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Posted by: thepinetree on 08/09/2020 11:29 AM Updated by: thepinetree on 08/09/2020 11:29 AM
Expires: 01/01/2025 12:00 AM
:

Memorandum on Deferring Payroll Tax Obligations in Light of the Ongoing COVID-19 Disaster

Washington, DC...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


Comments - Make a comment
The comments are owned by the poster. We are not responsible for its content. We value free speech but remember this is a public forum and we hope that people would use common sense and decency. If you see an offensive comment please email us at news@thepinetree.net
Complete Jubilee
Posted on: 2020-08-09 11:33:07   By: Anonymous
 
Those with student debt should have a Complete Jubilee of their student debts.
In the least they should be able to refinance, as those with home mortgages can.
Many have rates at 6% and higher, which is a crime with the new financial landscape, and a prime at 1.5% or thereabouts. Home mortgages can be had for 3% or thereabouts. Why student can't be refinanced is beyond criminal.
A jubilee would benefit the economy and America in general.


[Reply ]

    Unemployed
    Posted on: 2020-08-09 11:44:07   By: Anonymous
     
    The unemployed are not helped by this act.
    This is step #1 at defunding SS and Medicare, the Republicans have been trying this since the original SS law was passed.
    Add this to Dump's attempt to reinstate preexisting conditions denials with health ins.
    Or the continued lawsuit to end the affordable care act.

    The Republicans are a death cult, their plans and actions or in the case of Covid non actions show they are a death panel for the middle class, poor.

    Look at their actions, they are anti America, and it's majority of people.



    [Reply ]

      Re: Unemployed
      Posted on: 2020-08-09 11:53:22   By: Anonymous
       
      Hey joe your zipper down...

      [Reply ]

        Re: Unemployed
        Posted on: 2020-08-09 14:02:40   By: Anonymous
         
        Typical Trumptard response instead of factual debate.

        [Reply ]

        Re: Unemployed
        Posted on: 2020-08-09 15:25:12   By: Anonymous
         
        Zipper down? No, that was Falwell. A Trump supporter.

        [Reply ]

          Re: Unemployed
          Posted on: 2020-08-09 15:30:32   By: Anonymous
           
          Speaking of debate I can't wait...

          [Reply ]

    Re: Complete Jubilee
    Posted on: 2020-08-09 14:05:04   By: Anonymous
     
    ^ This. Many will never be able to purchase a home or contribute significantly to the economy with that financial yoke. Not a gift but the opportunity to refinance, especially given the jobs are simply not there at present.

    [Reply ]

No Subject
Posted on: 2020-08-09 14:03:48   By: Anonymous
 
Amusing that some realtors are trying to take advantage of Murphys' cachet by listing properties as between Murphys and Angels Camp.

[Reply ]

No Subject
Posted on: 2020-08-09 14:39:38   By: Anonymous
 
Uh, looks like the payroll tax is suspended for some , but it does not appear that here is no payback.
The order says there needs to be further legislative action.
It reads good at first, but the details are missing and there is no certainty.

[Reply ]

    Re:
    Posted on: 2020-08-09 15:34:15   By: Anonymous
     
    Hey joe you have dog shi+ on your sole...

    [Reply ]

      Re:
      Posted on: 2020-08-09 16:12:05   By: Anonymous
       
      You got it for brains.

      [Reply ]

        Must All Be Paid Back
        Posted on: 2020-08-09 18:14:14   By: Anonymous
         
        All deferrals must be paid back either by employees or companies.

        A nothing burger as usual.

        [Reply ]

          Re: Must All Be Paid Back
          Posted on: 2020-08-09 19:15:21   By: Anonymous
           
          Biden has dog *bleep* on his soul because he is a disgusting racist.

          [Reply ]

            Re: Must All Be Paid Back
            Posted on: 2020-08-10 07:44:34   By: Anonymous
             
            Trump’s meltdown, how embarrassing. Republicans, calling all republicans. Probably at the covid motorcycle rally....

            [Reply ]

              Re: Must All Be Paid Back
              Posted on: 2020-08-10 08:45:49   By: Anonymous
               
              JoByDung

              [Reply ]


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