How will the stimulus work? (1 Viewer)

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    Joan's E

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    So I've read some summaries of these payments and they say it's based on 2019 taxes if you've filed them. If not, it's based on 2018 taxes. My wife says she read that it's going to be based on 2019 taxes regardless, so if you file your taxes AFTER receiving the money and are above the threshold, you will need to pay it back when filing your 2020 taxes.

    Based on 2018 taxes, we should get the full amount. Based on estimated 2019 taxes (which I haven't filed yes) I would get nothing. So am I going to have to pay this back in 2021 or is it actually based on 2018?

    Does that question make sense? Anyone know how this will operate?
     
    Eeyore said:

    “For those earning $1 million annually, a tax break buried in the recent coronavirus relief legislation is so generous that its total cost is more than total new funding for all hospitals in America and more than the total provided to all state and local governments,”
    Click to expand...


    I am just shocked I tell ya!

    Man it is amazing in a time like this that people are scamming ways to make money rather than working for all of us to survive.

    But then again that is probably the main reason I am poor is because I don't operate that way.
     
    cuddlemonkey said:
    Did you just thank Jesus for making another person so sick that he didn't work for 8 weeks?
    Click to expand...

    For Crying out loud... No... Only for the fact that the Lord was taking care of me and my needs before this ever even happened. While I continued to complain about all the extra work.

    I see you wanted to discuss this and not the purchase anything Made in America and not China part huh?
     
    JimEverett said:
    That is ridiculous.
    Click to expand...

    Aint that America, though? Seriously.

    Damn. If Republicans, Democrats and Independents alike could spot obvious wrongdoings such as this and voice to stomp this out, we might cure one issue virtually overnight (or over a few years). Every man, woman and child would overall be better off for it.

    All while still hating each other on most other issues of course ;)
     
    Heathen said:
    Aint that America, though? Seriously.

    Damn. If Republicans, Democrats and Independents alike could spot obvious wrongdoings such as this and voice to stomp this out, we might cure one issue virtually overnight (or over a few years). Every man, woman and child would overall be better off for it.

    All while still hating each other on most other issues of course ;)
    Click to expand...

    I am wondering why the JCT report has not been released, it would be interesting to look at.

    Republicans are right that some businesses could really be helped by the tax law change, but why is there not some sort of cap on income earned, just like for the $1200 payments? I mean a business or individual that made $1m+ in 2015, 2016, 2017, and 2018 certainly shouldn't need coronavirus relief for those years - it makes no sense.
    I think the Democrats are right on this, and hopefully can effect a change in the law.
     
    Reason10 said:
    Actually, it works out very well if you are the Kennedy Center or the National Endowment for the Arts. Or if you're a Congressman wanting a raise.
    Click to expand...


    Ahhh really?

    Come up with another one. The being all up in arms about the arts is so 90s.
     
    The moose said:
    Ahhh really?

    Come up with another one. The being all up in arms about the arts is so 90s.
    Click to expand...

    $50 billion for the Kennedy Center, tucked in a bill that was supposed to be relief for families put out of work by the quarantine. Didn't happen in the 90s. Happened less than a month ago.
     
    I scanned through this thread and didn't see an answer to my question. Someone direct me to it if it's there. However, I was hoping that someone could answer this question for me. I filed my taxes through TurboTax, once again having to pay this year. When I saw that they were extending the deadline for payments, I set my payment for 5/22, because I could see that this quarantine thing might be long and wanted to hold on to my money as long as possible. I entered all my direct deposit info etc for it to come from my checking account. Once your returns are accepted (mine were accepted on 4/6, you can not change the payment date. Last year I had to pay in on taxes, but sent a check, so this is the first they've had my direct deposit info. So, fast forward to 4/15 and I didn't receive a stimulus deposit. I've checked daily on the IRS website on their check status page, but I get the "No information at this time" response. I did manage at one point to get into an IRS FAQ somewhere that said if you had filed 2019, but it was still being processed, it could possibly affect why the website can't find your information (even though I should be on there from 2018). So, I suppose my question is multi-part. Will I be getting a physical check way down the line in the future when physical checks come out. And/or once my payment goes through on 5/22, they'll then send a direct deposit/send check?
     
    Reason10 said:
    $50 billion for the Kennedy Center, tucked in a bill that was supposed to be relief for families put out of work by the quarantine. Didn't happen in the 90s. Happened less than a month ago.
    Click to expand...


    Post a link to it from a reputable site or I call bull on that one.

    Hell the airlines did not ask for 50 billion!
     
    Reason10 said:
    $50 billion for the Kennedy Center, tucked in a bill that was supposed to be relief for families put out of work by the quarantine. Didn't happen in the 90s. Happened less than a month ago.
    Click to expand...

    So this is mostly false. It’s been a talking point from the rabid right wing media, but it doesn’t really stand up to scrutiny. President Trump approved of the money, which was actually $25 million. With an M, lol.

    From a real news source with real journalists:

    “The idea that the center should get some help in the bailout bill has bipartisan support. Senate Majority Leader Mitch McConnell (R-Ky.) inserted $1 million in his initial bill; House Speaker Nancy Pelosi (D-Calif.) proposed a far more generous $35 million. The final number was worked out in a bipartisan negotiation that included the chairmen and ranking minority-party members of the House and Senate appropriations committee.”


    So this was a bipartisan effort to help out a cultural icon, which in normal times is self-supporting, but needs help since all performances are cancelled.

    Reason, maybe you could explain where you got your clearly false information?
     
    So, here's where we are....

    Trump wanted his signature on the checks, but he couldn't get that...So, he got his name printed in the MEMO line of the checks.....But, that wasn't good enough. So, the paper checks that have been sent out include a letter "signed' by Trump.

    www.cnn.com

    People receiving stimulus checks get letter signed by President Donald Trump | CNN Politics

    If you’re getting money from the federal government as part of the recent stimulus response to the coronavirus, you’ll also get a letter from President Donald Trump explaining why.
    www.cnn.com www.cnn.com
     
    Still haven’t received mine, despite being on SSDI for my 20\800 and failing vision lol. I’m ok tho, so if I don’t get it, not a big deal. I very much hope that those in need do receive it.
     
    Reason10 said:
    $50 billion for the Kennedy Center, tucked in a bill that was supposed to be relief for families put out of work by the quarantine. Didn't happen in the 90s. Happened less than a month ago.
    Click to expand...


    www.forbes.com

    Is There Wasteful Spending In The Coronavirus Stimulus Bill?

    Not one U.S. Senator voted against the legislation. The final vote was 96-0.
    www.forbes.com www.forbes.com

    LOL dude says $50 BILLION - it was $25 Million.

    And inserted by the SENATE MAJORITY LEADER

    it will only sting for a minute...
     
    Did they ever replace the oversight committee?

    www.nytimes.com

    Hospitals Got Bailouts and Furloughed Thousands While Paying C.E.O.s Millions (Published 2020)

    Dozens of top recipients of government aid have laid off, furloughed or cut the pay of tens of thousands of employees.
    www.nytimes.com www.nytimes.com


    HCA Healthcare is one of the world’s wealthiest hospital chains. It earned more than $7 billion in profits over the last two years. It is worth $36 billion. It paid its chief executive $26 million in 2019.

    But as the coronavirus swept the country, employees at HCA repeatedly complained that the company was not providing adequate protective gear to nurses, medical technicians and cleaning staff. Last month, HCA executives warned that they would lay off thousands of nurses if they did not agree to wage freezes and other concessions.

    A few weeks earlier, HCA had received about $1 billion in bailout funds from the federal government, part of an effort to stabilize hospitals during the pandemic.

    HCA is among a long list of deep-pocketed health care companies that have received billions of dollars in taxpayer funds but are laying off or cutting the pay of tens of thousands of doctors, nurses and lower-paid workers. Many have continued to pay their top executives millions, although some executives have taken modest pay cuts.
     

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