Advocates for ideas and draws conclusions based on the interpretation of facts and data.
On Aug., 2020, the president issued a presidential memorandum directing the secretary of the Treasury to use his authority to defer the withholding, deposit, and payment of certain payroll tax obligations. The payroll tax chosen to be deferred was Social Security. The period of deferment began Sept. 1 and ended Dec. 31, 2020. Because the tax was deferred and not forgiven, the deferred tax was collected between Jan. 1 and April 30, 2021. From January to May, employees saw a double helping of the Social Security tax taken from their paychecks.
On Dec. 22, 2017, the president signed into law the Tax Cuts and Jobs Act of 2017. The act temporarily lowered the income tax burden for individuals and families by: increasing the income tax bracket thresholds; lowering tax rates; increasing the child tax credit; and increasing the standard income tax deduction. Nearly everyone benefited from the provisions of the act.
But hang on. The act has an expiration date of Dec. 31, 2025. Most parts of the adjusted tax code will roll back to the provisions in place prior to Jan. 1, 2018. Returning provisions will include: lower income tax bracket thresholds; higher tax rates; lower child tax credit; and lower standard income tax deduction. The expiration of the Tax Cuts and Jobs Act of 2017 will be very impactful to most families.
The question becomes why? Are we being played as fools? Is it expected that we all have short attention spans and will not notice? It is nothing short of cruel to make promises only to take away that what was given.