Federal Tax Holiday by JEWELSTAITEFAN

REAL WORLD EVENT DISCUSSIONS

Federal Tax Holiday

POSTED BY: JEWELSTAITEFAN
UPDATED: Tuesday, September 22, 2020 18:55
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Monday, August 10, 2020 4:53 PM

I don't recall this ever happening before.

But on Saturday Trump signed 4 Executive Orders, under the provisions of the Stafford Act.

This was after Democraps held America Hostage, insisting on punishing honest American Citizens by refusing to pass any Aid Bills.

One of them extended the Unemployment Insurance payments, but at stated $400 per week instead of the claimed $600 per week (for 3 months, 3 weeks). This is backdated to when the first one expired.

Another of them declares a Federal Payroll Tax Holiday. I had thouhght it was starting 1 September, but I heard it actually was retroactive to start 1 August.

At the basic level, this is interesting because $600 per week with full taxation resulted in round $400 - 450 after taxes, as long as a person avoided work (employment). As intended by Dems, this was a disincentive to work - because it paid as much as working 40 hours at $15/hr.
But now with the employee portion of the Payroll Taxes eliminated, $400 could actually mean $400 in "take-home" amount - for those who cannot find work. But for those who can work, and earn only $500 per week, they could be actually getting $500 in take-home pay (instead of the $350-400 that they have been getting in take-home). This is an incentive to work, and a reward for those who have been braving the forces against them and geting the work done.

But some of the details could be interesting.

Sounds like all Federal level payroll Taxes could be suspended. Soc Sec? Medicare?

But not only the employee's portion of the Fed Taxes withheld would be suspended, but also the Employer's portion, which is equal to the employee's portion, but almost no Americans get to ever see. So, would the employer just pocket this amount (as profit)? Or would they ADD it to the already full-pay level on the pay stub, perhaps listing it as a "rebate" from the Tax Holiday?

Has this ever happened before?

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Tuesday, September 22, 2020 6:55 PM

JEWELSTAITEFAN

Anybody noticed your checks are larger?

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