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| Tax cut? (Page 1/4) |
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tebailey
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NOV 15, 02:29 PM
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If you think your tax "cut" was great, just wait till you see what the 2021 part of that Republican bill brings you .
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steve308
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NOV 15, 02:40 PM
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Just wait until the socialist party, oops I mean democratic party get inaugurated /:
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tebailey
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NOV 15, 03:36 PM
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| quote | Originally posted by steve308:
Just wait until the socialist party, oops I mean democratic party get inaugurated /: |
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Only IF Georgia goes blue, otherwise your taxes double in 2021 and increase every year to 2027. Nice little surprise that Moscow Mitch put in the tax law.
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maryjane
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NOV 15, 04:39 PM
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Only to collect the payroll taxes that were deferred this year. It was never intended nor presented as a permanent tax 'cut' and was always known to simply be a deferral.
de·fer·ral
/dəˈfərəl/
Learn to pronounce
noun
a postponement of an action or event.
"they agreed to a deferral of industrial action"
| quote | Details of Trump’s Payroll Tax Holiday
Trump’s executive order directs the secretary of the Treasury to defer some payroll tax obligations.
Any employee who is paid less than $4,000 before taxes per biweekly pay period is eligible.
The deferral period is Sept. 1 through Dec. 31, 2020.
Typically, employees and employers each pay half of the total 12.4% Social Security tax due for each worker. But under the executive order, employers may choose to refrain from withholding the 6.2% from employees for Social Security, but must still contribute their own portion for each worker.
The deferred amounts won’t incur penalties or interest, according to Trump’s order.
But guidance released by the IRS on Aug. 28 specifies that deferred payroll taxes must be repaid between Jan. 1, and April 30, 2021. Any tax that isn’t repaid within that window will be subject to interest and penalties. Employers could collect those penalties from their employees if necessary, according to the announcement. |
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https://www.forbes.com/advi...could-be-overturned/
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tebailey
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NOV 15, 06:18 PM
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The tax cut from 2017 ends 2021, that's when your temporary cut ends, however they made sure the $1.5trillion cut for the billionaires was permanent. I was not talking about the referral. You will see a big hike in 2021 thanks to the GOP. Someone has to make up for the cuts to the upper 1% guess who that is?
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maryjane
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NOV 15, 06:31 PM
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| quote | Originally posted by tebailey:
The tax cut from 2017 ends 2021, that's when your temporary cut ends, however they made sure the $1.5trillion cut for the billionaires was permanent. I was not talking about the referral. You will see a big hike in 2021 thanks to the GOP. Someone has to make up for the cuts to the upper 1% guess who that is? |
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Thanks for the clarification. You had put 'cuts' in parenthesis so I was inferring that you were sarcastically referring to the 2019 payroll tax deferring.
I understood the 2017 tax cuts (went into effect 2018) were slated to expire in 2025 but Trump recently wanted to extend them farther than that. No?
https://www.forbes.com/site...ill/?sh=18d3f2a3254d
https://www.accountingtoday...oming-after-election[This message has been edited by maryjane (edited 11-15-2020).]
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randye
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NOV 15, 08:40 PM
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| quote | Originally posted by tebailey:
The tax cut from 2017 ends 2021,
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WRONG
HR1. 2017 actually ends on December 31, 2025 when the cuts revert back to 2017 law.
Moreover, since you have also claimed in this thread that you are not talking about the 2020 income tax deferral, that means that everything that you have alleged in this thread is completely WRONG
[This message has been edited by randye (edited 11-15-2020).]
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olejoedad
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NOV 15, 10:43 PM
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| quote | Originally posted by tebailey:
Only IF Georgia goes blue, otherwise your taxes double in 2021 and increase every year to 2027. Nice little surprise that Moscow Mitch put in the tax law. |
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The Senate cannot modify a bill passed by the House without the House approving the changes.
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blackrams
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NOV 15, 11:34 PM
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| quote | Originally posted by tebailey:
Someone has to make up for the cuts to the upper 1% guess who that is? |
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Gosh, I thought it was to help pay for all the Social Entitlements and free stuff the Democrats came up with buying votes......... 
Rams 
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tebailey
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NOV 16, 01:11 PM
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| quote | Originally posted by blackrams:
Gosh, I thought it was to help pay for all the Social Entitlements and free stuff the Democrats came up with buying votes.........
Rams
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You mean programs that help the working Americans, and not just the billionaires?
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