. But I’m not taking the money either.
Thystaff Thywill
Thystaff Thywill 2 ай бұрын
The fiat money you use is just a promissory note with no backing. We live under a fictitious money system anyway. Which means we're all working for something that can be worthless tomorrow.
Justin
Justin 2 ай бұрын
Hey Travis, thanks for an unbias approach and explanation to this EO. My wife and I were discussing some future objectives and neither one of us could make heads or tails of it out of the news. Thanks, youtube!
5 Time
5 Time 2 ай бұрын
Could u make a 2 or 3 min video with the jist of what this means like put it in layman’s terms thanks man
Keith W
Keith W 2 ай бұрын
Big Question: What happens to those who make over $104,000. For example, employee 1 makes $4,000 bi-weekly and gets the deferral and possible forgiveness. Will an employee 2, who makes $4,100 bi-weekly, be denied the deferral and possible forgiveness on their entire earning, or be denied only on the extra $100?
Enrique
Enrique 2 ай бұрын
If you make 100k + count your blessings and be thankful you make that much.
Bradley H
Bradley H 2 ай бұрын
I have the same question. Seems harsh to cut off those Americans that earn slightly more and pay the progressive tax. SS taxes are cut off around $137K anyway. The 104K cutoff is arbitrary. Only reason I can think is to appease lower wage earners, who might get offended if higher wage earners get their taxes back also. It would make most sense to apply the payroll tax holiday up to the first 100K. Or just don't do anything at all and leave the SS fund alone since it is very important to our society.
Jared Montgomery
Jared Montgomery 2 ай бұрын
Thank you this was very informative. Keep up the good work
J G
J G 2 ай бұрын
Thank you for the straight-forward and professional explanation and your timeliness...and avoiding political hate speech.
Crystal GK
Crystal GK Ай бұрын
I second that. Being able to be so informative while leaving any political bias out is a skill I appreciate. Thanks!
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