COVID Relief Package

[SpaceCoastVol]

Last week it was a full $1400 per kid.

“The new stimulus checks would provide $1,400 per person, including child and adult dependents.”

They’re also expanding the child tax credit from $2000 to between $3000-3600.

Why does anyone get a tax credit for children? You are putting more stress on the infrastructure and paying less into it. Makes no sense.

 

[Sea Ray]

The phase out limit on the last ones was higher at $90k/$180k

The IRS site that I posted in post 503 doesn't mention those figures. It mentions:

Generally, if you have adjusted gross income for 2019 up to $75,000 for individuals and up to $150,000 for married couples filing joint returns and surviving spouses, you will receive the full amount of the second payment. For filers with income above those amounts, the payment amount is reduced.

 

[Boston Vol]

 

[utvolpj]

The IRS site that I posted in post 503 doesn't mention those figures. It mentions:

Did you see this part?

you will receive the full amount of the second payment. For filers with income above those amounts, the payment amount is reduced.

The payments ended at $90k/&180k

 

[Sea Ray]

Did you see this part?



The payments ended at $90k/&180k

I sure did but isn't that where we stand now:

Individuals making $75,000 and under are set to receive the full check

 

[utvolpj]

I sure did but isn't that where we stand now:

https://www.google.com/amp/s/www.cn...-biden-backs-lower-income-cap-for-checks.html

• $75,000 in income for single filers; the cap for receiving some payment is now $80,000
• $112,500 for heads of households; the cap is now $120,000
• $150,000 for joint filers; now capped at $160,000

The structure would slash the direct payment income caps approved by the House. Under the lower chamber's bill, individuals making up to $100,000 (and joint filers earning up to $200,000) would have received some amount.

Eight million people who would have received payments under the House bill would lose them under the Senate plan, according to a rough estimate from Howard Gleckman, a senior fellow at the Urban-Brookings Tax Policy Center.

 

[volinbham]

It's a bit ironic that the part of this monstrosity that's being cut is money going to citizens.

 

[Sea Ray]

https://www.google.com/amp/s/www.cn...-biden-backs-lower-income-cap-for-checks.html

How is that different from the previous stimulus payments?

 

[DC_Vol]

How is that different from the previous stimulus payments?

there is the upper income limit for the full payment and the upper limit for partial payments.

if you’re married and joining income is <150k, you’ll get 1400 * 100%

Then between 150k and 160k, the payment gets smaller.

Anyone above 160k gets 0.

I believe the partial payments in the last payments phased out to 0 above 180k.

So anyone between 160 and 180 got stimulus dollars last time but will get 0 in this proposal.

 

[utvolpj]

How is that different from the previous stimulus payments?

The cap drops from $90k/$190k to $75k/$150k

8mil fewer get a check

 

[Sea Ray]

there is the upper income limit for the full payment and the upper limit for partial payments.

if you’re married and joining income is <150k, you’ll get 1400 * 100%

Then between 150k and 160k, the payment gets smaller.

Anyone above 160k gets 0.

I believe the partial payments in the last payments phased out to 0 above 180k.

So anyone between 160 and 180 got stimulus dollars last time but will get 0 in this proposal.

OK so the full payment limit didn't change...but the couples in the $160K-180K got "something" last time, this time will get nothing. That sounds like a number less than pennies on the dollar. In other words, nothing. This is a nothing concession from Biden and I don't see what AOC's issue is.

This round of checks is then reduced by 5% “for every dollar of income over those limits, or $50 for every $1,000 exceeding the phaseout threshold,” says Garrett Watson, senior policy analyst at the Tax Foundation. “Because this payment is smaller than the CARES Act rebate, the upper income bound to receive a partial payment is lower.”

So let's do the math. First of all, couples making $180K got zilch under the last stimulus. It capped at $174K, not $180K. So let's look at a couple making $170K. Under the last stimulus, they got a $200 check; under this proposal they'll get nothing. Why are we even wasting our time talking about whether a $170K couple should get $200 or nothing? Isn't that a sarcastic "big whoop" on anyone's radar?

https://www.cnbc.com/2020/12/21/income-limits-to-be-eligible-for-second-stimulus-check.html

 

[BigOrangeTrain]

Mcconnell is the bad guy and his wife is hopefully going to be taken down. You think she was corrupt and he didn't know? Lock them both up

Agree. But you know it won’t happen. When is the last time a high ranking career politician got actual prison time?

 

[DC_Vol]

OK so the full payment limit didn't change...but the couples in the $160K-180K got "something" last time, this time will get nothing. That sounds like a number less than pennies on the dollar. In other words, nothing. This is a nothing concession from Biden and I don't see what AOC's issue is.



So let's do the math. First of all, couples making $180K got zilch under the last stimulus. It capped at $174K, not $180K. So let's look at a couple making $170K. Under the last stimulus, they got a $200 check; under this proposal they'll get nothing. Why are we even wasting our time talking about whether a $170K couple should get $200 or nothing? Isn't that a sarcastic "big whoop" on anyone's radar?

https://www.cnbc.com/2020/12/21/income-limits-to-be-eligible-for-second-stimulus-check.html

Yup.

 

[SpaceCoastVol]

How much does Pakistan get?

 

[LouderVol]

It's a bit ironic that the part of this monstrosity that's being cut is money going to citizens.

i would say its more indicative. of both politicians, and the actual pandemic

 

[Orangeburst]

How much does Pakistan get?

The US taxpayer is the world's bank for free money. Sick of this crap.

 

[508mikey]

Jack wagon should be voted out Ron Johnson grinds Senate to halt, irritating many

 

[508mikey]

How much does Pakistan get?

2k shipment of deodorant and sandals

 

[Orangeburst]

Jack wagon should be voted out Ron Johnson grinds Senate to halt, irritating many

The ****ing horror..

Johnson is taking a two-pronged approach to his hardball tactics: First, he's forcing the Senate clerks to read the entire piece of legislation, a delaying tactic

 

[RavinDave]

It's a bit ironic that the part of this monstrosity that's being cut is money going to citizens.

Ain't that the truth.

 

[508mikey]

there is the upper income limit for the full payment and the upper limit for partial payments.

if you’re married and joining income is <150k, you’ll get 1400 * 100%

Then between 150k and 160k, the payment gets smaller.

Anyone above 160k gets 0.

I believe the partial payments in the last payments phased out to 0 above 180k.

So anyone between 160 and 180 got stimulus dollars last time but will get 0 in this proposal.

But is the government ,irs smart enough to figure it out

 

[Orange defense]

The ****ing horror..

Johnson is taking a two-pronged approach to his hardball tactics: First, he's forcing the Senate clerks to read the entire piece of legislation, a delaying tactic

They've been reading since 2:30. It takes 10 hours to read this bill. They are still reading it now...

 

[508mikey]

They've been reading since 2:30. It takes 10 hours to read this bill. They are still reading it now...

The hate for Johnson is probably astronomical

 

[Orange defense]

The hate for Johnson is probably astronomical

Yep, already talked to one person, they’re mad as heck at him. I’m sure others are to. I really don’t like everything in the bill, but to me, I know people is struggling so I think it has to pass quickly.

 

[hog88]

Jack wagon should be voted out Ron Johnson grinds Senate to halt, irritating many

Why is this a bad thing?