Reply
 
Thread Tools Display Modes
  #101  
Old 03-25-2020, 12:16 PM
Bill Door is offline
Charter Member
 
Join Date: Nov 2003
Posts: 5,306
Quote:
Originally Posted by squeegee View Post
Well,

a) The working poor spend all their money, so having (in my county) 8.25% more of it to spend is pretty compelling I'd say.
b) Anyone buying something more expensive, say a $500 TV, will save $41 if they buy it before the tax holiday expires, which is a reasonably compelling reason to go get one sooner than later.
c) Local businesses would get some uptake from both these cases (the poor spend 8.25% more, the less poor buy more goods than they would in the next (say) 90 days).
d) Local governments get moderate stimulus from b and c.

Again, I'm not sold on this, but it's an interesting notion.
Thirty two states plus the District of Columbia exempt food sold for home consumption from state sales taxes. Six additional states tax food at a lower rate than other goods. After rent, also not subject to state sales taxes groceries are going to be the largest expenditure for the working poor. If passed it will save me quite a bit on my new car though. How many cars are poor people buying?
  #102  
Old 03-25-2020, 12:37 PM
Ruken is offline
Charter Member
 
Join Date: May 2003
Location: DC
Posts: 8,480
Quote:
Originally Posted by divemaster View Post
From CNN:



I'm assuming this is based on gross income and not IRS adjusted income? If anyone finds an on-line calculator or table that shows the phase-down, please post a link. TIA.
I recall seeing somewhere it was AGI with a straight-line scaledown but take my memory on this with a block of salt.

Last edited by Ruken; 03-25-2020 at 12:37 PM.
  #103  
Old 03-25-2020, 01:54 PM
DrDeth is offline
Charter Member
 
Join Date: Mar 2001
Location: San Jose
Posts: 44,793
Quote:
Originally Posted by squeegee View Post
Well,

a) The working poor spend all their money, so having (in my county) 8.25% more of it to spend is pretty compelling I'd say.
....
Rent isnt taxed. Medicine isnt taxed. Services arent usually taxed. Food isnt taxed in most states.

So, they wont save much.
  #104  
Old 03-25-2020, 01:55 PM
DrDeth is offline
Charter Member
 
Join Date: Mar 2001
Location: San Jose
Posts: 44,793
Quote:
Originally Posted by Skypist View Post
CNN says don’t expect a check until May at the earliest, based on the rollout time for past stimulus checks. So much for Mnuchin’s 2 weeks.
I wont expect a check until I see it. trump will likely sulk and veto.
  #105  
Old 03-25-2020, 03:01 PM
Si Amigo is offline
Member
 
Join Date: Nov 2004
Location: North of 8 Mile
Posts: 4,287
I had my hopes up of seeing a check but got shot down today when they said it would be based on 2018 taxes EXCEPT for people who already filed in 2019. WTF! I am getting penalized for filing early? I did't work most of 2018 and would have gotten a full payout, now based upon my 2019 return I will get nothing. All because I filed early.
  #106  
Old 03-25-2020, 03:03 PM
Velocity is offline
Guest
 
Join Date: Jun 2014
Posts: 17,551
Quote:
Originally Posted by DrDeth View Post
I wont expect a check until I see it. trump will likely sulk and veto.
Veto for what? Trump has been the one saying bigly things about how urgent it is to get cash into American hands pronto. His neck is on the line this November, and the economy will be the noose around it if he can't get it to recover.
  #107  
Old 03-25-2020, 03:17 PM
DrDeth is offline
Charter Member
 
Join Date: Mar 2001
Location: San Jose
Posts: 44,793
Quote:
Originally Posted by Velocity View Post
Veto for what? Trump has been the one saying bigly things about how urgent it is to get cash into American hands pronto. His neck is on the line this November, and the economy will be the noose around it if he can't get it to recover.
Are you expecting rationality out of him?
  #108  
Old 03-26-2020, 11:39 AM
Velocity is offline
Guest
 
Join Date: Jun 2014
Posts: 17,551
Good news: Mnuchin says the stimulus checks will arrive within three weeks. That's around a month sooner than originally estimated.
  #109  
Old 03-26-2020, 12:24 PM
DCnDC's Avatar
DCnDC is offline
Member
 
Join Date: Feb 2010
Location: The Dueling Grounds
Posts: 13,766
Sweet. I am so buying that $700 LEGO Star Destroyer.
  #110  
Old 03-26-2020, 12:43 PM
Mr Quatro is offline
Guest
 
Join Date: Apr 2013
Posts: 1,133
I think President Bush tried the same thing and it took three (3) months to get the checks out, plus the IRS is understaffed.
Will the IRS be called back to work early while a USN aircraft carrier is in lockdown from just 23 cases?
  #111  
Old 03-26-2020, 03:30 PM
Skypist's Avatar
Skypist is offline
Guest
 
Join Date: Aug 2012
Location: USA
Posts: 679
It sounds like Rep. Thomas Massie (R, KY) is thinking about possibly holding up the vote in the House. He thinks a voice vote might violate the Constitution.
  #112  
Old 03-26-2020, 04:25 PM
Velocity is offline
Guest
 
Join Date: Jun 2014
Posts: 17,551
Quote:
Originally Posted by Mr Quatro View Post
I think President Bush tried the same thing and it took three (3) months to get the checks out, plus the IRS is understaffed.
Yes, but far more Americans today use direct-deposit for their tax returns/refunds than back in 2001-2008. So the IRS will be able to wire them the money electronically, which is far easier and faster than paper mailed checks.
  #113  
Old 03-26-2020, 07:01 PM
RioRico is offline
Suspended
 
Join Date: Sep 2019
Location: beyond cell service
Posts: 3,193
Has anyone produced a table or graph of which income groups will receive how much of the bailout bribe disaster relief funds? I suspect that low-income groups, who need cash more, will receive less. Am I misguided?
  #114  
Old 03-26-2020, 07:12 PM
Velocity is offline
Guest
 
Join Date: Jun 2014
Posts: 17,551
Quote:
Originally Posted by RioRico View Post
Has anyone produced a table or graph of which income groups will receive how much of the bailout bribe disaster relief funds? I suspect that low-income groups, who need cash more, will receive less. Am I misguided?
I can't link to a graph, but the low-income groups won't receive less. They'll get the most.

Everyone who earned $75,000 or less = gets a check for $1,200.
Those who earned between 75-99k = get a check for a lesser amount.
Those who earned over $99,000 = get nothing.


The low-income groups get the most. Of course, $1,200 doesn't go far to begin with. Ideally it should have been double or triple that - I hope Congress approves a second or third such round of payments in the summer if the recession persists.
  #115  
Old 03-27-2020, 07:20 PM
Velocity is offline
Guest
 
Join Date: Jun 2014
Posts: 17,551
Most of the $1,200 stimulus payments will be sent out by April 6.
  #116  
Old 03-27-2020, 07:51 PM
galen ubal is offline
Guest
 
Join Date: Jan 2001
Location: Central VIC Australia
Posts: 3,008
It'd be a bit more accurate to say the Mnuchin said that he wants to send out payments by April 6.
Also, that really only applies to those for whom the IRS has direct deposit information - probably the large majority, but not all. Those who don't will get a paper check, which some say will take up to four months longer.
  #117  
Old 03-28-2020, 07:23 AM
RioRico is offline
Suspended
 
Join Date: Sep 2019
Location: beyond cell service
Posts: 3,193
Quote:
Originally Posted by Velocity View Post
I can't link to a graph, but the low-income groups won't receive less. They'll get the most.

Everyone who earned $75,000 or less = gets a check for $1,200.
Those who earned between 75-99k = get a check for a lesser amount.
Those who earned over $99,000 = get nothing.


The low-income groups get the most. Of course, $1,200 doesn't go far to begin with. Ideally it should have been double or triple that - I hope Congress approves a second or third such round of payments in the summer if the recession persists.
$75k is low-income in Silicon Valley and San Francisco. We live on half that. I wondered more how the total payouts will be distributed across all income levels up to the limit.
  #118  
Old 04-08-2020, 03:01 AM
Velocity is offline
Guest
 
Join Date: Jun 2014
Posts: 17,551
A second round of direct stimulus payments to American households could be on the way, too, although still a far distance off (needs a lot more legislating.)
  #119  
Old 04-08-2020, 03:08 AM
Velocity is offline
Guest
 
Join Date: Jun 2014
Posts: 17,551
Some additional sources (too late to edit):

https://www.reuters.com/article/us-h...-idUSKBN21O33M

https://www.businessinsider.com/pelo...package-2020-4
  #120  
Old 04-08-2020, 01:20 PM
susan's Avatar
susan is offline
Guest
 
Join Date: Jul 2002
Location: Coastal USA
Posts: 10,333
Be nice if the first round went out.
  #121  
Old 04-08-2020, 01:53 PM
Velocity is offline
Guest
 
Join Date: Jun 2014
Posts: 17,551
Quote:
Originally Posted by susan View Post
Be nice if the first round went out.
For those who used direct-deposit to file their tax return with the IRS, they can expect to receive electronic payments into their bank accounts around April 13-20.
  #122  
Old 04-08-2020, 02:46 PM
Voyager's Avatar
Voyager is offline
Charter Member
 
Join Date: Aug 2002
Location: Deep Space
Posts: 47,748
Quote:
Originally Posted by Velocity View Post
For those who used direct-deposit to file their tax return with the IRS, they can expect to receive electronic payments into their bank accounts around April 13-20.
I modified my tax return before submitting it to get a little bit of money back instead of applying the entire refund to estimated taxes just for this reason. We'll see if it works. I also get Social Security directly deposited and that might work also.
I got my refund already - record speed since I suspect most people are delaying filing.

Last edited by Voyager; 04-08-2020 at 02:46 PM.
  #123  
Old 04-08-2020, 03:14 PM
RioRico is offline
Suspended
 
Join Date: Sep 2019
Location: beyond cell service
Posts: 3,193
I'll rephrase an inquiry.

The setup: An individual who last earned $74,950 and thus receives $1200 gets a 1.6% bonus. For someone at $50,000 income the bonus is 2.4%. For a pobrecito who made $10,000 it's a 12% bonus.

The question: How much of the stimulus relief money will go to households that will barely notice it, versus those to whom it's a real difference?

Follow-up question: How much will lucky recipients spend on paying down bills rather than buying consumables?

Of course the homeless and accountless will receive nothing. They're the folks who would actually increase consumption and thus provide an economic boost. But they're irrelevant, right?
  #124  
Old 04-08-2020, 03:29 PM
DummyGladHands is offline
Guest
 
Join Date: Dec 2010
Posts: 2,455
Quote:
Originally Posted by DrDeth View Post
Rent isnt taxed. Medicine isnt taxed. Services arent usually taxed. Food isnt taxed in most states.

So, they wont save much.
Rent is taxed to the property owner, typically built into your rent
  #125  
Old 04-08-2020, 03:34 PM
bobot's Avatar
bobot is offline
Member
 
Join Date: Jan 2009
Location: Chicago-ish
Posts: 10,055
I haven't yet filed my taxes, and I believe the deadline has been extended. But I think that means no stimulus for me. I'm getting a tax refund as always, so I don't see why my returns matter here. Can someone tell me?
  #126  
Old 04-08-2020, 03:39 PM
DrDeth is offline
Charter Member
 
Join Date: Mar 2001
Location: San Jose
Posts: 44,793
Quote:
Originally Posted by bobot View Post
I haven't yet filed my taxes, and I believe the deadline has been extended. But I think that means no stimulus for me. I'm getting a tax refund as always, so I don't see why my returns matter here. Can someone tell me?
So they know where & who to send the checks to.

You will still get the stimulus, just mauch later.

OTOH- why not just file your taxes?
  #127  
Old 04-08-2020, 03:41 PM
DrDeth is offline
Charter Member
 
Join Date: Mar 2001
Location: San Jose
Posts: 44,793
Quote:
Originally Posted by DummyGladHands View Post
Rent is taxed to the property owner, typically built into your rent
A landlord that has a net gain on his Schedule E is a rare landlord indeed. After depreciation and expenses, few pay taxes on the rent they recieve.

In any case, they dont pay SALES TAXES on it.
  #128  
Old 04-08-2020, 03:51 PM
LurkMeister is offline
Charter Member
 
Join Date: Mar 2002
Location: Central NC
Posts: 4,765
I did not get a tax refund in 2018 or 2019, so the IRS does not have direct deposit info for me. I heard that Social Security recipients would get refunds direct deposited based on their payment info, but as a Federal retiree I don't get Social Security benefits. I haven't been able to find out if the IRS will be accessing Federal retiree payment info. Supposedly the IRS will be setting up a way for people to provide direct deposit info, but so far there's no info on the IRS website.
  #129  
Old 04-08-2020, 03:52 PM
Euphonious Polemic is offline
Guest
 
Join Date: Apr 2008
Posts: 13,005
Canada's plan is a little different.

Canada Emergency Response Benefit is for workers affected by the coronavirus pandemic.

CERB pays $2,000 every four weeks for up to four months to workers who have lost all of their income as a result of COVID-19. The benefit is open both to Canadians who qualify for employment insurance (EI) and those who don’t, including employees who don’t have enough work hours to meet EI requirements and the self-employed.

This is in addition to other relief moneys going to small business owners. Provinces are also making efforts.

Under the US Plan, my family would be getting $3400. Under the Canadian plan, my family will not be getting anything because I am still employed and have not suffered a loss of any income.

I don't mind. I think it's fair. The money is going to be sent to those who have lost their jobs and still have bills to pay.

If I got the money, it would just be extra for me. I guess I'd spend it on hobbies or fun stuff, or just stick it in the bank.
  #130  
Old 04-08-2020, 03:55 PM
Euphonious Polemic is offline
Guest
 
Join Date: Apr 2008
Posts: 13,005
Oh, and there is also money in another program for the homeless and other folks. Knowing that they can't exactly give cheques out to homeless folks, this is what was announced:

This funding will be provided in the following ways:

$157.5 million to address the needs of Canadians experiencing homelessness through the Reaching Home program. The funding could be used for a variety of needs such as purchasing beds and physical barriers for social distancing and securing accommodation to reduce overcrowding in shelters.
$40 million to be given to Women and Gender Equality Canada (WAGE), up to $30 million of which will address immediate needs of shelters and sexual assault centres
$10 million to be provided to Indigenous Services Canada's (ISC) existing network of 46 emergency shelters on reserve and in Yukon to support Indigenous women and children fleeing violence.
  #131  
Old 04-08-2020, 04:06 PM
Euphonious Polemic is offline
Guest
 
Join Date: Apr 2008
Posts: 13,005
For businesses, there is now the Canada Emergency Wage Subsidy (CEWS)
The subsidy would cover 75 per cent of an employee’s wages – up to $847 per week - for employers of all sizes and across all sectors who have suffered a drop in gross revenues of at least 15 per cent in March, and 30 per cent in April and May.

The program would be in place for a 12-week period, from March 15 to June 6, 2020.

I just noticed that some large employers have announced that they will NOT be taking this subsidy, as they feel it should more appropriately be used by smaller employers who need it more. (Eg. Tim Hortons parent company will not take this for corporate staff, saying their franchise owners need it more)
  #132  
Old 04-11-2020, 03:50 PM
Velocity is offline
Guest
 
Join Date: Jun 2014
Posts: 17,551
The first stimulus checks are starting to arrive in some Americans' bank accounts already.
Reply

Bookmarks

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is Off
HTML code is Off

Forum Jump


All times are GMT -5. The time now is 07:13 PM.

Powered by vBulletin® Version 3.8.7
Copyright ©2000 - 2020, vBulletin Solutions, Inc.

Send questions for Cecil Adams to: cecil@straightdope.com

Send comments about this website to: webmaster@straightdope.com

Terms of Use / Privacy Policy

Advertise on the Straight Dope!
(Your direct line to thousands of the smartest, hippest people on the planet, plus a few total dipsticks.)

Copyright © 2019 STM Reader, LLC.

 
Copyright © 2017