Trump Just Admitted on Live Television He Will 'Terminate' Social Security and Medicare If Reelected

hislegacy

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From the wording of the actual executive order:

Sec. 2. Deferring Certain Payroll Tax Obligations. The Secretary of the Treasury is hereby directed to use his authority pursuant to 26 U.S.C. 7508A to defer the withholding, deposit, and payment of the tax imposed by 26 U.S.C. 3101(a), and so much of the tax imposed by 26 U.S.C. 3201 as is attributable to the rate in effect under 26 U.S.C. 3101(a), on wages or compensation, as applicable, paid during the period of September 1, 2020, through December 31, 2020, subject to the following conditions:

There is zero reference to SSI. Or Medicare

Memorandum on Deferring Payroll Tax Obligations in Light of the Ongoing COVID-19 Disaster | The White House

All this would be moot if the Congress, led by Nancy Pelosi would do something beyond pushing their agenda.
 
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hedrick

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All this would be moot if the Congress, led by Nancy Pelosi would do something beyond pushing their agenda.
Congress passed a bill long ago. The Senate wasted its time negotiating between Senate Republicans and Trump, only starting to talk with Democrats when it was too late. And it appears likely the Trump will veto a compromise.
 
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hedrick

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From the wording of the actual executive order:

Sec. 2. Deferring Certain Payroll Tax Obligations. The Secretary of the Treasury is hereby directed to use his authority pursuant to 26 U.S.C. 7508A to defer the withholding, deposit, and payment of the tax imposed by 26 U.S.C. 3101(a), and so much of the tax imposed by 26 U.S.C. 3201 as is attributable to the rate in effect under 26 U.S.C. 3101(a), on wages or compensation, as applicable, paid during the period of September 1, 2020, through December 31, 2020, subject to the following conditions:

There is zero reference to SSI. Or Medicare

Memorandum on Deferring Payroll Tax Obligations in Light of the Ongoing COVID-19 Disaster | The White House

All this would be moot if the Congress, led by Nancy Pelosi would do something beyond pushing their agenda.
Please look at 26 U.S.C. 3101(a),
26 U.S. Code § 3101 - Rate of tax

Income tax withholding is a different section not mentioned in the order.That's why all news reports talk about SS and Medicare, not income tax.
 
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hislegacy

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Hank77

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View attachment 282517


It is as easy as looking at your paystub. The President is eliminating box 2. Federal Tax. He said zero, nothing about Box 4

FEDERAL INCOME TAX. Not Social Security tax, not Medicare tax. Three different items.

being informed helps fight the misinformation.
Payroll Taxes vs. Income Taxes
Payroll taxes, which are used to fund specific programs, are distinct from income taxes. Individuals are taxed at both the federal and state levels. In some cases, municipalities may also impose local taxes. Income taxes are put into the government's general fund at the U.S. Treasury. While everyone pays a flat payroll tax, income taxes are progressive which means rates vary based on an individual's earnings. State income tax, if applicable, goes into the state's treasury.
Payroll Tax

§3101. Rate of tax
(a) Old-age, survivors, and disability insurance
In addition to other taxes, there is hereby imposed on the income of every individual a tax equal to 6.2 percent of the wages (as defined in section 3121(a)) received by the individual with respect to employment (as defined in section 3121(b)).

(b) Hospital insurance
(1) In general

In addition to the tax imposed by the preceding subsection, there is hereby imposed on the income of every individual a tax equal to 1.45 percent of the wages (as defined in section 3121(a)) received by him with respect to employment (as defined in section 3121(b)).
 
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disciple Clint

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How does $400 rather than $600 help the working class more?

The whole thing was a stunt. The Republicans wanted to be tight so Trump can come to the rescue. Except the need of the country go unmet in the process.
Well would you rather have $400 per week or nothing? It was the Dems who refused to negotiate but that has changed overnight, imagine that, all of a sudden they want to be reasonable and not hold the well being of the public hostage to get money to bail out Dem run cities who were mismanaged for years.
 
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ItIsFinished!

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This needs to go viral. Get advertised heavily by the Lincoln Project.

Next time a senior friend Trump's on me I'll ask them which homeless shelter they plan on moving to when they don't have Social Security. That should shut them up.
Little histrionic wouldn't you say...
 
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Fantine

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My Trumpy friend has a summer home. She won't be out on the street. The average person lives on $1500 a month from Social Security.

I won't be out on the street either. But I will carry the banner for seniors who are too manipulated and duped to protect themselves. They are my generation, and if they are in mental decline and unable to look out for their interests tgey need advocates.
 
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Akita Suggagaki

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Well would you rather have $400 per week or nothing? It was the Dems who refused to negotiate but that has changed overnight, imagine that, all of a sudden they want to be reasonable and not hold the well being of the public hostage to get money to bail out Dem run cities who were mismanaged for years.

You and most of the country need to stop thinking in that "us and them" extremism. So it was only the Dems who would not compromise? Really?
 
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Arc F1

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Nancy is all for the payroll tax cuts. She must really hate America.

"[Payroll tax cuts] are necessary because our economy and our people need this boost. For individual families, 160 million American families, this will be a boost. From a macroeconomic standpoint, the demand is injected into the economy, will spend this money, will be a job creator"
 
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hislegacy

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Republican wants to cut social security - had a familiar ring to it.

Guess what?! EVERY Republican President and Presidential candidate has been accused of the same thing. Every four years

George Bush -
Social Security’s cruelest cut

Ronald Reagan and the Great Social Security Heist

I think it is in someones playbook and day planner for election years.
 
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jgarden

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From the wording of the actual executive order:

Sec. 2. Deferring Certain Payroll Tax Obligations. The Secretary of the Treasury is hereby directed to use his authority pursuant to 26 U.S.C. 7508A to defer the withholding, deposit, and payment of the tax imposed by 26 U.S.C. 3101(a), and so much of the tax imposed by 26 U.S.C. 3201 as is attributable to the rate in effect under 26 U.S.C. 3101(a), on wages or compensation, as applicable, paid during the period of September 1, 2020, through December 31, 2020, subject to the following conditions:

There is zero reference to SSI. Or Medicare

Memorandum on Deferring Payroll Tax Obligations in Light of the Ongoing COVID-19 Disaster | The White House

All this would be moot if the Congress, led by Nancy Pelosi would do something beyond pushing their agenda.
Given that payroll taxes are the primary financial source for the funding of Medicare and Social Security, perhaps "hislegacy" would care to enlighten us to what are the alternative sources of income that the White House intends to use to fund these financial shortfalls!

"Payroll taxes" are usually withheld by the employer, and given its "deferred" status and this President's current standing in the polls, most companies will chose to just sit on the money rather than pass any tax cuts on to their employees! - the net result is that nobody benefits because "deferred" means that it may have to be repaid!
 
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hedrick

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Obviously responsibility for SS would move to general funding. It wouldn't lead to immediate termination of SS. However SS has long-term funding issues. I think removing the dedicated funding would make it more likely that later cuts would be made when we finally get to dealing with SS funding. Perhaps raising retirement age or not keeping up with inflation.
 
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jgarden

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Maryland GOP Gov. Larry Hogan Blasts Trump For ... - Forbes
www.forbes.com › sites › jackbrewster › 2020/07/16

Jul 16, 2020 - Larry Hogan (R-Md.) wrote in a Washington Post op-ed. ... All Billionaires · World's Billionaires · Forbes 400 · America's Richest Self-Made Women · China's ... Larry Hogan Blasts Trump For Coronavirus Response ... more concerned about boosting the stock market or his reelection plans,” Hogan writes.
Missing: $400 ‎| Must include: $400

States strain to carry out Trump order on unemployment aid
www.wsls.com › news › politics › 2020/08/10 › states-...

2 days ago - States are having to consider whether they can afford a plan from President Donald Trump to extend additional unemployment benefits, The plan ... Tags: Mike DeWine, Donald Trump, Larry Kudlow, Tom Wolf, Government, Larry Hogan, ... The order extends additional unemployment payments of $400 a ...
States on the hook for billions under Trump's plan
www.mercurynews.com › states-on-the-hook-for-billio...

1 day ago - But under Trump's plan, the $400 a week requires a state to commit to ... Larry Hogan, said in an email that “we will wait on new guidance from ...

States on hook for billions under Donald Trump's ...
www.pennlive.com › nation-world › 2020/08 › states-o...

2 days ago - But under Trump's plan, the $400 a week requires a state to commit to ... Larry Hogan, said in an email that “we will wait on new guidance from ...

State officials question how they can afford additional ...
chicago.suntimes.com › coronavirus › state-officials-qu...

1 day ago - But under Trump's plan, the $400 a week requires a state to commit to ... Larry Hogan, said in an email that “we will wait on new guidance from ...
States on hook for billions under Trump unemployment plan ...
www.nujournal.com › coronavirus › 2020/08/10 › state...

2 days ago - But under Trump's plan, the $400 a week requires a state to commit to ... Larry Hogan, said in an email that “we will wait on new guidance from ...

States on hook for billions under President Trump's ...
www.dakotanewsnow.com › 2020/08/10 › states-on-hook...

2 days ago - But under Trump's plan, the $400 a week requires a state to commit to ... Larry Hogan, said in an email that "we will wait on new guidance from ...
*******************************************************************************************************************************************

Neither of this President's "rescue plans" will have the intended results because both were rolled out without consulting the parties involved!

1) Given that the status of the payroll tax deferment is unclear and dependent on Trump's re-election, companies will still collect and sit on the money instead of passing it back to their employees - unsure as to whether it will be considered a deferment or a grant!

2) Given that the Senate Republicans refusal to provide additional funds to the states to offset their expenses combating the Pandemic, Governors were never consulted concerning the $ billions required as their proposed financial $100 commitment to this President's $400 plan!
The net result is that if Governors don't sign on to this hybrid rescue plan for which they never budgeted and requiring $ billions that they don't have, their states will not be allowed to participate - punishing those individual Americans who are already desperate for assistance!

Given the total lack of forethought and negotiation behind either plan, one can only assume that they were only intended to serve as a cruel, political hoax - designed to allow this President to once again abdicate his responsibilities by shifting the blame onto somebody else's shoulders!
 
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