Business, Economic, and Tax Policy 9: No, No, No, We Compost The Rich

[ScoobyDoo]

Re: Business, Economic, and Tax Policy 9: No, No, No, We Compost The Rich

Christ do that and give them their stupid slush fund and everyone friggin wins. People spend, people pay their bills (and taxes) and corporations get their bailout. In a month we are in full recovery and the stock market is soaring even with a quarantine.

Yep.

[Fighting Sioux 23]

Re: Business, Economic, and Tax Policy 9: No, No, No, We Compost The Rich

So if the Times is right...then I might as well wait til the new extended deadline to file my taxes. This year I made over the 75K threshold (not by much) but last year I made well under.

My understanding of how it would work is that you would likely then owe some of the $1200 back in your 2020 taxes. For example, let's assume in 2020 that you would normally owe $0. If they use your 2018 returns and advance you $1200, but then based on your 2019 returns you should have only received $1100, then on your 2020 taxes, instead of owing $0, you would owe $100.

Again, I'm not a tax professional, but this is how I understand the bill to work. It's based on your 2019 returns, but if you haven't filed yet, they will use your 2018 returns and then it will all sort out in the wash in 2020.

[Handyman]

Re: Business, Economic, and Tax Policy 9: No, No, No, We Compost The Rich

My understanding of how it would work is that you would likely then owe some of the $1200 back in your 2020 taxes. For example, let's assume in 2020 that you would normally owe $0. If they use your 2018 returns and advance you $1200, but then based on your 2019 returns you should have only received $1100, then on your 2020 taxes, instead of owing $0, you would owe $100.

Again, I'm not a tax professional, but this is how I understand the bill to work. It's based on your 2019 returns, but if you haven't filed yet, they will use your 2018 returns and then it will all sort out in the wash in 2020.

That is correct from what I gather I would basically owe the difference between what I got and what I should have got so it ends up a wash. My taxes this year will be significantly less than last year (my second job is DOA and I have lost out on at least 2k because of it and more is coming) so my refund will be more and can absorb the hit. It is stupid algebra but I would end up way ahead because of my weird circumstance.

I dunno I have the form ready to go so who knows. I get a small refund this year anyways but owe the State.

[dxmnkd316]

Re: Business, Economic, and Tax Policy 9: No, No, No, We Compost The Rich

It's not even a gift of $1200. It's an advance of your tax return next year. It's your money, you just owe it back next year.

Wait, what?

[FadeToBlack&Gold]

Re: Business, Economic, and Tax Policy 9: No, No, No, We Compost The Rich

I don't qualify for a check. Soros paid me too much the last couple of years. I keep telling him the payments are supposed to be cash transfers directly to my Credit Suisse account so I don't have to report it, but he doesn't listen!

[Deutsche Gopher Fan]

Wait, what?

‘Murica! Where we can’t even get supported like other nations in a pandemic

[Handyman]

Re: Business, Economic, and Tax Policy 9: No, No, No, We Compost The Rich

Wait, what?

You read it right. Check out the Times article I linked.

What a colossal screw up this all is.

[Spartanforlife4]

Re: Business, Economic, and Tax Policy 9: No, No, No, We Compost The Rich

I had heard you only had to pay it back if you receive it when you shouldn’t have. i.e. get anywhere from 0-1200, but you were supposed to receive less based upon the 2020 return.

Of course, it wouldn’t surprise me at all if it was a blanket “loan” because the working class is never allowed help.

[mookie1995]

So I won’t get it, fine. I’m employed for the moment.

Why the hell do people like me but who have kids even need this, if no one has lost their job? This money should be going to those who have lost their jobs, period. Christ.

Hush!!!

Family values. Mookie’s girl is an unpaid stay at home wife . Our joint file is the key

[Kepler]

Re: Business, Economic, and Tax Policy 9: No, No, No, We Compost The Rich

Hush!!!

Family values. Mookie’s girl is an unpaid stay at home wife . Our joint file is the key

It's hard to work with bound feet.

[Handyman]

Re: Business, Economic, and Tax Policy 9: No, No, No, We Compost The Rich

Apparently the markets thought Trump was going to talk or something cause they are all down

[mookie1995]

Wait, what?

No no no

It is a credit. A gift that lowers your tax due and come back to you. And the times correctly then states it is not taxable.

Reading is fundamental

[mookie1995]

It's hard to work with bound feet.

and Mookie still can’t catch her

[dxmnkd316]

Re: Business, Economic, and Tax Policy 9: No, No, No, We Compost The Rich

THis isn't hard. Just send everyone a check for $1,200 a month for the next howeverthe****long it takes to beat this. DOn't means test, don't figure out if someone is employed, don't play games, JUST SEND THE ****ING MONEY.

Those that are employed will have more taxed later. Those that make more will be taxed on it at a higher rate.

$1,200 not enough after taxes? Fine, double the ****er.

[Kepler]

Re: Business, Economic, and Tax Policy 9: No, No, No, We Compost The Rich

THis isn't hard. Just send everyone a check for $1,200 a month for the next howeverthe****long it takes to beat this. DOn't means test, don't figure out if someone is employed, don't play games, JUST SEND THE ****ING MONEY.

Those that are employed will have more taxed later. Those that make more will be taxed on it at a higher rate.

$1,200 not enough after taxes? Fine, double the ****er.

It's a good start.

A lot of people don't have addresses to get money sent to, and we need to hit them too, but let's start ASAP with the ones we can reach.

dx for covid czar until further notice, please.