General Discussion
Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsSo, the payroll tax cut is still in the rescue bill. "Fun second term project..."
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/
dchill
(38,567 posts)mindem
(1,580 posts)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!!!
jimfields33
(16,032 posts)Shed never say that if not for sure.
Hoyt
(54,770 posts)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.
Native
(5,943 posts)PSPS
(13,622 posts)customerserviceguy
(25,183 posts)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.