Payroll Tax Statement: Fill & Download for Free

Hey Angie!IMPOTUS The Third—Donald Trump—decided on Sunday to take his own hostage in the next coronavirus stimulus bill: Social Security. President Clorox Suppository said he will not approve another badly needed coronavirus stimulus package if it doesn’t include a payroll tax cut, a policy that would strike a blow to Social Security and Medicare funding while offering no relief for the more than 30 million people who have lost their jobs over the past six weeks.“I told Steve just today, we’re not doing anything unless we get a payroll tax cut,” Trump said during a Fox News town hall Sunday night, referring to Treasury Secretary Steve Mnuchin. “That is so important to the success of our country.” Trump Says He Won't Approve Covid-19 Package Without Tax Cut That Offers Zero Relief for 30 Million Newly UnemployedThis is a vintage, asinine Trump policy solution you'd expect from him—it does absolutely nothing to help in the current economic crisis and will do long-term and potentially immense harm to the health of Social Security, while giving a big tax cut to the highest of earners.Here’s a chart for you that proves my point:As you can see, Trump, members of Congress, and CEOs of Wall Street banks and Fortune 500 companies would get an annual tax cut of $2,754. Unemployed workers and the millions of state and local workers who contribute to state pension programs rather than Social Security would get $0 in tax cuts. Zero. Dollars.The town hall was the second time in less than a week that Trump has proposed a payroll tax cut as a centerpiece of the next relief legislation, which is being negotiated by the White House and congressional leaders as the U.S. barrels toward an unemployment rate not seen since the Great Depression. Millions of layoffs set to push unemployment rate to highest level since Great DepressionAn NPR/PBS Newshour/Marist survey released last week found that half of all Americans said they or someone in their household has lost a job or seen their hours slashed due to the coronavirus pandemic. Poll: Half Of Americans Financially Affected By CoronavirusAdvocacy groups have warned that a payroll tax cut represents a threat to Social Security and Medicare.“‘Payroll tax cut’ is code for ‘gut Social Security and Medicare’s dedicated funding, then demand benefit cuts,'” Social Security Works tweeted Sunday night. “Democrats must stand strong and continue blocking Trump’s terrible idea.”On top of a payroll tax cut, Republican congressional leaders and the Trump White House are demanding that any future stimulus measure include legal immunity for corporations whose workers contract Covid-19 on the job.Progressives, meanwhile, are calling for a relief package that addresses the needs of frontline workers, distributes direct $2,000 monthly payments to all U.S. households, provides emergency funding for the U.S. Postal Service, expands Medicare to cover the unemployed and uninsured, cancels rent and mortgage payments, and more. Progressives Boost Call for 'Peoples Agenda' With Eyes Towards Next Relief PackageTrump’s proposal threatens the most vulnerable among us now; the payroll taxes being paid into Social Security are helping to keep seniors afloat. Are you listening team MAGA?“Trump’s actions are a war on seniors,” Nancy Altman, president of advocacy organization Social Security Works, said in a statement. “He wants to open up the economy, even though COVID-19 is disproportionately costing seniors their lives.“Now he is insisting on threatening Social Security on which most seniors rely for their food, medicine and other basic necessities,” she added. Trump is insisting on a payroll tax cut for workers. Why some experts say it's a 'terrible' ideaThe White House had no comment. Of course not…

Regarding payroll taxes, Trump says..“I have the right to suspend it…Op-Ed: Trump just made another huge and illegal power grab. Be very alarmedAugust 10, 2020: President Trump doesn’t understand or doesn’t care about the most basic principle of American government: Power is divided among three branches of government. The president does not possess legislative power, yet on Saturday Trump signed a series of executive orders that were clearly in the purview of the legislative, not the executive branch.In his order, the president extended unemployment benefits, suspended the payroll tax for many workers, created an eviction moratorium and suspended student loan payments until Dec. 31. Whatever your views of these actions, they are all clearly unconstitutional, in that they exceed presidential authority. Trump is attempting to legislate through executive fiat.The President may or may not ACTUALLY Believe he has this power, but he clearly understands that he is dividing the government and thus undermining it. This may be part of a larger strategy or it may just be Trump trying To “LOOK PRESIDENTIAL” before the election. Either way, to me it oddly looks like he is campaigning for a win by Biden. “Keep drinking the Kool-Aide Donny Boy!”Remember Mr Trump, China is Rooting for You! Opinion | China’s Man in Washington, Named TrumpColumn: Following order on payroll tax, Trump threatens to kill Social Security if reelectedFollowing order on payroll tax, Trump threatens to kill Social Security if reelectedWith his four executive orders purportedly aimed at relieving Americans of the burdens of the coronavirus, President Trump spun the theme of his administration — the Art of the Con — up to a higher level.The orders he signed Saturday include a supposed moratorium on evictions and foreclosures, a deferral of student loan payments and an extension of federal unemployment benefits.The moratorium is unlikely to stop a single eviction or foreclosure, however. The deferral of student loan payments is short-term and narrower than what Congress put in place in May, and that has expired.William F. Arnone, National Academy of Social Insurance: “The extension of unemployment benefits reduces the federal share to $300 a week from $600, will last only four to six weeks and imposes insurmountable barriers on states to achieve even that much.”But the most potentially far-reaching order concerns the payroll tax, which funds Social Security and part of Medicare. This order, along with comments Trump made at the signing ceremony, poses a mortal threat to the 64 million Americans who currently receive Social Security benefits and the hundreds of millions more who will receive benefits in coming decades.If he's reelected, Trump said, he will "terminate" the payroll tax. Make no mistake: He's talking about bankrupting Social Security. It's rare that a president has made such a compelling case for his own electoral defeat. Yet his campaign was so proud of this threat that it tweeted out Trump's words within minutes.Cutting or deferring the payroll tax would overwhelmingly benefit the rich, and would knock the key source of financing out from under Social Security while opening the door to massive benefit cuts.Trump plainly sees this stunt as a way to blame Democrats for that tax bill, not to mention the apparent tax increase when the deferral ends and payroll taxes revert to their full level. Democrats "will have the option of raising everybody's taxes and taking this away," he said at the signing ceremony.In other words, Trump is offering voters a bribe — in effect, "elect them and you'll have to pay what you owe; elect me and you'll get a pass." This raises cynicism to an electoral principle, but it's fair to wonder if the American voter is dumb enough to fall for it.This is the consequence of having a completely lawless, corrupt president in the White House, and Republicans not checking him.In a statement about the executive orders, Senate Majority Leader Mitch McConnell (R-Ky.) said he was "glad that President Trump is proving that while Democrats use laid-off workers as political pawns, Republicans will actually look out for them."Has he even read the executive orders? And if so, how could he make such an absurd statement? Or is he just falling for the con?White House advisors on Sunday walked back President Trump’s statement that he would make “permanent cuts” to the payroll tax if reelected, insisting that the president would preserve the primary funding source for Social Security, an entitlement program with overwhelming bipartisan support.Edit 3:45 PM 8/10/20: White House advisors (Trump’s cleanup people) on Sunday walked back President Trump’s statement that he would make “permanent cuts” to the payroll tax if reelected, insisting that the president would preserve the primary funding source for Social Security, an entitlement program with overwhelming bipartisan support.Please Vote in November.

The payroll tax is what replenishes the Social Security Trust Fund, out of which Social Security retirement, survivor and disability benefits are paid. If the tax is removed, then so are the funds to pay for it. Without the tax, the Trust Fund would go bankrupt in just a few years.Trump is promising to end Social Security, one of the most popular federal programs of all time. Or maybe he’ll keep Social Security and borrow the money to pay for it. That would be very Trumpian.