Category: Taxation

Fighting Inflation….A Typical Solution

We all are suffering the ravages of inflation….well most of us mere peasants that is….Most of us need some help….with that said the IRS has stepped up to help out….

The Internal Revenue Service on Tuesday announced the adjustments that will be in effect for 2023 tax rates in response to soaring inflation, meaning some taxpayers could see a lower tax bill. As the New York Times reports, typically when tax rates are adjusted for inflation, the adjustments are “incremental.” Not so this year. All seven income brackets will be adjusted, with the largest shift seen at the highest level of earnings. The top income tax rate, 37%, will apply to those who earn $578,125 ($693,750 for married couples filing jointly), a big increase from this year’s threshold of $539,900 for individuals. Those who no longer meet the cutoff for the highest rate will be taxed at the next level down, 35%, and so it goes down the line to the lowest tax rate, 10%. (For details on each level see Kiplinger.)

Axios explains why this happens: “The IRS adjusts tax brackets every year to ward off ‘bracket creep’—when your salary rises to keep up with inflation, propelling you into a higher tax bracket.” For example, someone earning $34,000 per year, if being taxed at the 1980 level, would be taxed at a 49% rate. But, per the Times, those whose salaries have been adjusted to match rising inflation (which is not the case for many in the US) won’t benefit from the adjusted tax rates. The inflation adjustments were not carried out prior to 1985. In addition, in 2023 the standard deduction will increase $900 from this year to $13,850 for individuals; for couples, it will go up $1,800, to $27,700. Other adjustments include benefits for tax-free public transit and parking costs, the worth of the earned-income tax credit, and estate tax changes.

Please stop helping us out.

Just once I would like to see a corporation pay some taxes….I know I know they are the highest taxed in the world (well that is the lie we are fed to make giving them hand-outs look magnanimous)….

If I pay 35% on my income so should the corporations….it is that simple.

I Read, I Write, You Know

“lego ergo scribo”

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Defense Firms Whine

The purveyors of destruction are whining about the possibility they will be paying their taxes….

Defense companies are warning investors they could owe billions of dollars in additional taxes this April unless Congress repeals or defers a law that would tax research and development expenses.

Some say it will discourage American companies from making research-and-development investments at a time when the U.S. is increasingly competing with China both militarily and commercially.

“We firmly believe, and everybody we talk to in Washington understands, it is bad public policy,” Raytheon Technologies CEO Greg Hayes said Wednesday at a Barclays investment conference. “It discourages investment in innovation.”

Companies have been able to write off R&D expenses since 1954, but the 2017 Tax Cuts and Jobs Act requires companies to begin claiming R&D expenses on their taxes. The annual claims must be spread over a five-year period beginning in 2021. 

“The requirement for companies to capitalize and amortize R&D expenses amounts to a significant tax increase, which will negatively impact innovation,” the National Defense Industrial Association, a trade group that represents more than 1,500 large and small firms, said in a recent assessment of the defense industry.

https://www.nextgov.com/cio-briefing/2022/02/defense-firms-brace-billions-dollars-new-taxes-and-hope-congressional-relief/362494/

Seriously?

Since 9/11 the defense industry has generated $7.35 trillion in revenue.

Gone are the days when most of the defense budget was spent directly on soldiers. Since 9/11, war has become “modernized” — which means it’s fought with extremely expensive weapons bought from highly profitable private-sector companies.

Then there are those attractive packages for the industry’s CEOs…..

A Project On Government Oversight analysis of executive compensation at the top five Pentagon contractors – Lockheed Martin, Boeing, General Dynamics, Northrop Grumman, and Raytheon – found that the average compensation package of a CEO at one of these firms was approximately $21.5 million last year, according to the firms’ Securities and Exchange Commission filings. Total compensation is the sum of base salary, bonuses, stock awards, option awards, incentive compensation, deferred compensation (including changes in pension value), and all other compensation.

Sorry for the wandering diatribe but my point is that the taxpayer is basically subsidizing these packages…..

A Project On Government Oversight analysis of executive compensation at the top five Pentagon contractors – Lockheed Martin, Boeing, General Dynamics, Northrop Grumman, and Raytheon – found that the average compensation package of a CEO at one of these firms was approximately $21.5 million last year, according to the firms’ Securities and Exchange Commission filings. Total compensation is the sum of base salary, bonuses, stock awards, option awards, incentive compensation, deferred compensation (including changes in pension value), and all other compensation.

Publicly held U.S. corporations, ranked by DoD contracts CEO pay, 2020 Pentagon contracts, 2020
LOCKHEED MARTIN $23,360,369 $75,212,351,608
RAYTHEON TECHNOLOGIES $19,407,572 $27,405,894,269
GENERAL DYNAMICS $19,328,499 $21,842,409,577
BOEING $21,074,052 $21,737,405,195
NORTHROP GRUMMAN $20,807,144 $12,334,259,578
HUNTINGTON INGALLS INDUSTRIES $6,440,417 $7,786,450,023
HUMANA $16,489,639 $6,922,421,962
L3HARRIS TECHNOLOGIES $15,452,653 $6,165,347,736
GENERAL ELECTRIC $73,192,032 $4,408,978,372
LEIDOS HOLDINGS $12,319,624 $3,127,617,234
CENTENE $24,956,777 $3,108,731,869
MCKESSON $15,435,470 $2,847,873,788
OSHKOSH $8,106,122 $2,497,907,347
SAIC $6,936,702 $2,379,197,494
FLUOR $11,236,632 $2,320,386,199
BOOZ ALLEN HAMILTON $8,095,433 $2,308,782,906
AMERISOURCEBERGEN $14,295,140 $2,143,834,610
AECOM $9,320,888 $1,971,579,509
TEXTRON $17,770,781 $1,964,808,269
KBR $9,864,381 $1,963,741,418
TOTAL $353,890,327 $210,449,978,961
AVERAGE

My point is if they can find the cash to pay these CEOs millions then they can find the  cash to pay their damn taxes….I have to then they should also.

CEO pay is obscene…..Taxpayers should not have to subsidize sky-high compensation levels for military contractor CEOs that perpetuate the profit motive for war.

When will enough be enough?

I Read, I Write, You Know

“lego ergo scribo”

That Global Minimum Tax

Biden’s Sec Treasury recently proposed a policy that I can get on-board with (there are some few that I can support)…….

https://lobotero.com/2021/06/09/global-minimum-corporate-tax/
Now it appears that more and more countries are signing on to this policy…..
Some 130 countries have backed a global minimum tax as part of a worldwide effort to keep multinational firms from dodging taxes by shifting their profits to countries with low rates. The agreement announced Thursday by the Organization for Economic Cooperation and Development also provides for taxing the largest global companies in countries where they earn profits through online businesses but may have no physical presence. The agreement followed a proposal from President Biden for at least a 15% rate, an initiative that propelled the talks toward meeting a deadline for a deal by the middle of this year. The deal now will be discussed by the Group of 20 countries at meetings later this year, the AP reports, in hopes of finishing the details in October and implementing the agreement in 2023.
 
Under the deal, countries could tax their companies’ foreign earnings if they go untaxed through subsidiaries in other countries. That would remove the incentive to use accounting and legal schemes to shift profits to low-rate countries, since the profits would be taxed at home anyway. Not all of the 139 countries that joined the talks signed on to the deal. The proposal to tax countries where they have sales but no physical presence, which would require countries to sign up for a multilateral convention, excluded extractive companies such as oil and mining and regulated banks. The deal now faces more technical work and review by the Group of 20 countries. In the US, Biden has proposed a 21% minimum rate on overseas earnings of big US companies to deter them from shifting profits to tax havens. Biden’s US tax would need to be approved by Congress.
Like I said….I believe this is a much needed tax policy….
 
We will see just how effective it truly is or is this just a tactic to quell some larger issues.
 
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“lego ergo scribo”
 

Global Minimum Corporate Tax?

Here is an idea that I can support…..but an idea that will be fought tooth and nail by corporations that do not want to pay anything for the right of economic exploitation….

But Biden’s SecTreasury has proposed a plan for a global tax…….

Corporations around the world should pay at least a 15% tax on their earnings, the Treasury Department said Thursday as part of its push for a global minimum for businesses.

The final rate could go even higher than that, according to a Treasury release that said the 15% minimum is a “floor and that discussions should continue to be ambitious and push that rate higher.”

U.S-based companies currently pay a 21% rate, a level that was slashed during the Trump administration. Previously, the top rate had been 35%.

Under a proposal from President Joe Biden, the tax rate would be lifted to 28%, part of a plan to raise levies on both companies and the highest earners.

Treasury Secretary Janet Yellen has been touting the benefits of a global corporate minimum tax rate that she said would discourage companies from relocating domiciles to other countries to cut their tax burdens even though most of their operations are in the U.S.

Yellen’s Treasury believes “that the international tax architecture must be stabilized, that the global playing field must be fair, and that we must create an environment in which countries work together to maintain our tax bases and ensure the global tax system is equitable and equipped to meet the needs of for the 21st century global economy,” the department said in a news release.

https://www.cnbc.com/2021/05/20/us-proposes-global-minimum-corporate-tax-rate-of-15percent-with-an-eye-on-something-even-higher.html

Sadly I do not see this as a plan that will make it….corporations own a lot of politicians around the world and they will do as they are told…..

I may have been pre-mature in my doubt….

The Group of Seven wealthy democracies agreed Saturday to support a global minimum corporate tax of at least 15% in order to deter multinational companies from avoiding taxes by stashing profits in low-rate countries, per the AP. G7 finance ministers meeting in London also endorsed proposals to make the world’s biggest companies—including US-based tech giants—pay taxes in countries where they have lots of sales but no physical headquarters. Britain’s Treasury chief Rishi Sunak, the meeting’s host, said the deal would “reform the global tax system to make it fit for the global digital age and crucially to make sure that it’s fair, so that the right companies pay the right tax in the right places.”

US Treasury Secretary Janet Yellen, who attended the London meetings, said the agreement “provides tremendous momentum” toward reaching a global deal that “would end the race-to-the-bottom in corporate taxation, and ensure fairness for the middle class and working people in the US and around the world.” France cheered Saturday’s agreement and claimed credit for acting as its catalyst. “We made it! After 4 years of battle, a historic accord was reached with G7 member states,” French Finance Minister Bruno Le Maire tweeted. “France can be proud!” The endorsement from the G7 could help build momentum for a deal in wider talks among more than 140 countries being held in Paris as well as a Group of 20 finance ministers meeting in Venice in July.

Will this be just another great idea that will be thrown on the trash pile of good ideas.

A side thought for my reader to ponder…

As long as I am writing about globally….how would you like to work for McDonalds…..in Denmark…..

The agreement with McDonalds does not only include salary per. hour and 6 weeks holiday. There is extra charge for evening and night work. Payment for seniority, holiday payment (Easter and Christmas for example, (100%), on top of all payment there is an extra 6.85%, Pension plan for employees from the age of 20 (12%).

In the Danish labor market, all employees have 5 weeks paid holiday by law. Some of the things that are extra in the companies that have a collective agreement, just like McDonalds, is one week more (called Feriefridage). So, the answer to your question is yes. McDonalds employees have 6 weeks’ paid vacation for all.

McDonald’s workers in Denmark truly make more than $20 an hour.

Do McDonald’s Workers in Denmark Make $22 an Hour?

Interesting!

I Read, I Write, You Know

“lego ergo scribo”

Closing Thought–08Apr21

As the day approaches for your taxes to be paid…..I thought you might like to know how much the big corporations pay…..

Did you buy some Nike shoes?

You paid around $12 for a popular model….but that is more than Nike paid in taxes…..

For millions of ordinary people in the U.S., 2020 was a painful year in which loved ones and jobs were lost as a result of the Covid-19 pandemic and its devastating economic repercussions. But for many of the country’s major corporations, last year was a lucrative one—particularly if they were among the 55 companies that paid $0 in federal income taxes on a combined $40.5 billion in profits, as a new study shows.

Released Friday, the report is based on the Institute on Taxation and Economic Policy’s (ITEP) analysis of 2020 financial reports filed by the country’s largest publicly traded corporations. 

Instead of paying a collective $8.5 billion in federal income taxes on last year’s profits of $40.5 billion, as mandated by the statutory 21% rate, the 55 companies exploited preexisting loopholes and pandemic-related tax breaks to reduce their tax bills to zero.

Not only did these corporations secure a zero-tax liability, they received a collective $3.5 billion in rebates, bringing the total amount of lost federal revenue to $12 billion. And 26 of them haven’t paid a dime for the past three years, a time period in which the GOP’s “morally and economically obscene” tax cuts for corporations and wealthy Americans have been in effect.

https://www.commondreams.org/news/2021/04/02/55-us-corporate-giants-paid-0-federal-taxes-2020-thanks-gaping-loopholes

How does that make you feel?

It is time for tax reform as long as we attempt to reform other sectors in the government….taxes on us mere mortals are paying all the bills and the corporations reap benefits from not having to pay what they owe this country.

STOP believing the lies about tax cuts!

Demand that everyone pay their taxes not exceptions!

Turn The Page!

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“lego ergo scribo”

Closing Thought–16Mar21

Some people have made out like bandits during the pandemic.

The total wealth of US billionaires rose $1.3 trillion amid the pandemic, the ATF and IPS said.

This could fund two-thirds of Biden’s $1.9 trillion COVID-19 rescue plan.

American billionaires have earned so much money during the pandemic that they could fund two-thirds of President Joe Biden’s COVID-19 relief package using profits generated in the last year, a report shows.

The combined fortune of American billionaires rose around $1.3 trillion, or 44%, from March 2020 to March 2021, Americans for Tax Fairness (ATF) and the Institute for Policy Studies (IPS) said.

This increase is equivalent to two-thirds of the $1.9 trillion cost of Biden’s pandemic rescue plan, which he signed into law Thursday.

…

657 billionaires were worth a combined $4.2 trillion, the ATF and IPS said. Under current tax laws, none of this would be taxed during their lifetimes, unless the underlying assets are sold at a gain, they said.

https://news.yahoo.com/american-billionaires-could-fund-two-110000968.html

Time for this obscenity to change!

Children go hungry…..people lose their homes…..no jobs….and yet these societal parasites roll in dough.

Somebody needs to a grow a pair and step up and demand these ‘people’ start paying for the privilege of being part of the American society.

I do not care how much money they make or steal or whatever….all I want is for them to pay their fair share like the rest of us mere peasants.

A fair and equitable tax code would be a good start.

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“lego ergo scribo”

Will ‘Trickle Down’ Return?

For about fifty years the Repubs have promised with every tax cut that it would miraculously help the working class in the long run. Well that was a lie….and the working class is still waiting for the ‘trickle down’ effect promised.

And now that the GOP is out of favor I expect that there will be more calls for tax cuts to pay for all the assistance that was given to the country….including the wealthy that did not need the help.

I have given my thoughts on this BS and every time the GOP offered it is accepted….and now I try again to prevent bullshit from becoming policy.

My original posts…..

https://lobotero.com/2008/10/09/the-humor-that-is-trickle-down-economics/

https://lobotero.com/2011/06/24/trickle-up-economics/

Now that we have a new president I suspect the calls for massive tax cuts will begin in January 2021 by the GOP and its minions.

Neoliberal gospel says that cutting taxes on the wealthy will eventually benefit everyone by boosting economic growth and reducing unemployment, but a new analysis of fiscal policies in 18 countries over the last 50 years reveals that progressive critics of “trickle down” theory have been right all along: supply-side economics fuels inequality, and the real beneficiaries of the right-wing approach to taxation are the super-rich.

The Economic Consequences of Major Tax Cuts for the Rich(pdf), a working paper published this month by the International Inequalities Institute at the London School of Economics and written by LSE’s David Hope and Julian Limberg of King’s College London, examines data from nearly 20 OECD countries, including the U.K. and the U.S., and finds that the past five decades have been characterized by “falling taxes on the rich in the advanced economies,” with “major tax cuts… particularly clustered in the late 1980s.”

But, according to Hope and Limberg, the vast majority of the populations in those countries have little to show for it, as the benefits of slashing taxes on the wealthy are concentrated among a handful of super-rich individuals—not widely shared across society in the form of improved job creation or prosperity, as “trickle down” theorists alleged would happen.

https://www.commondreams.org/news/2020/12/16/study-50-years-tax-cuts-rich-confirms-trickle-down-theory-absolute-sham

It is ALL a lie….there has never been any benefit for the working class from so-called ‘trickle down’ economics.

Just wait….the calls for wealthy tax cuts will begin again now that there is a Dem in the White House and can watch the middle class dissolve a little more.

Be Smart!

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“lego ergo scribo”

Biden/Harris Financial Policies

Time to look at Biden and what are his financial policies and will they do any good for the American people…..

While Democratic presidential nominee Joe Biden is unlikely to prioritize a financial industry crackdown if he wins on Nov. 3, he is expected to take a much tougher line than Trump and his former boss President Barack Obama.

Banks and investors were preparing for a Biden victory over the weekend after Trump tested positive for COVID-19 on Friday, in a blow for his campaign.

Here are some of the key areas his administration and agency picks would likely focus on.

THE COMMUNITY REINVESTMENT ACT
HOUSING FINANCE
CONSUMER PROTECTIONS, CREDIT REPORTING
CLIMATE CHANGE RISKS
BANKRUPTCY REFORM
POSTAL BANKING
 
All pretty good ideas….but knowing what our politics is like I d not think they will be nearly as all powerful as they pretend….after special interests get through they will be toothless tigers….as usual.
 
The tax policies of the Biden/Harris team is also good ideas…..

Joe Biden and Kamala Harris have an opportunity to cut poverty in America in half. A new study finds that the Democratic ticket has put forward or endorsed a set of proposals that, taken together, could add up to the biggest anti-poverty plan in decades.

Three specific measures — Biden’s plan to make Section 8 housing vouchers universal; congressional Democrats’ plan for a $3,000-a-year child allowance ($3,600 for kids under 6), and Harris’s LIFT Act proposing new tax credits for low-income households — would have lowered the poverty rate from 12.7 percent to 6.5 percent if they had been adopted in 2018, according to researchers at the Center on Poverty and Social Policy at Columbia. That’s 20.2 million fewer people living in poverty.

The reduction in child poverty would be larger still, from 13.7 percent to 3.6 percent. Only about a quarter as many children would remain in poverty after the policy package’s adoption.

https://www.vox.com/future-perfect/21456242/joe-biden-poverty-checks-kamala-harris

Once again good plan…but it will probably not hold up to the brutal American political process….more promises that will go unfulfilled thanx to lobbyists and cash spread around.

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VOTE!

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“lego ergo scribo”

 

Tale Of The Taxes

This is for all those people that have been working tirelessly to get Trump’s tax returns to made public…..well sports fans your wait is over.

Praise be!

After 3+ years of bitching and whining we all get a chance to look into the taxes of our Dear Loving President…..the returns have been made public…..and now we can go to the tale of the taxes…

The most sought-after documents in America have finally surfaced: President Trump’s tax returns. And what they reveal is sobering. Trump, a self-described master of the deal, appears to be taking in hundreds of millions of dollars a year while suffering huge losses that he uses to pay little or nothing in taxes, the New York Times reports. His properties are struggling, he’s deeply in debt, and he’s facing a battle with the IRS could cost him over $100 million. The 20-plus years of documents “reveal the hollowness, but also the wizardry, behind the self-made-billionaire image,” says the Times. “Ultimately, Mr. Trump has been more successful playing a business mogul than being one in real life.” Among the details:

  • Trump paid no federal income taxes in 10 of the last 15 years, $750 the year he won the election, and $750 the year after that.
  • He’s facing $421 million in loans and other debts for which he’s personally responsible—most of which will come due over the next four years. If he wins in November, lenders will face the unenviable decision of whether to foreclose on a sitting president. But Trump can use that debt to declare future losses and avoid paying taxes.
  • Beginning in 2010, he successfully claimed an income tax refund of $72.9 million due to his vast losses. That refund is at the heart of an IRS audit fight that could force Trump to repay the refund with interest—possibly more than $100 million.
  • Most of Trump’s key ventures, like his golf courses and Washington hotel, are losing millions of dollars annually. The properties are also magnets for foreign officials and lobbyists, which could represent a conflict of interest for a president who refused to divest himself from his enterprises while in office.
  • Trump’s revenue from licensing deals and The Apprentice—over $420 million in all—is running out, and years ago he sold off stocks that might help him shore up his properties.
  • Alan Garten, a Trump Organization lawyer, tells the Times that “most, if not all, of the facts appear to be inaccurate” in its report. He says Trump “has paid tens of millions of dollars in personal taxes” over the past decade, but the Times suggests that Garten is confusing Trump’s income taxes with other federal taxes, like Medicare and Social Security. Garten said Trump paid some taxes with credits, which the Times calls “misleading.”
  • Trump called the Times report “fake news” on Sunday and said he has paid taxes, the AP reports. He didn’t give details but said it “will all be revealed.”

Our fascination even obsession over the Trump taxes has now been satisfied….may we please move on to more pressing issues?

I Read, I Write, You Know

“lego ergo scribo”

Screw Those Old Farts! (Again)

Closing Thought–10Aug20

This is for all those old farts that still support the president…that would be Trump in case you are not sure…..

Trump has liberally used the power of the Executive Order when he cannot get his way from Congress and he has a new idea for his next EO.

A cut in payroll taxes,,,,yes it will give the worker more money but at the same time will begin the gutting of Social Security…..

An advocacy group representing more than four million American retirees warned Thursday that President Donald Trump took a dangerous step toward “single-handedly” dismantling Social Security by announcing he plans to sign an executive order suspending collection of the payroll tax as early as Friday afternoon.

With congressional negotiations over the next Covid-19 stimulus package still at an impasse, Trump told reporters Thursday that executive orders to suspend the payroll tax, extend boosted unemployment benefits, and reestablish an expired eviction moratorium are “being drawn now” despite questions over whether the president has the authority to unilaterally take any of those actions.

Trump said he expects to sign the orders “tomorrow afternoon or maybe the following morning” if White House negotiators and Democratic leaders don’t reach a deal. Both Democrats and Republicans in Congress have rejected the idea of cutting the payroll tax, the primary funding mechanism for Social Security.

Richard Fiesta, executive director of the Alliance for Retired Americans, said in a statement that “after learning that Democratic and Republican congressional leaders would not go along with his harebrained scheme to cut Social Security’s dedicated funding source, President Trump lashed out and announced he would begin dismantling the system single-handedly.”

https://www.commondreams.org/news/2020/08/06/retirees-vow-fight-attempt-gut-social-security-trump-announces-executive-order/

Once again the seniors will take a good screwing and yet they will continue to vote for the toads that are raping their benefits.

I am still working on where the logic in that sort of politics….

But I will admit I can see Trump’s point……his proposed EOs…..

The workweek came and went without a deal in Congress for pandemic relief, and that’s despite a two-hour meeting Friday with Nancy Pelosi, Chuck Schumer, Treasury’s Steven Mnuchin, and White House chief of staff Mark Meadows. Afterward, the latter two said they would recommend that Trump issue executive orders, and the president pledged to do just that in a Friday evening press conference, reports USA Today. Details are scarce—including on where the money would come from—but Trump said he planned to tackle four main issues, per the Hill:

  • Pay enhanced unemployment benefits through the end of the year
  • Defer student loan payments and forgive interest for the near future
  • Reinstate a federal moratorium on evictions
  • Defer the payroll tax until year’s end

Gridlock brought this about……

Trump signed four executive orders to act where Congress hasn’t, contending Washington’s gridlock had compelled him to act as the pandemic undermined the country’s economy and imperiled his November reelection hopes. Perhaps most crucially, Trump moved to continue paying a supplemental federal unemployment benefit for millions of Americans out of work during the outbreak.

However, his order called for up to $400 payments, one-third less than the $600 people had been receiving. Congress allowed those higher payments to lapse on Aug. 1, and negotiations to extend them have been mired in partisan gridlock, with the White House and Democrats miles apart. Now, Trump, who has not spoken with Democratic House Speaker Nancy Pelosi since last year, sought to play the role of election-year savior, with the $400 weekly assistance, as well as a deferral of payroll tax and federal student loan payments and the continuation of a freeze on some evictions during the crisis. “It’s $400 a week, and we’re doing it without the Democrats,” Trump said, asking states to cover 25% of the cost.

This according to the conservs of Lincoln Project……

This defunds Medicare.

This defunds Social Security.

Tax collection is just deferred.

You’ll still owe these taxes next year.

Stop calling it Washington gridlock…it is the Senate that does nothing and I mean NOTHING….

Image

I still think the payroll tax thing is the beginning of the assault on Social Security and Medicare……I give Trump his props for doing what the Congress could not….but I still question his motives.

Something to think about……

President Donald Trump on Saturday afternoon openly vowed to permanently “terminate” the funding mechanism for both Social Security and Medicare if reelected in November—an admission that was seized upon by defenders of the popular safety net programs who have been warning for months that the administration’s threat to suspend the payroll tax in the name of economic relief during the Covid-19 pandemic was really a backdoor sabotage effort.

Announcing and then signing a series of legally dubious executive orders, including an effort to slash the emergency federal unemployment boost by $200 from the $600 previously implemented by Democrats, Trump touted his order for a payroll tax “holiday”—which experts noted would later have to be paid back—but said if he won in November that such a cut would become permanent.

https://www.commondreams.org/news/2020/08/08/trump-just-admitted-live-television-he-will-terminate-social-security-and-medicare

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