Payroll Tax Holiday
IRS guidelines on Trump's payroll tax holiday leave employers on the hook
The long-awaited guidance on President Trump's payroll tax break for employees has arrived. This rule ramps up responsibility for employers, tax professionals say.
I never thought when it was first announced it would become such a morass. The IRS has just released guidence and it basically says that employers must pay the deferred taxes by April 30. So, personnel departments who participate will have to still pay the employers share, but for four months not collect from employees, then in January, February, March, and April they will have to collect double in order to meet the IRS deadline.
With just four days before they are set to start the four month holiday now many employers are going to refuse to do it. For one thing they would still have to pay the deferred payroll taxes even if the employee quits or otherwise leaves the company.
This is not a good deal for the people, and it is so typical of republican solutions. Give with one hand and take with the other. But in this case the four month holiday solves nothing and just creates a lot more problems, so one can only think it was never meant as anything but a false election bribe to those too dim to figure out how damaging it will be to them come winter. But in addition, it will damage Social Security and the disability trust fund.
And they want to make this permanent, which would be a level of cruelty not seen in this nation since the end of Jim Crow, and that leaves the democrats to defend the payroll tax that the GOP wants to relieve workers of. Payroll taxes are not popular, but they are necessary, and we have to stop tearing down institutions like SS and SSDI because they are there for a reason, we already went through the horrors of elderly and disabled starving and dying, these were the solution to that and if we dismantle the system we will just have to reinvent it when we get sick enough of watching the old and disabled once again dying on our doorsteps.
Not liking something you must do makes you a sort of hero, nobody likes jumping into the sea to save a drowning kid, but they do it anyway because it is the right thing to do, and if you have any morality you will know that SS and SSDI trust fund MUST be defended from the rapacious greed of the GOP and Wall Street, because if you end them that is where the money will end up, not in your pockets but theirs.