Monday, August 10, 2020

Trump is forcing all wage earners to take out a no-interest payday loan

Suspending enforcement of the payroll tax deduction, just means a small amount no longer gets deducted from employees' pay and then the entire undeducted amount will all become due at one at the beginning of 2021. That's not a tax cut--the tax is never cut, you still owe it, just later--it's a payday loan.

You know what, I wouldn't want a payday loan, even an interest-free one. The deduction is too small for me to notice on a biweekly basis, but I sure as hell will notice getting couple of thousand dollar tax bill later on. I'd rather pay it a little at a time when it seems painless. I'm sure others feel the same way, and that's not even considering the fact that this tax funds Social Security and Medicare, something the public has no interest in defunding.