So SHITHOLE thinks that all the employers are going to be deferring your taxes from your paychecks starting next week. And all the money they’re supposedly going to defer is going to help the economy. Because you’ll have so much more money in your paycheck. That you’ll have to pay back in April 2021. Oh, unless SHITHOLE is re-elected. Because he’s blackmailing and threatening America. And he’s extremely desperate. Because he knows his ass is going to end up in jail.
Boy, is SHITHOLE going to have a rude awakening.
The IRS just issued their “guidelines” about this fiasco on Friday. They expect it to go into effect on Tuesday. No employer will have any of this ready to go by then. Even if they were going to do it. Which the majority aren’t. Because they can’t.
If for some reason your employer decides they are going to defer your taxes (meaning your Social Security and Medicare tax), here’s an example, cited from CNBC, of what that will mean:
For instance, a worker earning $50,000 per year would be able to pocket $119 per paycheck if Social Security taxes were deferred – a total of $1,073 over nine pay periods, according to the U.S. Chamber of Commerce.
However, all of that money would be due to the IRS in 2021.
In other words, although that extra money you may see may be nice, don’t plan on spending it. You’ll have to save it in order to pay it back the following year.
Asinine, isn’t it? Then again, so is SHITHOLE and his entire “administration”.