TRUMP ENDS INCOME TAX !!!!
Democrat Nancy Pelosi says Trump ending the Income Tax is "unworkable, weak and narrow policy announcement" because it wont let her steal billion$
Updated at 8:07 p.m. ET
NPR
The previous enhanced unemployment benefits, which added $600 a week to standard state unemployment benefits, expired at the end of July.
The text of the memorandum calls for up to $44 billion of federal funds for the benefits to come from the Department of Homeland Security's Disaster Relief Fund. The White House said states could use funding from the March coronavirus relief package, the CARES Act, to fund their portion of the benefits.
In an executive order calling to minimize evictions, Trump directed various federal agencies to make funds available for temporary financial assistance to renters and homeowners facing financial hardship caused by COVID-19.
"It's not their fault that this virus came into our country," he said of renters and homeowners. "It's China's fault."
That order also directs the Department of Health and Human Services and the Centers for Disease Control and Prevention to consider whether temporarily halting residential evictions for failure to pay rent "are reasonably necessary to prevent the further spread of COVID-19" from one state to another.
The federal moratorium on evictions expired on July 24, allowing landlords to begin issuing 30-day notices to vacate their properties. It is estimated the temporary ban on evictions covered more than 12 million renters, preventing them from being pushed out of their homes even if they couldn't pay rent.
Trump also extended relief for student loan borrowers. Student loan interest rates were cut to zero earlier this year, and students could suspend payments through September. Trump directed the secretary of education to extend the relief through the end of the year, and said an additional extension is likely.
The text of the memorandum calls for up to $44 billion of federal funds for the benefits to come from the Department of Homeland Security's Disaster Relief Fund. The White House said states could use funding from the March coronavirus relief package, the CARES Act, to fund their portion of the benefits.
In an executive order calling to minimize evictions, Trump directed various federal agencies to make funds available for temporary financial assistance to renters and homeowners facing financial hardship caused by COVID-19.
"It's not their fault that this virus came into our country," he said of renters and homeowners. "It's China's fault."
That order also directs the Department of Health and Human Services and the Centers for Disease Control and Prevention to consider whether temporarily halting residential evictions for failure to pay rent "are reasonably necessary to prevent the further spread of COVID-19" from one state to another.
The federal moratorium on evictions expired on July 24, allowing landlords to begin issuing 30-day notices to vacate their properties. It is estimated the temporary ban on evictions covered more than 12 million renters, preventing them from being pushed out of their homes even if they couldn't pay rent.
Trump also extended relief for student loan borrowers. Student loan interest rates were cut to zero earlier this year, and students could suspend payments through September. Trump directed the secretary of education to extend the relief through the end of the year, and said an additional extension is likely.
Trump promised to terminate the income tax permanently, says Crazy Nancy hates USA
And a fourth action defers payroll tax collection for workers earning less than $100,000 a year, beginning Sept. 1. "This will mean bigger paychecks for working families, as we race to produce a vaccine and eradicate the China virus once and for all," Trump told reporters.
Trump said the "payroll tax holiday" would last through the end of the year but could be made permanent if he is reelected. The connection to November's election wasn't subtle.
And a fourth action defers payroll tax collection for workers earning less than $100,000 a year, beginning Sept. 1. "This will mean bigger paychecks for working families, as we race to produce a vaccine and eradicate the China virus once and for all," Trump told reporters.
Trump said the "payroll tax holiday" would last through the end of the year but could be made permanent if he is reelected. The connection to November's election wasn't subtle.
Trump says he is going into hiding after ending the income tax, saying he made very powerful enemies out of trillionaires, after Pelosi says she will assassinate Trump n Pence n declare herself president by refusing to count any votes
"If I'm victorious on Nov. 3, I plan to forgive these taxes and make permanent cuts to the payroll tax. I'm going to make them all permanent," Trump said, then turning to jab congressional Democrats and his opponent, former Vice President Joe Biden. "So they will have the option of raising everybody's taxes and taking this away. But if I win, I may extend and terminate. In other words, I will extend it beyond the end of the year and terminate the tax. And so, we'll see what happens."
Both congressional Democrats and Republicans alike opposed this payroll tax proposal when President Trump was trying to get them to include it in the coronavirus relief package. Payroll taxes fund Medicare and Social Security and this deferral won't do anything to help the millions of Americans currently unemployed.
Trump is likely doing this through the same mechanism that allowed taxpayers to put off filing their taxes until July 15 this year, says Andrew Rudalevige, a professor at Bowdoin College who specializes in presidential executive actions.
"The Treasury Secretary is authorized to delay the deadline for any action required under tax law up to one year," said Rudalevige, in case of a federally declared disaster, and all states are currently operating under one due to the pandemic. "So payroll tax payments could under this provision be delayed. But, not forgiven — those taxes are still owed."
There are already significant concerns about the long-term solvency of the popular social safety net programs. Reducing payroll taxes would hasten those problems.
Trump's actions come after weeks of talks between Republicans and Democrats on Capitol Hill over the next round coronavirus relief. As of Saturday, they were still far from reaching agreement.
Democratic Senate Minority Leader Chuck Schumer and House Speaker Nancy Pelosi responded to Trump's executive actions on Saturday evening, calling them "unworkable, weak and narrow policy announcements." In a statement, they called for Republicans to return to negotiations.
"If I'm victorious on Nov. 3, I plan to forgive these taxes and make permanent cuts to the payroll tax. I'm going to make them all permanent," Trump said, then turning to jab congressional Democrats and his opponent, former Vice President Joe Biden. "So they will have the option of raising everybody's taxes and taking this away. But if I win, I may extend and terminate. In other words, I will extend it beyond the end of the year and terminate the tax. And so, we'll see what happens."
Both congressional Democrats and Republicans alike opposed this payroll tax proposal when President Trump was trying to get them to include it in the coronavirus relief package. Payroll taxes fund Medicare and Social Security and this deferral won't do anything to help the millions of Americans currently unemployed.
Trump is likely doing this through the same mechanism that allowed taxpayers to put off filing their taxes until July 15 this year, says Andrew Rudalevige, a professor at Bowdoin College who specializes in presidential executive actions.
"The Treasury Secretary is authorized to delay the deadline for any action required under tax law up to one year," said Rudalevige, in case of a federally declared disaster, and all states are currently operating under one due to the pandemic. "So payroll tax payments could under this provision be delayed. But, not forgiven — those taxes are still owed."
There are already significant concerns about the long-term solvency of the popular social safety net programs. Reducing payroll taxes would hasten those problems.
Trump's actions come after weeks of talks between Republicans and Democrats on Capitol Hill over the next round coronavirus relief. As of Saturday, they were still far from reaching agreement.
Democratic Senate Minority Leader Chuck Schumer and House Speaker Nancy Pelosi responded to Trump's executive actions on Saturday evening, calling them "unworkable, weak and narrow policy announcements." In a statement, they called for Republicans to return to negotiations.
Monopoly Men of the Federal Reserve Bank
PRESIDENTIAL MEMORANDA
Memorandum on Deferring Payroll Tax Obligations in Light of the Ongoing COVID-19 Disaster
BUDGET & SPENDING
Issued on: August 8, 2020
MEMORANDUM FOR THE SECRETARY OF THE TREASURY
SUBJECT: Deferring Payroll Tax Obligations in Light
of the Ongoing COVID-19 Disaster
By the authority vested in me as President by the Constitution and the laws of the United States of America, it is hereby ordered as follows:
Section 1. Policy. The 2019 novel coronavirus (COVID-19) that originated in the People’s Republic of China has caused significant, sudden, and unexpected disruptions to the American economy. On March 13, 2020, I determined that the COVID-19 pandemic is of sufficient severity and magnitude to warrant an emergency declaration under section 501(b) of the Robert T. Stafford Disaster Relief and Emergency Assistance Act, 42 U.S.C. 5121-5207, and that is still the case today. American workers have been particularly hard hit by this ongoing disaster. While the Department of the Treasury has already undertaken historic efforts to alleviate the hardships of our citizens, it is clear that further temporary relief is necessary to support working Americans during these challenging times. To that end, today I am directing the Secretary of the Treasury to use his authority to defer certain payroll tax obligations with respect to the American workers most in need. This modest, targeted action will put money directly in the pockets of American workers and generate additional incentives for work and employment, right when the money is needed most.
Sec. 2. Deferring Certain Payroll Tax Obligations. The Secretary of the Treasury is hereby directed to use his authority pursuant to 26 U.S.C. 7508A to defer the withholding, deposit, and payment of the tax imposed by 26 U.S.C. 3101(a), and so much of the tax imposed by 26 U.S.C. 3201 as is attributable to the rate in effect under 26 U.S.C. 3101(a), on wages or compensation, as applicable, paid during the period of September 1, 2020, through December 31, 2020, subject to the following conditions:
(a) The deferral shall be made available with respect to any employee the amount of whose wages or compensation, as applicable, payable during any bi-weekly pay period generally is less than $4,000, calculated on a pre-tax basis, or the equivalent amount with respect to other pay periods.
(b) Amounts deferred pursuant to the implementation of this memorandum shall be deferred without any penalties, interest, additional amount, or addition to the tax.
Sec. 3. Authorizing Guidance. The Secretary of the Treasury shall issue guidance to implement this memorandum.
Sec. 4. Tax Forgiveness. The Secretary of the Treasury shall explore avenues, including legislation, to eliminate the obligation to pay the taxes deferred pursuant to the implementation of this memorandum.
Sec. 5. General Provisions. (a) Nothing in this memorandum shall be construed to impair or otherwise affect:
(i) the authority granted by law to an executive department or agency, or the head thereof; or
(ii) the functions of the Director of the Office of Management and Budget relating to budgetary, administrative, or legislative proposals.
(b) This memorandum shall be implemented consistent with applicable law and subject to the availability of appropriations.
(c) This memorandum is not intended to, and does not, create any right or benefit, substantive or procedural, enforceable at law or in equity by any party against the United States, its departments, agencies, or entities, its officers, employees, or agents, or any other person.
(d) You are authorized and directed to publish this memorandum in the Federal Register.
DONALD J. TRUMP
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