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  1. #1
    Elite Beserker's Avatar
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    No Federal Income Tax...

    Trump is pushing this idea to stimulate the economy and relieve burdens according to CNBC and other sources. Hope this isn’t fake news... if this is true, **** COVID19, I’m literally going to Disney World.

    The economy is about to take off. It’ll be interesting to see if this could lead to a new tax code altogether...

    **this would include the SS/Medicare payroll tax, not Federal Income as title states, for clarification **
    Last edited by Beserker; 03-11-2020 at 03:38 AM.

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  3. #2
    Elite rawdeal's Avatar
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    Where will the government get the money to continue doing whatever the hell they've been doing?

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  5. #3
    Elite BigSwolePump's Avatar
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    This would mean an end to the most crooked agency in the country...the IRS.

    Every tax cut yields more spending which stimulates the economy.

    Of course the government ultimately gets that money in the form of sales tax, property tax etc because you buy the new car, boat, house of your dreams that you can now afford.

    I don't see this happening but it is definitely an idea that I can get on board with. I can't wait to hear the Dems start picking it apart because you know...you can't possibly agree with Trump. Fuk all of that working together nonsense.
    The beta always brags after the ALPHA steps way.
    Everyone has a plan until they get punched in the mouth.

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  7. #4
    Elite brock8282's Avatar
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    i was reading the idea was to just end payroll taxes until the end of the year. not all taxes which makes much more fiscal sense. It's really a great idea by him given it is an election year. that is a little over 20% of your paycheck people would get back.

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  9. #5
    Elite Boytoy's Avatar
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    Hope they do it soon. About time for Quarterlies!!

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  11. #6
    Elite Beserker's Avatar
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    Lol the fed will just invent the money like we always do.

    Seriously tho, it could be borrowed at zero percent interest. Also quantitative easing... shell games... the usual


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  13. #7
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    https://www.cnbc.com/2020/03/10/trum...cials-say.html

    here is the article. Payroll, whatever, just let me keep what I earn for once!

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  15. #8
    Elite. Flyingdragon's Avatar
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    Income Tax and Payroll Tax are 2 very different things.

    Income tax pertains to federal, state, and local income taxes. These taxes are based off your location and amount of withholding allowances you claim on Form W-4.

    Payroll taxes are taxes on the salaries and wages of employees. Both employees and employers contribute to payroll taxes, effectively splitting the tax bill down the middle at 7.65%. This is a flat rate.
    Everything heals with semen- Rise 2018

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  17. #9
    Elite Boytoy's Avatar
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    Originally Posted by Flyingdragon View Post
    Income Tax and Payroll Tax are 2 very different things.

    Income tax pertains to federal, state, and local income taxes. These taxes are based off your location and amount of withholding allowances you claim on Form W-4.

    Payroll taxes are taxes on the salaries and wages of employees. Both employees and employers contribute to payroll taxes, effectively splitting the tax bill down the middle at 7.65%. This is a flat rate.
    Is hard to read bud.

    Workman comp goes off of payroll as well. Just thought would add that since we talking about ways money gets leach away

  18. #10
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    Hi

    accountant here lol

    on your paycheck there is usually
    fedtax (IRS)
    state tax (most states)
    social security
    Medicare

    fed is the biggest piece - usually 20%+

    I think it’s an interesting election year idea, but forgoing the issues of national debt and how to we pay for the federal government - there isn’t a mechanism that exists to “forgo tax”

    sort of elaborating in FDs point (the “payroll taxes” he’s talking about are SS/Medicare... the “income tax” is Fed/State tax)...

    you are withheld at a certain amount of tax based on how you setup yourself up with your employer on your form w-4. If you changed your withholding this year or started a new job you’ve seen how stupid complicated the new form is.

    You’re then withheld at x rate through the year. At the end of the year, you file your taxes. This is where you see if your “guess” - basically how you set yourself up with your employer - is 0... or you owe money... or you get money back.

    If they stop withholding fed income tax for the rest of the year that means that you’d owe a PILE of money on your tax return, unless they drop the percentage to something stupid.

    which, again, goes back to - how is it paid for

    blah

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  20. #11
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    Originally Posted by Boytoy View Post
    Is hard to read bud.

    Workman comp goes off of payroll as well. Just thought would add that since we talking about ways money gets leach away
    this is the employers cost usually unless you have a trade profession - which you do lol

  21. #12
    Elite Boytoy's Avatar
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    30% my federal contribution
    Last edited by Boytoy; 03-10-2020 at 11:06 PM.

  22. #13
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    Originally Posted by Boytoy View Post
    30% my federal contribution
    disclaimer: I am not empowered to give you tax advice and you should consult a certified tax professional that understands your personal financial situation.

    do you tend to get money back every year?
    According To the 2019 tax tables, 30% represents over about 160K USD/year.
    If you don’t make that and/or tend to get money back, you may want to submit a new w-4 to your employer with updated withholding status.

  23. #14
    Elite Boytoy's Avatar
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    Originally Posted by Voyagersixone View Post
    disclaimer: I am not empowered to give you tax advice and you should consult a certified tax professional that understands your personal financial situation.

    do you tend to get money back every year?
    According To the 2019 tax tables, 30% represents over about 160K USD/year.
    If you donít make that and/or tend to get money back, you may want to submit a new w-4 to your employer with updated withholding status.
    Money back? Lol. Almost choked.

  24. #15
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    Originally Posted by Boytoy View Post
    Money back? Lol. Almost choked.
    that is so sad. You need someone to do your taxes better lol

  25. #16
    Elite Boytoy's Avatar
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    You make it they take it. No matter who does them

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  27. #17
    Elite Beserker's Avatar
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    So the payroll tax is 12.4% split 2 ways between the employer and employee.. 6.2%. An additional 2.9 for Medicare split is 1.45.. (top earners pay an additional 0.9%) so roughly 7.65% back in our pockets is still very beneficial and not insignificant. I would still go to Disney World

  28. #18
    Moderator-San Jin's Avatar
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    Only helps if you don’t lose your job during the pandemic.

    Italy is putting a pause on all mortgages. No payments required for now.

    The US is really acting like a 2nd rate country.

    Shamefull handling of the actual virus and in the care of its people: nobody should have to pay anything for testing or care. As is standard in other counties. I understand our healthcare system is different but this is a crisis.

    If a government can’t be counted on in a time of crisis, why have a government at all?


    You are not entitled to your opinion.
    You are entitled to your informed opinion.
    No one is entitled to be ignorant.



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  30. #19
    Elite Beserker's Avatar
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    Doom and gloom much?

  31. #20
    Elite transcend2007's Avatar
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    Can anyone explain why the Chinese new daily cases of coronavirus is not increasing exponentially ... they've had less than 100,000 cases with a population near 1 billion ... their daily new case number according to WHO is around 100 or less ... you'd think the new case number would be 10,000+ daily .. is WHO misrepresenting China's new daily numbers ... or have they actually contained the spread ... and if they have why isn't that being reported and the how shared with other countries ...
    HRT for life!

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