This will be challenged immediately. This was a political ploy to make the Democrats look bad, but I'm not sure this is a great strategy to earn more voters.
Who knew Rand Paul was a hateful middle class ****ing Democrat? Since there's a cap on it, it's an out of touch bone rich people throw to the middle class.
Cutting payroll taxes is an idiotic idea. It isn’t going to create new jobs, doesn’t provide more money for unemployed Americans, and it’s going to hurt retired Americans down the road. It only benefits people who are currently fortunate enough to have a job during this modern equivalent of the Great Depression.
I'd be careful with that. Unless Congress passes payroll tax forgiveness, this payroll tax executive order is only a deferral that your company is ultimately responsible for. In addition, if you stop withholding your employee's portion of the payroll tax right now and give it out to your employees, and the forgiveness did not pass congress; Your company is going to be responsible for paying your employee's portion to the IRS as well. I have a small business as well and my current plan to keep withholding all of the payroll tax (both employer and employee) and sending it to the IRS as normal. If the tax forgiveness passes, then everyone will get the money back during filing next year. It'll be more work for my CPA, but I'd rather not be hit with a huge lump sum bill. If my employee asks me to not withhold the payroll tax portion then I'll do that on an individual basis, but making sure that they know that it's not a forgiveness as of right now.
So juicy the economy is. Keep ****ing the non-upper class over with the crumb drops. Self made through stonks... Hey Coal Miners, how bout you pick up a stock chart and pull yourself up! The American Dream!
