Anonymous
Anonymous asked in Business & FinanceTaxesUnited States · 2 months ago

Covid19 Tax Cut???

Did trump officially take executive action regarding payroll tax cuts? will my boss have to call the CPA? it said retrospective 7/1/20. will they give me back my tax money? is it not official??? what percent of the taxes do you get back?

9 Answers

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  • L
    Lv 5
    2 months ago

    Ding dong - the CPA ALREADY knows this!  No worker gets any money back until tax time.

  • 2 months ago

    Nothing is settled yet. He ISSUED an executive order, but it may or may not take effect. 

  • RICK
    Lv 7
    2 months ago

    He signed an executive order that per the Constitution  is totally  illegal as Congress is given the power to raise or lower taxes not the president.  Congress has already filed law suits to stop it so it won't be happening  any time soon

  • Anonymous
    2 months ago

    He was talking about it again, last night.  These payroll cuts are designed to hurt the SSA and don't really help anyone else.

    Let's say you make $1000 a week.  You'd get an extra $62.  Your boss would get an extra $62. An unemployed person gets $0.  A retiree, sometime in the future, would face significant cuts to their benefits.Lastly, tax changes are rarely retroactive.

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  • 2 months ago

    There has been no reduction in payroll taxes and nobody but Trump wants to do it.

  • Erik
    Lv 7
    2 months ago

    He wants to do it, but I don't think he has the authority to do so.  One of his many problems is that he wants to run the government like one of his companies, which he can't do.

  • 2 months ago

    It hasn't been signed.

    It could be "retroactive" to 7/1/2020, not retrospective.

    You pay income, social security, and medicare taxes.

    Employers pay payroll taxes, not employees.    They will not give you any money back. 

  • Judy
    Lv 7
    2 months ago

    No, it was suggested but that's all.  Not likely to happen. 

  • Anonymous
    2 months ago

    He’s going to crash the economy with that crap. He went bankrupt three times and now he’s going to bankrupt the government because he thinks money is just a state of mind. 

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