It’s not often we get good news from this quarter. As someone who will owe and is facing the possibility of unpaid time off in the not too distant future this is a very welcome reprieve indeed.
Taxpayers will get a three-month reprieve to pay the income taxes they owe for 2019, Treasury Secretary Steven Mnuchin said on Tuesday at a news conference.
As part of its coronavirus response, the federal government will give filers 90 days to pay income taxes due on up to $1 million in tax owed, Mnuchin said in Washington. The reprieve on that amount would cover many pass-through entities and small businesses, he said.
Corporate filers would get the same length of time to pay amounts due on up to $10 million in taxes owed, Mnuchin said.
During that three-month deferral period, taxpayers won’t be subject to interest and penalties, he said.
You should still get your 2019 income tax return in to the federal government as soon as possible, especially if you’re due a refund and need cash.Treasury and IRS to delay tax payment deadline by 90 days
The biggest casualty of the coronavirus outbreak is going to be the World Economy. Medical experts are working on containing, treating, and eliminating the virus. The President is already focused on the aftermath. He aims to mitigate the impact of economic damage on Americans. This measure probably will not pass because big-spending politicians of both parties this would be like going cold turkey off of heroin. Letting people keep the money they earn is a dangerous concept because they are liable to get used to it. There is too much of the swamp left in both parties and both Houses to ever let this happen. They are not going to take their greedy little hands out of our pockets, even momentarily, lest we realize it didn’t belong there in the first place.
President Donald Trump, in a meeting with Republican lawmakers Tuesday on Capitol Hill, pitched a 0% payroll tax rate for employers and employees that would last through the rest of this year, a White House official told CNBC.
There was also discussion of making the payroll tax rollback permanent, said the official, who declined to be named. Payroll taxes are used to fund Medicare and Social Security. When asked about the potential cost of a payroll tax cut, the official pushed back and asked why there is always a focus on the cost of tax cuts.
The development comes as Trump and the White House try to put together an economic stimulus plan to counteract the impact from the widening coronavirus outbreak. After a 2,000-point drop by the Dow Jones Industrial Average on Monday, the Dow bounced back somewhat Tuesday, rising 1,000 points late in the trading session.
Earlier Tuesday, CNBC reported that the White House was not ready to roll out a specific plan of action on the economy while the deadly coronavirus spreads. Trump stunned people in the White House on Monday, according to officials, when he said that he would announce economic policy proposals at a news conference Tuesday.
A press briefing with the White House coronavirus task force is slated for 5:30 p.m. ET Tuesday, according to Trump’s official schedule. The White House has also invited Wall Street executives to a meeting Wednesday to discuss an economic response to the coronavirus’s impact.Coronavirus: Trump pitches 0% payroll tax rate for the rest of 2020
This guy has no clue what working people need, but one thing we don’t need is the type of taxation that would be necessary to fund even a small amount of the stuff he is promising. They always dance around this question by repeating some vague concept of middle-class costs going down. How does that work? He would have working people take on the debt, insurance costs, living expenses, and health care costs of people too lazy, stupid, or incompetent to do it themselves. Producers taking on the obligations of non-producers are somehow supposed to cost us less than just taking care of our own personal financial responsibility. The lunacy of this should be evident to anyone with a pair of working brain cells.
To begin with, I did not watch. From what I’ve seen in the morning shows on CBS and FOX News there was nothing new other than Castro’s announcement that he was going to start buying votes. He is not content with the usual Democratic method of promising something for nothing with no clue how to pay for it. No, taking a page from the Al Capone school of politics, his campaign is sending cash to people.
I heard this morning that a whole bunch of lawyers have looked at this and declared that it’s all fine and dandy and we know that if the lawyers say it’s okay then it must be so, right? Well then someone will have to explain to the American people just when bribery became legal in the election process because when you strip away the Orwellian Clintonisms and legalistic rhetoric that is all it is – 1930’s Chicago style cash for votes bribery.
WHO’S GOING TO PAY FOR ALL THIS?
And when will someone in the press seriously pursue the question of how any of these wild giveaway schemes they are all promoting in one guise or another are going to be paid for? Dizzy Lizzy Warren says, “It will be paid for by the people at the very top.” Not to pick on this nit more than the rest of the wits, just how would that work? Even if you could confiscate their entire net worth you would not even come close to funding this utopian dream of yours.
So where will the funding come from? The same place it always comes from. You and I. What does that mean? Well let’s look at this in terms of a single paycheck. If you currently make 700.00 a week you are probably taking home between 500.00 and 600.00 per week for a forty hour workweek at current tax rates. As the burden of paying for an ever expanding government bureaucracy-because it’s not big enough already-so that all of this can be offered to those who will not work, be prepareto see that paycheck take-home shrink to 350.00 or less.
But hey! At least you will not have a healthcare premium to pay.
What’s truly frightening is that so many supposedly educated and intelligent young people think she has a brain bigger than a walnut.