Trump signs stimulus executive actions: 1) +$400 for unemployment but States pick up 25%. 2) Suspend Medicare/Social Security withholding. 3)...

[feralkid]

When will Trump's +$300 unemployment supplement start to reach the unemployed, if ever?

It's completely up to the individual States.
It is already "in process" on Arizona P.U.A. claims, for example.

Hooray, I guess?

Better than the $240.00/wk State Maximum at least.

But it is not from Trump...it is from leftover CARES Act funds already in State coffers.

That means it's actually from Chuck and Nancy et al..

 

[sactoking]

oh.. it's optional?
employers dont have to not withhold?
they can still send the $ to the medicare/SS?

IIRC the president can't unilaterally suspend the Social Security payroll tax, that would require an act of Congress. What he did do was essentially instruct the IRS and other government agencies not to pursue penalties against those who choose not to withhold the proper amounts.

The money is still due, taxpayers will just owe it on their annual tax returns. This is why the unindicted co-conspirator has said that if you re-elect him he will work with Congress to ensure its never owed.

Employers may be skeptical about changing the withholding. It's questionable if the executive order is legal. If an employer doesn't withhold and remit they may face civil liability. Additionally, it may piss off employees who find themselves paying hundreds extra in April due to improper withholding during the year.

 

[fskimospy]

oh.. it's optional?
employers dont have to not withhold?
they can still send the $ to the medicare/SS?

Yes, again the whole move simply delays when the tax must be paid. So they could stop withholding now but then you will both have a big future tax bill. It’s not actually saving anyone money.

 

[s0me0nesmind1]

IIRC the president can't unilaterally suspend the Social Security payroll tax, that would require an act of Congress. What he did do was essentially instruct the IRS and other government agencies not to pursue penalties against those who choose not to withhold the proper amounts.

The money is still due, taxpayers will just owe it on their annual tax returns. This is why the unindicted co-conspirator has said that if you re-elect him he will work with Congress to ensure its never owed.

Employers may be skeptical about changing the withholding. It's questionable if the executive order is legal. If an employer doesn't withhold and remit they may face civil liability. Additionally, it may piss off employees who find themselves paying hundreds extra in April due to improper withholding during the year.

My general point of view is that he is in charge of the EXECUTIVE branch. Hence, the executive action for taxation is the deciding factors of how to collect the tax.

Hence, he can decide something such as to not collect tax for a given year. That has no bearing on the actual tax owed (that is for congress to determine if the amount should be forgiven).

 

[fskimospy]

My general point of view is that he is in charge of the EXECUTIVE branch. Hence, the executive action for taxation is the deciding factors of how to collect the tax.

Hence, he can decide something such as to not collect tax for a given year. That has no bearing on the actual tax owed (that is for congress to determine if the amount should be forgiven).

Does that sound like he would be ensuring the laws are faithfully executed in that case?

Sounds like deciding to no longer collect taxes Congress has passed would be unconstitutional.

 

[s0me0nesmind1]

Does that sound like he would be ensuring the laws are faithfully executed in that case?

Sounds like deciding to no longer collect taxes Congress has passed would be unconstitutional.

Trump fully admitted himself that he can't stop the tax owed - indicating "If I'm re-elected then congress will forgive the tax amounts" (forget his exact words).

But yet, all within his bearing to determine that taxes are due at the end of the year instead of on a paycheck or quarterly basis..... Just like how I don't have taxes collected for capital gains until the end of the year, etc...

 

[fskimospy]

Trump fully admitted himself that he can't stop the tax owed - indicating "If I'm re-elected then congress will forgive the tax amounts" (forget his exact words).

But yet, all within his bearing to determine that taxes are due at the end of the year instead of on a paycheck or quarterly basis..... Just like how I don't have taxes collected for capital gains until the end of the year, etc...

It would depend on what the law says as to if he has that authority.

Regardless though, I agree that while he probably has some latitude in the particulars how how taxes are collected he still must collect them.

 

[JEDIYoda]

I reality Trump signed nothing!
He is actually playing for votes!
He knows his base is too stupid to understand that what he did was nothing!
My half brother texted me after Trump did all his signbing!
he said -- see Trump does care about us!!

 

[KMFJD]

fighting and hoping to receive some scraps , meanwhile

https://twitter.com/x/status/1295192175328796672

 

[JEDI]

https://www.cnbc.com/2020/08/11/at-least-1-million-people-may-not-get-trumps-400-unemployment-boost.html

The +$300 Trump unemployment executive order limits eligible recipients to those receiving at least $100 a week in state benefits.


this makes no sense.
why punish those at the very bottom of the pay scale that collect less than $100/week in unemployment?

 

[Jhhnn]

https://www.cnbc.com/2020/08/11/at-least-1-million-people-may-not-get-trumps-400-unemployment-boost.html

The +$300 Trump unemployment executive order limits eligible recipients to those receiving at least $100 a week in state benefits.


this makes no sense.
why punish those at the very bottom of the pay scale that collect less than $100/week in unemployment?

If God didn't want poor people to be fucked he wouldn't have made it so easy. GOP ideology 101.

 

[JEDI]

Some states may opt to NOT get the +$300 Fed unemployment:

https://www.cnbc.com/2020/08/12/trumps-300-unemployment-benefit-may-take-more-than-a-month-to-arrive.html

States have to come up with a new system to administer the +$300 since it's a "lost wages assistance" program that's separate from states' unemployment systems.

This means states will have to build out a new, parallel system to pay benefits. And, since the funding comes from a federal disaster-relief fund overseen by the Federal Emergency Management Agency, states must figure out how to route the aid from a source other than their typical unemployment trust funds.

The $300 benefit would only be available until Dec. 6, or until the $44 billion in federal funding allocated to the program runs out — whichever occurs first.

The Committee for a Responsible Federal Budget estimates that the $44 billion would last about five weeks.

States may ultimately decide it's not worth the cost and effort to administer for only a few weeks' worth of money, Forsythe said.

 

[Jhhnn]

Some states may opt to NOT get the +$300 Fed unemployment:

https://www.cnbc.com/2020/08/12/trumps-300-unemployment-benefit-may-take-more-than-a-month-to-arrive.html

States have to come up with a new system to administer the +$300 since it's a "lost wages assistance" program that's separate from states' unemployment systems.

This means states will have to build out a new, parallel system to pay benefits. And, since the funding comes from a federal disaster-relief fund overseen by the Federal Emergency Management Agency, states must figure out how to route the aid from a source other than their typical unemployment trust funds.

The $300 benefit would only be available until Dec. 6, or until the $44 billion in federal funding allocated to the program runs out — whichever occurs first.

The Committee for a Responsible Federal Budget estimates that the $44 billion would last about five weeks.

States may ultimately decide it's not worth the cost and effort to administer for only a few weeks' worth of money, Forsythe said.

Already happening in S Dakota-

South Dakota declines unemployment aid from Trump executive orders

South Dakota appeared to become the first state to decline boosted federal unemployment aid that was designated under an executive order signed by President Trump this month amid the continuing pan…

thehill.com

Hail Trump. Get the fuck back to work.

 

[zinfamous]

fighting and hoping to receive some scraps , meanwhile

https://twitter.com/x/status/1295192175328796672

wow, so Bezos gained a whole Buffet in the last 5 months.

what the holy fuck is going on with humanity, where such a thing is possible?

Heads are going to be rolling soon, again. It's only natural, unfortunately.

 

[Jhhnn]

wow, so Bezos gained a whole Buffet in the last 5 months.

what the holy fuck is going on with humanity, where such a thing is possible?

Heads are going to be rolling soon, again. It's only natural, unfortunately.

Those numbers are derived from share price appreciation. It's not actual money unless they sell.

 

[Fenixgoon]

Those numbers are derived from share price appreciation. It's not actual money unless they sell.

it's still fairly absurd though.

one interesting perspective that i saw:

if you earned $1 every second of the day:

median wage (60k-ish) is 0.69 days (nice)
$1M is 11.5 days
$1B is 31.7 years

or for another interesting comparison, that $76B valuation increase equals 1.27 MILLION median-wage-years. so in a few months, jeff bezos' value just went up by the equivalent of what 1.2M median americans earn over an entire year.

that is straight up insanity.