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Update - 3/11/21 - America Rescue Plan Bill is signed!


goskins10

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2 hours ago, The Evil Genius said:

Is/was the $600 on top of the normal weekly benefit? Or were people who conceivably were getting the max $450 bumped up to $600?

 

I never understood how it worked. Either way, I can't imagine living on that a week in 2020.


It was what ever you got from the state plus $600. So if the Max was $450. You were getting $1,050 a week.

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To even begin thinking of using FEMA funds he would need to declare a national emergency. That in theory may give them access to the disaster relief fund.
 

I’m pretty sure that it doesn’t have nearly enough to begin to make a dent in this, if and it’s a big if they can even do it. 

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Trump can defer collection of payroll tax like the IRS did with Federal income taxes, but does he have the authority to waive it? If not, employers would hang onto it rather than give the money to employees, as at any point the IRS could ask for the deferred money. Unless Congress passes a bill, employees likely won't see a bigger paycheck? Or am I missing something?

 

 

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11 minutes ago, Corcaigh said:

Trump can defer collection of payroll tax like the IRS did with Federal income taxes, but does he have the authority to waive it? If not, employers would hang onto it rather than give the money to employees, as at any point the IRS could ask for the deferred money. Unless Congress passes a bill, employees likely won't see a bigger paycheck? Or am I missing something?

 

 

 

It puts employers in a hell of a bind, that's for sure.  Trying to explain to your employees why you still have to hold on to the deferred employee's FICA contribution is gonna go over real well....

 

Also, if you're working and have FICA contributions to make, that's not the segment that needs the immediate relief imo.  He's been on this payroll tax deferral for a while now.  Something else must be motivating him.

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18 minutes ago, Corcaigh said:

 

A temporary cash flow injection for the Trump properties?

 

As a general rule of thumb, if we take our worst case speculation and double it, we're probably somewhere close to Trump's actual motivation.  But yeah, something to help with his business enterprises was the first thing that came to my mind too.

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