I am seeing you need to be under $75,000 for individuals and under $150,000 for couples.
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Democrats block Senate CV Stimulus Package (1 Viewer)
- Thread starter JohnnyU
- Start date
They see getting that money out there as a means to get there emperor re-elected so the amount is irrelevant.
The Commish
Footballguy
Lutherman2112
Footballguy
parasaurolophus
Footballguy
This bill is trash. Hope it fails. If the money isnt coming til may anyway who cares? Get it right.
That one guy
Footballguy
Is this real, May? Because the process is actually difficult or they don’t think a deal will be passed until mid-late April?
SHIZNITTTT
Footballguy
https://twitter.com/owillis/status/1242894044184883201
Objecting to a provision in the Senate coronavirus bill providing unemployment benefits for people in financial trouble, Sen. Lindsey Graham says nurses are "going to make $24 an hour on unemployment" which he claims would incentivize "taking people out of the workforce."
So all of a sudden the same people who have been risking their lives are just going to stop working?
Objecting to a provision in the Senate coronavirus bill providing unemployment benefits for people in financial trouble, Sen. Lindsey Graham says nurses are "going to make $24 an hour on unemployment" which he claims would incentivize "taking people out of the workforce."
So all of a sudden the same people who have been risking their lives are just going to stop working?
fruity pebbles
Footballguy
Things like this always remind me of Arrested Development "I mean, it is one banana Michael, how much could it cost? $10?" Like Republicans think that $24/hour (less than 50k a year) is some amount of money that tons of trained professionals would be quitting their jobs in droves to take, and then need to find another job in a few months. Just a complete disconnect from people that work for their wages.
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The General
Footballguy
The General
Footballguy
Nothing more than a guaranteed loan...only possible gain is if the interest rates are really low the way I see it.
"Small and medium businesses with fewer than 500 workers will be able to apply for government-backed, forgivable loans to cover the costs of their workers’ wages, as well as some other business expenses such as rent, up to a maximum of $10 million. If companies lay off workers, however, parts of the loan will not be forgiven."
https://thehill.com/policy/finance/489552-how-the-business-loan-program-would-work-in-the-2t-coronavirus-package
More details about loan forgiveness: https://dailyreporter.com/2020/03/25/stimulus-bill-proposes-299b-for-small-business-interruption-loans/
https://thehill.com/policy/finance/489552-how-the-business-loan-program-would-work-in-the-2t-coronavirus-package
More details about loan forgiveness: https://dailyreporter.com/2020/03/25/stimulus-bill-proposes-299b-for-small-business-interruption-loans/
urbanhack
Fight The Power!
parasaurolophus
Footballguy
Whats the problem? Trump properties cant get the money. Matty probably didnt know that.
sho nuff
Footballguy
Honestly asking...were they excluded (Trump, congress, and all top officials) from all in the stimulus or just the 500 billion portion to corps? I ask because it seemed people had an issue with the 500 billion portion but not issue with small businesses. If it didn't exclude them from all, is this a loophole to have people qualify as a small business? (And no, not just Trump)
parasaurolophus
Footballguy
It is a loophole, but trump hotels dont qualify for the loophole, which is probably why they didnt put the conflict of interest language in that section with the loophole.
sho nuff
Footballguy
Hope this is the case (again not just Trump but loopholes to benefit all elected and top officials)
ren hoek
Footballguy
This thing doesn’t need to be 1400 pages. Just get money to everyone on an indefinite timeline so they can survive, no means-testing. No multitrillion dollar economic coup for banks, no republican/democrat pet projects, no corporate bailouts.
It should also be directed at the virus itself. Masks, testing facilities, funds for treatment/vaccine, hazard pay for grocery workers / MDs, allow governors to repeal laws obstructing any of the above.
It should also be directed at the virus itself. Masks, testing facilities, funds for treatment/vaccine, hazard pay for grocery workers / MDs, allow governors to repeal laws obstructing any of the above.
LOUISVILLE, Ky. — A Congressman from Kentucky plans to vote "no" on the $2 trillion coronavirus relief package, which the Senate passed 96-0 Wednesday evening.
U.S. Rep. Thomas Massie, a Republican who represents Kentucky's 4th District, also hinted that he might object to a voice vote in the House of Representatives, which would force all members to return to Washington, D.C. and slowdown movement on the bill.
Massie told 55 KRC radio Thursday morning he plans to reject the measure — which includes one-time $1,200 checks to certain individuals and $367 billion in loans and grants to small businesses — due to concerns over spiking the national debt.
***
"I'm having a really hard time with this. Because they're saying, well it's hard to travel, yadda yadda yadda," Massie said. "Well, last night, 96 out of 100 Senators voted. All we would need is 218 out of 435 to vote," he added, pointing to a section of Article I in the U.S. Constitution that states "a majority of each shall constitute a quorum to do business."
"I know there are people saying, 'Oh you gotta vote for it. You can't slow this down,'" he continued. "Meanwhile, they spent a week in the Senate arguing how much money should go to the Kennedy Center."
Hey @ren hoek is this your rep?
U.S. Rep. Thomas Massie, a Republican who represents Kentucky's 4th District, also hinted that he might object to a voice vote in the House of Representatives, which would force all members to return to Washington, D.C. and slowdown movement on the bill.
Massie told 55 KRC radio Thursday morning he plans to reject the measure — which includes one-time $1,200 checks to certain individuals and $367 billion in loans and grants to small businesses — due to concerns over spiking the national debt.
***
"I'm having a really hard time with this. Because they're saying, well it's hard to travel, yadda yadda yadda," Massie said. "Well, last night, 96 out of 100 Senators voted. All we would need is 218 out of 435 to vote," he added, pointing to a section of Article I in the U.S. Constitution that states "a majority of each shall constitute a quorum to do business."
"I know there are people saying, 'Oh you gotta vote for it. You can't slow this down,'" he continued. "Meanwhile, they spent a week in the Senate arguing how much money should go to the Kennedy Center."
Hey @ren hoek is this your rep?
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SaintsInDome2006
Footballguy
The Commish
Footballguy
Does anyone have a link to the bill? We've been given the 10,000 level changes that are supposed to be in the bill as it pertains to retirement accounts and access to them. If true, I fear a rather large impact to the markets. Just one of the first things we were told were removal of 10% penalty AND deferred payback anywhere from 1-3 years (conflicting reports on timeline). Anyone know when the gov't is supposed to start cutting checks?
Dinsy Ejotuz
Footballguy
Graham literally has no idea how much normal people make. 3x minimum wage? Sounds outrageous -- we better put a stop to that!
Tom Hagen
Footballguy
https://www.npr.org/2020/03/25/820759545/read-2-trillion-coronavirus-relief-bill
I skimmed most of the bill but you are correct about waiving the 10% early withdrawal penalty and spreading the taxes over 3 years for certain affected individuals
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urbanhack
Fight The Power!
These guys are ####### monsters to respond with this type of thinking after the tax cut bill they put together which basically lined the pockets of corporations and the 1%. He can go pound sand.
Dan Lambskin
Footballguy
Any clarification if this payment is just considered an advance on next years tax refund?
like if I’d be getting $3900 here (married, 3 kids, not rich) and usually get $4-$5K back do I just expect $1K next year?
like if I’d be getting $3900 here (married, 3 kids, not rich) and usually get $4-$5K back do I just expect $1K next year?
The Commish
Footballguy
Thanks....I can see where this is heading politically
In the mean time, I'm not sure I understand the approach of allowing people to take money out of the market penalty free...seems like a bad idea.
Beef Ravioli
Footballguy
Seen a couple of people posting things on Facebook (must be true, right?), but does anyone know if someone actually included a raise for the Congress in the stimulus bill?
Please don’t be true!
Please don’t be true!
The Commish
Footballguy
Must have broken the server or something. Tom's link isn't working for me....secure connection issues.
Yep, he probably thinks it is high because it is 2 digits? "Well, if minimum wage is $8, then $24 must be rich since it is way higher".
apalmer
Footballguy
I read through the provisions this morning and it looks like this won't affect your refund. They've created a one-time credit equal to the amount of the proposed payment amounts. The payment amounts to be sent out are called an advance tax refund, with the "credit" to be reduced by the amount you receive from the advance refund (with a provision that the reduction cannot result in a negative number). Thus, there should be new schedule showing line 1 as "Amount of credit calculated at 1200/adult and 500/child, Line 2 as "Amount of Advanced Refund Received" and Line 3 as "Line 1 - Line 2". That should result in 0 tax consequences (assuming I'm reading the Act correctly, which is always a challenge with bills).
ren hoek
Footballguy
Not according to democracy.io (Yarmuth). But I oppose it too. $250 billion in direct payments to citizens. $250 billion expansion in unemployment benefits. $4 trillion dollars to bail out corporations.
Tom Hagen
Footballguy
My guess is that it's more of a hardship penalty waiver than anything else. They also waived required minimum distributions for 2020 which would allow older people to leave more money in the market.Thanks....I can see where this is heading politically
In the mean time, I'm not sure I understand the approach of allowing people to take money out of the market penalty free...seems like a bad idea.
Here is a pretty good summary of the Act with a link to the text. https://taxfoundation.org/cares-act-senate-coronavirus-bill-economic-relief-plan/
dkp993
Footballguy
While I don’t fundamentally disagree with your point, money for businesses/corporations isn’t always a bad thing. For example the company I work for this money will be used 100% to avoid layoffs and keep us from possible drastic moves, and thus benefits over 1000 families. I’d even argue benefit them far more then any realistically (be it 1k, 2k or 4K) sized check from the government would.
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The Commish
Footballguy
There are also rules around the loans portion if your plans have those features. By all accounts, they are making it really easy to take your money out of your 401k and paying it back way in the future. If we think about where the market is right now, where it was a few weeks ago, I just don't see this as a good idea. IF a ton of people go there and act it's taking money out of the market at a low point and it's not going to be put back in for a while.
Amused to Death
Footballguy
dawgtrails
Footballguy
So when the #### are they actually going to process these checks for folks?
The Commish
Footballguy
At minimum, 3 weeks. You'll be lucky to have them by May and we should be deep in the middle of it by then.
fruity pebbles
Footballguy
Still struggling to understand how 1200 bucks really helps most people. I mean it’s an extra $1200 but people who lost their jobs, can’t pay the rent etc. $1200 is kind of a nothing burger.
KiddLattimer
Footballguy
And as far as I understand it, it's an advance on next year's refund so it's kicking the can down the roadfruity pebbles said:
The Commish
Footballguy
Is this true? I heard that was the way it was written in one of the iterations, then I heard it changed along the way.
KiddLattimer
Footballguy
I'm hoping I'm wrong (someone tell me if I am)... This is where I'm getting it from: https://www.journalofaccountancy.com/news/2020/mar/cares-act-economic-relief-coronavirus-tax-provisions.html
"Taxpayers will reduce the amount of the credit available on their 2020 tax return by the amount of the advance refund payment they receive"
It's possible I'm misreading that quote... Been a while since my accounting class (that I barely passed)
Long Ball Larry
Footballguy
I hadn’t seen this reported before but doing some additional googling, I think that this is actually correct.
