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

[Handyman]

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

It's my understanding that the unemployment part of this deal is much larger than normal, as to benefits/payouts/length of time it's in effect.

If my understanding is correct, that's HUGE. And this is on top of the one-time check.

The unemployment part is not as big as you have been lead to believe. And it only helps if you QUALIFY for unemployment which plenty of people do not. And trust me, as someone who has been on unemployment that is not the place to give people money...oh and again IT IS TAXED!

 

[mookie1995]

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

https://www.youtube.com/watch?v=Ofrqm6-LCqs

 

[aparch]

It was my understanding that they basically added a $1200 refund into your 2020 tax returns, and they are advancing that money now. I could very well be mistaken, but I believe if you would have owed $0 on your 2020 taxes, with the stimulus you would have received a $1200 refund, and it is that refund that is being advanced early. It's not like you would receive the $1200 now, and then go into your 2020 taxes and owe $1200 under this example.

I'm certainly not a tax expert however, and would love to get a more informed opinion on this.

I've seen both. Forbes says it's like you explained it, and another source says that it's all dependent on how your 2020 return looks.

 

[The Rube]

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

The unemployment part is not as big as you have been lead to believe. And it only helps if you QUALIFY for unemployment which plenty of people do not. And trust me, as someone who has been on unemployment that is not the place to give people money...oh and again IT IS TAXED!

Of course it's taxed. It's income. If it can be taxed, it will be taxed. I learned that a long time ago.

And sincerely thanks for the info on that part. I don't know what the qualification requirement is for the unemployment part, I figured most would qualify (that is what I was led to believe, and from what I read, the Rs did not like that part of the deal because of that).

 

[Handyman]

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

It was my understanding that they basically added a $1200 refund into your 2020 tax returns, and they are advancing that money now. I could very well be mistaken, but I believe if you would have owed $0 on your 2020 taxes, with the stimulus you would have received a $1200 refund, and it is that refund that is being advanced early. It's not like you would receive the $1200 now, and then go into your 2020 taxes and owe $1200 under this example.

I'm certainly not a tax expert however, and would love to get a more informed opinion on this.

How would you know what you are going to owe on your 2020 taxes? A lot of people havent even filed their 2019 taxes...

Jesus Christ they cant even do this crap correctly.

 

[Fighting Sioux 23]

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

I've seen both. Forbes says it's like you explained it, and another source says that it's all dependent on how your 2020 return looks.

I'm trying to remember how it was done in 2008. People got what, $400? I believe you got that $400 when you filed your taxes, and it was basically just an extra $400 refund (or $400 off what you otherwise would have owed). It's my understanding that this bill works the same way, except instead of waiting until people file their taxes in 2020, the $1200 is being advanced now.

 

[RaceBoarder]

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

I have some news for you...

We cannot let what the terrorists do affect us. We have our strategy for the good of the country. No matter what we do, the RWNM will demonize it and their boobs will lap that up. So let's do what makes sense and ignore the f-ckwits, both in front of the camera and in front of their teevees.

The 45% of this country who vote GOP do not matter. They have taken themselves out of consideration for debate and democracy. They are traffic cones for the 55% to get around. Look at the righties on the D-1 thread. Any interaction with them is a waste. They have taken themselves out of the game, permanently.

Roll over them.

I want people to stand up and call out this BS. I wish reporters would unify and repeat the same "nasty" questions that Dump tries to dance around. I wish House and Senate members would flat out say "I'm not voting for anything that helps 'Big Business' because it's the BS that got us to where we are"...

Unfortunately none of the D's are willing to do that because it's career suicide... The Echo Chamber that the 45% holds as "truth" will leech out and taint another 10% of voters and that will make it a 55% to 45% split for the R's... That's the truth. That's why the R's can survive despite being a minority. Leverage is a wonderful tool to have in your back pocket.

 

[Handyman]

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

I've seen both. Forbes says it's like you explained it, and another source says that it's all dependent on how your 2020 return looks.

According to the Times this is incorrect.

How do I know if I will get the full amount?

It depends on your income. Single adults with Social Security numbers who are United States residents and have an adjusted gross income of $75,000 or less would get the full amount. Married couples with no children earning $150,000 or less would receive a total of $2,400. And taxpayers filing as head of household would get the full payment if they earned $112,500 or less.

Above those income figures, the payment decreases until it stops altogether for single people earning $99,000 or married people who have no children and earn $198,000. According to the Senate Finance Committee, a family with two children would no longer be eligible for any payments if its income surpassed $218,000.

You can’t get a payment if someone claims you as a dependent, even if you’re an adult. In any given family and in most instances, everyone must have a valid Social Security number in order to be eligible. There is an exception for members of the military.

You can find your adjusted gross income on Line 8b of the 2019 1040 federal tax return.

What year’s income should I be looking at?

2019. If you haven’t prepared a tax return yet, you can use your 2018 return. If you haven’t filed that yet, you can use a 2019 Social Security statement showing your income to see what an employer reported to the I.R.S.

Basically if you have filed your 2019's that is the number that will be used. If you have not then 2018 will be used.

Also:

What if my recent income made me ineligible, but I anticipate being eligible because of a loss of income in 2020? Do I get a payment?

The bill does not help people in that circumstance now, but you may benefit once you file your 2020 taxes. That’s because the payment is technically an advance on a tax credit that is available for the entire year. So it will depend on how much you earn.

Meanwhile, there are many other provisions in the legislation. You may be able to file for unemployment or for one of the new loans for small-business owners or sole proprietors.

 

[Deutsche Gopher Fan]

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

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.

 

[Deutsche Gopher Fan]

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

Hahaha

“ Former Secretary of State John Kerry said GOP Rep. Thomas Massie “tested positive for being *******” after the lawmaker opposed the Senate-passed coronavirus stimulus bill and threatened to call for a roll call vote on it in the House.”

 

[Handyman]

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.

 

[French Rage]

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

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.

To be fair, I don't know how easy it is for them to know every single person's exact income status at this moment, especially given how much has changed in the past couple of weeks and will continue to change in the next couple of weeks. Going for an income limit should help them get closer to the correct set of people than they would be if they just sent checks to everyone, though they will still be far off the mark.

 

[rufus]

Maybe it's been posted but I heard Canada is giving out 2000 a month for four months to everyone. We get a one time offer of 1200. Canada also has health care for everyone. We do not.

$1000/week for every US taxpayer, roughly 165 million, I believe, for 10 weeks is $1.6 trillion. Still less than the bill they just passed. 14 weeks you get a bit over $2 trillion.

And that money in the hands of people who will need to spend it will help Wall St. just as well as any other way.

 

[Handyman]

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

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.

Problem is, because of the dumbass way they are doing it, they have no way to tell who needs it the most. Since it is linked to taxes they have to go by returns which means they have no clue who lost a job or not. (I assume there will be something on the 2020 form to deal with it and screw people over later)

Plus, they want the people who dont need it to go spend it! Just like the last time. That is the other reason this thing is such a big failure. Give people money and they will spend it. Give them more money they will spend MORE. (with possible savings) You want to get the economy rolling you make people feel comfortable for an extended period of time. This will amount to when people get their tax return...a 1 month stimulus at best. Even if you assume they pay their bills with it...that wont cover everything.

Mine will go in savings...or if the market bottoms out again I might invest it long term.

 

[Handyman]

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

$1000/week for every US taxpayer, roughly 165 million, I believe, for 10 weeks is $1.6 trillion. Still less than the bill they just passed. 14 weeks you get a bit over $2 trillion.

And that money in the hands of people who will need to spend it will help Wall St. just as well as any other way.

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.

 

[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!