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  #101  
Old 03-25-2020, 12:16 PM
Bill Door is offline
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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
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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
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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
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Originally Posted by Skypist View Post
CNN says donít expect a check until May at the earliest, based on the rollout time for past stimulus checks. So much for Mnuchinís 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
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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
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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
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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
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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
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Sweet. I am so buying that $700 LEGO Star Destroyer.
  #110  
Old 03-26-2020, 12:43 PM
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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
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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
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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
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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
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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
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Most of the $1,200 stimulus payments will be sent out by April 6.
  #116  
Old 03-27-2020, 07:51 PM
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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 Yesterday, 07:23 AM
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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.
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