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Thu Mar 26, 2020, 12:08 PM

So, the payroll tax cut is still in the rescue bill. "Fun second term project..."

Section 2302 of the nearly 900-page legislation would let companies defer until next year their payment of the employer payroll tax, one of the primary funding mechanisms for Social Security. The bill would require that companies pay 50% of their owed 2020 payroll taxes by December 31, 2021.

While the section has thus far received little media attention, advocacy group Social Security Works said the language authorizes an “insidious attack” on the New Deal-era program and must be stripped out before final passage.

The House is expected to vote on the bill as early as Friday.

https://www.rawstory.com/2020/03/house-democrats-urged-to-remove-insidious-attack-on-social-security-hidden-within-senate-coronavirus-bill/

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Reply So, the payroll tax cut is still in the rescue bill. "Fun second term project..." (Original post)
Miles Archer Mar 26 OP
dchill Mar 26 #1
mindem Mar 26 #2
jimfields33 Mar 26 #6
Hoyt Mar 26 #3
Native Mar 26 #5
PSPS Mar 26 #4
customerserviceguy Mar 26 #7

Response to Miles Archer (Original post)

Thu Mar 26, 2020, 12:12 PM

1. K&R.

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Response to Miles Archer (Original post)

Thu Mar 26, 2020, 12:14 PM

2. This pisses me off in a very major way.

Dems need to fix this now!! We should be fighting to shore up and grow social security not give up ground. Wake the fuck up!!!

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Response to mindem (Reply #2)

Thu Mar 26, 2020, 12:45 PM

6. Nancy already said it's passing in a bipartisan vote tomorrow

She’d never say that if not for sure.

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Response to Miles Archer (Original post)

Thu Mar 26, 2020, 12:19 PM

3. This article is absolute BS.

The other way struggling corporations -- big and small -- can avoid paying their share of Social Security tax is to fire your ass.

The Stimulus attempts to remove that incentive by providing a LOAN to companies -- big and small -- for a year or two to help them with cash flow. They have to pay it back, and it doesn't impact Social Security.

I prefer the latter alternative to canning our butts. So-called "progressives" are wrong on this one.

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Response to Hoyt (Reply #3)

Thu Mar 26, 2020, 12:28 PM

5. I agree, it's a deferment, not a hand-out. Small businesses are being hammered - they need this!

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Response to Miles Archer (Original post)

Thu Mar 26, 2020, 12:27 PM

4. This was already posted and the charlatan who wrote the rawstory piece is an illiterate idiot.

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Response to Miles Archer (Original post)

Thu Mar 26, 2020, 01:15 PM

7. Well, my definition

of the word "defer" simply means that payment of the employer payroll tax can be postponed. It's just an interest-free loan, that's all. And with interest rates being as low as they are, it's not that much of a giveaway.

Will it strain Social Security? Possibly, but the System's more immediate problem is the loss of revenues from mass layoffs. Unemployment compensation is not subject to FICA tax.

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