# No Federal Income Tax...



## Beserker (Mar 11, 2020)

Trump is pushing this idea to stimulate the economy and relieve burdens according to CNBC and other sources.  Hope this isn’t fake news... if this is true, **** COVID19, I’m literally going to Disney World.  

The economy is about to take off.  It’ll be interesting to see if this could lead to a new tax code altogether...

**this would include the SS/Medicare payroll tax, not Federal Income as title states, for clarification **


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## rawdeal (Mar 11, 2020)

Where will the government get the money to continue doing whatever the hell they've been doing?


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## BigSwolePump (Mar 11, 2020)

This would mean an end to the most crooked agency in the country...the IRS.

Every tax cut yields more spending which stimulates the economy.

Of course the government ultimately gets that money in the form of sales tax, property tax etc because you buy the new car, boat, house of your dreams that you can now afford.

I don't see this happening but it is definitely an idea that I can get on board with. I can't wait to hear the Dems start picking it apart because you know...you can't possibly agree with Trump. Fuk all of that working together nonsense.


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## brock8282 (Mar 11, 2020)

i was reading the idea was to just end payroll taxes until the end of the year. not all taxes which makes much more fiscal sense. It's really a great idea by him given it is an election year. that is a little over 20% of your paycheck people would get back.


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## Boytoy (Mar 11, 2020)

Hope they do it soon. About time for Quarterlies!!


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## Beserker (Mar 11, 2020)

Lol the fed will just invent the money like we always do.

Seriously tho, it could be borrowed at zero percent interest.  Also quantitative easing... shell games... the usual


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## Beserker (Mar 11, 2020)

https://www.cnbc.com/2020/03/10/tru...t-of-this-year-white-house-officials-say.html

here is the article. Payroll, whatever, just let me keep what I earn for once!


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## Flyingdragon (Mar 11, 2020)

Income Tax and Payroll Tax are 2 very different things.

Income tax pertains to federal, state, and local income taxes. These taxes are based off your location and amount of withholding allowances you claim on Form W-4.

Payroll taxes are taxes on the salaries and wages of employees.  Both employees and employers contribute to payroll taxes, effectively splitting the tax bill down the middle at 7.65%.  This is a flat rate.


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## Boytoy (Mar 11, 2020)

Flyingdragon said:


> Income Tax and Payroll Tax are 2 very different things.
> 
> Income tax pertains to federal, state, and local income taxes. These taxes are based off your location and amount of withholding allowances you claim on Form W-4.
> 
> Payroll taxes are taxes on the salaries and wages of employees.  Both employees and employers contribute to payroll taxes, effectively splitting the tax bill down the middle at 7.65%.  This is a flat rate.



Is hard to read bud.  

 Workman comp goes off of payroll as well.  Just thought would add that since we talking about ways money gets leach away


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## Voyagersixone (Mar 11, 2020)

Hi

accountant here lol 

on your paycheck there is usually
fedtax (IRS)
state tax (most states)
social security 
Medicare 

fed is the biggest piece - usually 20%+

I think it’s an interesting election year idea, but forgoing the issues of national debt and how to we pay for the federal government - there isn’t a mechanism that exists to “forgo tax”

sort of elaborating in FDs point (the “payroll taxes” he’s talking about are SS/Medicare... the “income tax” is Fed/State tax)...

you are withheld at a certain amount of tax based on how you setup yourself up with your employer on your form w-4. If you changed your withholding this year or started a new job you’ve seen how stupid complicated the new form is. 

You’re then withheld at x rate through the year. At the end of the year, you file your taxes. This is where you see if your “guess” - basically how you set yourself up with your employer - is 0... or you owe money... or you get money back. 

If they stop withholding fed income tax for the rest of the year that means that you’d owe a PILE of money on your tax return, unless they drop the percentage to something stupid. 

which, again, goes back to - how is it paid for

blah


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## Voyagersixone (Mar 11, 2020)

Boytoy said:


> Is hard to read bud.
> 
> Workman comp goes off of payroll as well.  Just thought would add that since we talking about ways money gets leach away



this is the employers cost usually unless you have a trade profession - which you do lol


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## Boytoy (Mar 11, 2020)

30% my federal contribution


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## Voyagersixone (Mar 11, 2020)

Boytoy said:


> 30% my federal contribution



_disclaimer_: I am not empowered to give you tax advice and you should consult a certified tax professional that understands your personal financial situation. 

do you tend to get money back every year?
According To the 2019 tax tables, 30% represents over about 160K USD/year. 
If you don’t make that and/or tend to get money back, you may want to submit a new w-4 to your employer with updated withholding status.


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## Boytoy (Mar 11, 2020)

Voyagersixone said:


> _disclaimer_: I am not empowered to give you tax advice and you should consult a certified tax professional that understands your personal financial situation.
> 
> do you tend to get money back every year?
> According To the 2019 tax tables, 30% represents over about 160K USD/year.
> If you don’t make that and/or tend to get money back, you may want to submit a new w-4 to your employer with updated withholding status.



Money back? Lol. Almost choked.


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## Voyagersixone (Mar 11, 2020)

Boytoy said:


> Money back? Lol. Almost choked.



that is so sad. You need someone to do your taxes better lol


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## Boytoy (Mar 11, 2020)

You make it they take it.  No matter who does them


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## Beserker (Mar 11, 2020)

So the payroll tax is 12.4% split 2 ways between the employer and employee.. 6.2%. An additional 2.9 for Medicare split is 1.45.. (top earners pay an additional 0.9%) so roughly 7.65% back in our pockets is still very beneficial and not insignificant. I would still go to Disney World :32 (20):


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## Jin (Mar 11, 2020)

Only helps if you don’t lose your job during the pandemic. 

Italy is putting a pause on all mortgages. No payments required for now. 

The US is really acting like a 2nd rate country. 

Shamefull handling of the actual virus and in the care of its people: nobody should have to pay anything for testing or care. As is standard in other counties. I understand our healthcare system is different but this is a crisis. 

If a government can’t be counted on in a time of crisis, why have a government at all?


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## Beserker (Mar 11, 2020)

Doom and gloom much?


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## transcend2007 (Mar 11, 2020)

Can anyone explain why the Chinese new daily cases of coronavirus is not increasing exponentially ... they've had less than 100,000 cases with a population near 1 billion ... their daily new case number according to WHO is around 100 or less ... you'd think the new case number would be 10,000+ daily ..  is WHO misrepresenting China's new daily numbers ... or have they actually contained the spread ... and if they have why isn't that being reported and the how shared with other countries ...


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## rawdeal (Mar 11, 2020)

Pretty sure China has been pursuing a more aggressive quarantine policy than the USA has so far.  If misrepresentation is going on, wonder if it's from the WHO or the Chinese gov't.


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## Jin (Mar 11, 2020)

Spoke with an old home stay student of ours. He lives in Beijing. Been quarantined for 6 weeks. 

China’s numbers:
A) Cannot be trusted
B) Will rebound as people return to work. 

However, their efforts at stopping the virus are unparalleled in history. They have done an excellent job at slowing the spread. 

They’re now focused on getting the economy back on line which makes their reporting even more dubious.


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## ATLRigger (Mar 11, 2020)

Voyagersixone said:


> this is the employers cost usually unless you have a trade profession - which you do lol


I'm in a trade and pretty sure my employers pay workmen comp. How can i find out?


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## Boytoy (Mar 11, 2020)

ATLRigger said:


> I'm in a trade and pretty sure my employers pay workmen comp. How can i find out?



 They pay it


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## tunafisherman (Mar 11, 2020)

as much as I would like some tax break like this, it's something around 35% (give or take a bit) of the governments tax levy....that money is going to have to come from somewhere, or else the deficit is going to explode even more than it has.


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## gymrat827 (Mar 11, 2020)

tunafisherman said:


> as much as I would like some tax break like this, it's something around 35% (give or take a bit) of the governments tax levy....that money is going to have to come from somewhere, or else the deficit is going to explode even more than it has.



it seems our current administrator seems debt is meaningless.  

If we said fuk u to all the us treasury bonds china holds.....than maybe..?


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## Beserker (Mar 11, 2020)

Our previous President added more to the deficit than all other Presidents combined... deficit spending is a ticking time bomb.  President Trump is not much better.  Both parties are out of control.  Only difference is social issues. 

I like the F you to China idea though..


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## Viduus (Mar 12, 2020)

Beserker said:


> Our previous President added more to the deficit than all other Presidents combined... deficit spending is a ticking time bomb.  President Trump is not much better.  Both parties are out of control.  Only difference is social issues.
> 
> I like the F you to China idea though..



You have my vote!


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## gymrat827 (Mar 12, 2020)

Beserker said:


> Our previous President added more to the deficit than all other Presidents combined... deficit spending is a ticking time bomb.  President Trump is not much better.  Both parties are out of control.  Only difference is social issues.
> 
> I like the F you to China idea though..



Obama did walk into the office with another Vietnam going on, one that was 18 yrs instead of 7.  Plus the economy that was one of the worst in all time.  

If we do fuk china on debt they would stop exports to the US......the would cripple some many companies 

The national debt, Dump is half of what Oblama lama added...https://www.thebalance.com/us-debt-by-president-by-dollar-and-percent-3306296

I like the BS Donny has tossed china's way.....Someone had to stand up and do something.


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## The Tater (Mar 12, 2020)

gymrat827 said:


> Obama did walk into the office with another Vietnam going on, one that was 18 yrs instead of 7.  Plus the economy that was one of the worst in all time.
> 
> If we do fuk china on debt they would stop exports to the US......the would cripple some many companies
> 
> ...



China needs our consumers and this market. You can only subsidize your mercantilism for so long until it implodes. I’m glad that we are addressing our trade imbalance in a meaningful way.


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## Beserker (Mar 12, 2020)

gymrat827 said:


> Obama did walk into the office with another Vietnam going on, one that was 18 yrs instead of 7.  Plus the economy that was one of the worst in all time.
> 
> If we do fuk china on debt they would stop exports to the US......the would cripple some many companies
> 
> ...



He inherited that real estate bubble.  Still waiting for those shovel ready jobs... throwing nearly a trillion at it didn’t help much if any.  I wish President Trump would learn from that.   We will recover without stimulus bills.  Cut tax rates even further... this is a great time to get that done.

It’s about time we yanked China’s chain. We cut them off, it might hurt for a bit, but it would bring real jobs back home.  We’d be better off in the long run.  We’ve already regained our energy independence, we need to get away from the service economy now.


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## gymrat827 (Mar 12, 2020)

Beserker said:


> He inherited that real estate bubble.  Still waiting for those shovel ready jobs... throwing nearly a trillion at it didn’t help much if any.  I wish President Trump would learn from that.   We will recover without stimulus bills.  Cut tax rates even further... this is a great time to get that done.
> 
> It’s about time we yanked China’s chain. We cut them off, it might hurt for a bit, but it would bring real jobs back home.  We’d be better off in the long run.  We’ve already regained our energy independence, we need to get away from the service economy now.



Do you know what an f-150 would cost if it was built 100% in the us...??

There's no easy decisions in times like this. For anyone manning that job


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## Voyagersixone (Mar 12, 2020)

ATLRigger said:


> I'm in a trade and pretty sure my employers pay workmen comp. How can i find out?



you’re not in the same way that BT is (he owns his owns business). 

I work in production lol - you’re a w2 employee. WC is paid to and handled by c&c or EP (or whatever payroll company) by the studio (or production company if it’s an indie)


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## Beserker (Mar 13, 2020)

Well, looks like Disney is closing Sunday. So much for that idea...

I am going to Busch Gardens tomorrow though for the members preview/Saint Patrick’s Day celebration though.


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## Jin (Mar 13, 2020)

Beserker said:


> Well, looks like Disney is closing Sunday. So much for that idea...
> 
> I am going to Busch Gardens tomorrow though for the members preview/Saint Patrick’s Day celebration though.




Are you serious?


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## Beserker (Mar 13, 2020)

I am serious... not too worried about it at all. We will be sitting in the front of the coasters though.  Gotta get that fun in before the rage virus spreads.


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## Jin (Mar 13, 2020)

Beserker said:


> I am serious... not too worried about it at all. We will be sitting in the front of the coasters though.  Gotta get that fun in before the rage virus spreads.



Ah dammit. 

Ill be writing another thread then....


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