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Subject:  Payroll Taxes.

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Spudley (Scott)

Alaska

The GOP's latest attack on Social Security and Medicare. I guess all of us seniors will just have to suck it up and move in with the kids. And when we get sick just pull the plug. Are there no bounds to their indifference.

8/13/2020 3:07:40 PM

Andy H

Brooklyn Corner, Nova Scotia

I may be a bit ignorant on the subject, so I apologize, doesn’t the payroll tax fund social security?

8/13/2020 6:50:23 PM

Spudley (Scott)

Alaska

Social Security is financed through a dedicated payroll tax. Employers and employees each pay 6.2 percent of wages up to the taxable maximum of $137,700 (in 2020), while the self-employed pay 12.4 percent.

8/13/2020 7:53:16 PM

Spudley (Scott)

Alaska

Funding for Medicare comes primarily from general revenues, payroll tax revenues, and premiums paid by beneficiaries. ... Part A, the Hospital Insurance (HI) trust fund, is financed primarily through a dedicated payroll tax of 2.9 percent of earnings paid by employers and their employees (1.45 percent each).Mar 20, 2015

8/13/2020 7:54:13 PM

Andy H

Brooklyn Corner, Nova Scotia

I’m going to pull an Iowegian. Why aren’t people exploiting this, I would think the right would be all over this. No, he doesn’t mean that he means this. If he goes through with it, via executive order, how will social security be funded? I have many American friends on both sides, this doesn’t seem to me to be in their best interest.

8/13/2020 9:13:12 PM

Iowegian

Anamosa, IA BPIowegian@aol.com

Is this what you call pulling an Andy?

There has been a precedent set for attacking Social Security by rolling back payroll taxes. Obama did it, the first year of his 3 year federal employee pay freeze.Hard to forget that one, as it was the only time .in a 30 year career that I did not get a cost of living raise, The payroll tax cut just about equaled the increase in the federal health insurance premium so I didn't see a net pay cut. The following year, when the tax came back and insurance premiums went up, I had a significant cut in take home pay. The following year was my last before I retired and of course, insurance premiums went up again.. My pension is based on my top 3 years earnings, so that pay freeze cut my pension for the rest of my life.

So you see, I have no warm fuzzy feelings for democrats any more. They don't give hoot about working and retired Americans. All they want is power.

Don't go and say Trump is doing something new and dangerous. It is just what Obama did. Democrats should be applauding him for following Obama's example.

And when it comes to federal health insurance, premiums went up every year I worked and all but one year into retirement. One year I actually saw a small cut, and the next year the increase was very small. And guess who was President? Trump.

So who do you think that I would trust more?

8/13/2020 10:01:30 PM

Andy H

Brooklyn Corner, Nova Scotia

That's a lot to sift through. You were negatively affected by the payroll tax cut under the Obama administration, just yesterday I heard Trump say he would terminate the payroll tax, not cut. Maybe he means a deferral, nonetheless, would that not negatively affect others that were in your situation.
I won't pretend to know the ins and outs of the payroll tax and how it will affect social security and healthcare but to my point, if it was unpopular under Obama, shouldn't it be as unpopular under Trump?
I didn't say that Trump is doing something new or dangerous, you threw that against the wall to see if it would stick.

8/14/2020 7:25:26 AM

Andy H

Brooklyn Corner, Nova Scotia

2020 can't be over soon enough for me. I turned the TV on just in time to hear Pence say" we won't let Joe Biden or Kamala Harris cut our meat"! Payroll cut or meat cut, cripes.

8/14/2020 9:38:57 AM

Marv!

Trump University

Exactly how is Biden going to take away my meat? This may be getting serious!

8/14/2020 12:31:10 PM

Spudley (Scott)

Alaska

Million's of Americans would love to get a "Cost of Living Increase". As well as a living wage. And a pension a pension! What's that?

8/14/2020 2:20:00 PM

Iowegian

Anamosa, IA BPIowegian@aol.com

Obama eliminated the payroll tax for one year. It was not unpopular, both political syndicates went along with it.

The cost of living raise was part of the federal pay law signed by Bush the First. Every year a commission surveys federal and private sector pay and recommends what raise fed employees should get to keep federal pay 5% below private sector. The president can accept that, or he can declare an economic emergency and lower or eliminate the raise. Congress can over-rule the president. Every year there was an emergency, even when Slick Willy had a budget surplus. Bush the Worst tried a couple pay freezes. One time Congress gave us a raise with back pay to the start of the fiscal year, Oct. 1. Another time they gave us a raise but we had to wait until Jan. 1 for it to start. No pay freeze stuck until Obama and it was for 3 years. And we were already more than 5% below private sector.

8/14/2020 7:28:02 PM

Iowegian

Anamosa, IA BPIowegian@aol.com

The Federal Employees Retirement System, FERS, is a 3 part deal. You are covered by Social Security. You have access to a good 401K with some pay matches. And you have to pay into a pension; there is no pension fund, they just take it out of your pay. After you pay health insurnce, dental, life, etc. the pension doesn't amount to much. I get about 1/3 of my Social Security in the pension.

The money that you had withheld for the pension is subject to income tax. The feds are generous in that you get some back every year tax free, since it was already taxed. But they only give you 1/20 of your money a year. Since I have been retired 7 years and diagnosed with a serious cancer, chance are that I will never live long enough to get all of that money back.

So if you think that federal employees are riding the gravy train, you have been misled.

8/14/2020 7:39:15 PM

DKrus

Cheshire Ma USA

Chose a job/ company/trade union that offers a pension, pretty simple thing to do if you want a pension Spuds. Stop waiting for or telling the Govt you need one. Oh wait democrats deserve everything because they exist, nevermind trying to earn what you want or need.

8/15/2020 9:34:54 AM

Smallmouth (Team Ozark)

Missouri

What would you expect from the party that wants mandatory $15/hour flipping burgers? Zero incentive to work hard. Let’s all just sit back, get fat and paid... the new Democratic American way.



8/15/2020 9:48:40 AM

TruckTech1471

South Bloomfield, Ohio

Based on what I've heard about the payroll tax deferral, it will still need to be made up. It's just a deferral. It was a splendid idea when Obama proposed it:

https://www.newsmax.com/politics/payrolltaxcut-house-speaker-nancypelosi/2020/08/09/id/981304/

8/15/2020 1:25:09 PM

Spudley (Scott)

Alaska

This ain't an Obama vs Trump thing. It's a bad idea period! Honestly with Trump nobody really knows what he's proposing. He's a shit stirring Moron! And that's why his supporters love him. The only feedback loop he cares about are tv ratings. Enjoy while you still can Nov 3 is coming soon.

8/15/2020 2:23:06 PM

Iowegian

Anamosa, IA BPIowegian@aol.com

I never said it was a good idea, Keep paying the tax so I get my social security. I just said that democrats didn't complain when Obama did it, but don't want Trump to do it. That good old double standard/

8/15/2020 6:24:51 PM

Total Posts: 17 Current Server Time: 10/23/2020 5:09:46 PM
 
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