'Wage theft': Treasury signals millions of workers will earn less in 2021 under Trump's payroll tax

[Nevilledog]

https://www.alternet.org/2020/08/wage-theft-treasury-signals-millions-of-workers-will-earn-less-in-2021-under-trumps-payroll-tax-deferral/

Days after the payroll processor for the federal government—one of the nation’s largest employers—announced it would implement President Donald Trump’s plan to defer payroll taxes for the rest of 2020, the U.S. Treasury Department indicated that employers will be responsible for paying the deferred taxes next year.

The plan is scheduled to go into effect September 1, and companies that take part will be required to collect the taxes their employees owe from the last four months of this year at the beginning of 2021—after the general election, which Trump hopes to win with claims that he’s strengthened the economy and helped workers.

The Friday announcement from the Treasury Department could mean that millions of workers will see smaller paychecks and larger tax bills in 2021, the Washington Post reported.

Link to tweet

*snip*

[Freddie]

1. I'm a payroll admin

What a nightmare for me (besides this being a really stupid idea). Waiting for guidance from my corporate masters. Ugh.

[lostnfound]

5. How does this work for people laid off in November or December?

[Freddie]

9. If they're not getting a paycheck it won't affect them

FICA and Medicare are not withheld from unemployment compensation.

[2naSalit]

2. So that info needs to be spread far and wide.

[dalton99a]

3. Kick

[ZenDem]

4. He figures Americans are idiots

And, a lot of us are.

This will make him look like a rockstar to the uninformed morons that blindly follow him and those that are too lazy to do the research. Just in time for the election.

After the election? He doesn't give a shit what anyone thinks of him. If he's reelected, he'll blame the mess on the Dems come January. If he loses, he won't care.

I hate this fucker.

[Roland99]

6. Can we opt out of this? I do NOT want my FICA taxes deferred!

[ProfessorGAC]

12. Many Companies Won't Do It

The US Chamber Of Commerce, the American Chemical Council, and the National Manufacturers' Association are recommending against their member firms following this plan.
They're telling members to just withhold & send the money to SSA as normal.
So, I'm not sure that it's going to be the mass initiative PINO wants it to be.
Those 3 groups represent more than $2 trillion in revenue, all at less than the final stage of consumption. So, maybe 15% of GDP.
If their members don't do it, it's likely many others won't either.

[LuckyCharms]

7. So this means that employees should just set aside...

any pay increase due to the payroll tax cut, because it will just have to be paid back next year? Do I have this right?

[FoxNewsSucks]

8. That's right.

And remember, the average dumb American will blame next year's "tax increase" on Biden. By April 15, they'll have forgotten all of this.

If MF45 wins, he'll blame Pelosi for not making it a permanent cut.

[Bayard]

10. "a double tax (and a pay cut) in 2021"

One more legacy he will hand off to Biden that will have to be cleaned up, while repuglicans yell,--its a Dem tax increase!

[Yo_Mama_Been_Loggin]

11. I other words

Trump is giving the average American a swift kick in the ass