the gov't giveth, the gov't taketh away
The McConnell proposal calls for giving Americans that money as an advance on a future tax refund.
In other words, this is not a giveaway, or socialism, or some act of generosity.
READ MORE: Dark Days For Airlines and Cruise Lines Spark Pleas For A Massive Taxpayer Bailout
The government is not giving you money; it is giving you an advance on the tax refund you would be expecting in 2021.
For example, say you’re a married couple with no children and you receive a check for $2,400 now. Next year, if you’ do your taxes and you’re supposed to get a refund for $2,500, the tax form would have a line where you list the stimulus payout you received in 2020. The IRS would deduct that $2,400 and give you the net difference of $100 as your 2020 refund check.
This is also how the process worked as part of the Economic Stimulus Act of 2008, although the advances then were $300 for individuals or $600 for couples.
The government could choose to issue the payments as a gift, but even gifts come with strings attached. The checks would be considered taxable income and recipients would owe taxes when filing their 2020 tax returns. For a married couple with two children (receiving a $3,400 gift), would incur a tax hit of nearly $750 if their household income was $80,000.
The McConnell proposal effectively loans taxpayers their own money, a loan that will not come due until after both McConnell and President Donald Trump have stood for re-election in November.
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A good compromise. I do not want to live in a country where it’s oeople expect handouts from government. It puts money into an ailing economy when needed and helps people in that time of need.
If you need the money now, it is a godsend, and you may not have to pay it back if you pay taxes in 2021.
if you don’t need the money, save or invest it, you will have it to pay back your interest free loan.
Aposrently there are people who will bitch about a free lunch.
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I still think most of the government giveaway is a mistake. Why give money to people who aren't losing anything in the first place. I guess it is to stimulate the economy when everyone gets back to work but it will be coming a little late for that. Last I read it wouldn't come until the end of the year. As far as taxes go if given as a gift I thought there was a $10,000 threshold that had to be met before taxes were due. Bob 0 -
WITH INTEREST no doubt........when does the debt break the middle class when they get fed up with footing the bill...the rich have ways out and the poor do not pay 0 -
Yep Reading the ghetto web sites from the old FD AO .... All the check feeders who are getting EBT Sec 8 Medicaid etc.... are screaming "where's my check" already. If they base it on taxes [which they do not pay] there's gonna be some pissed off deadbeats and low lifes.BobJudy said:I still think most of the government giveaway is a mistake. Why give money to people who aren't losing anything in the first place. I guess it is to stimulate the economy when everyone gets back to work but it will be coming a little late for that. Last I read it wouldn't come until the end of the year. As far as taxes go if given as a gift I thought there was a $10,000 threshold that had to be met before taxes were due. Bob
Will they get it as a "pacification" check? Be real interesting when Joe Suburb gets a check and the usual check suckers do not.
Hell they been practicing for this since LBJ
Sitting on the couch watching Jerry Springer is torture for the responsible working class.
For the d-rats pets of the d-rat dumps it's just another Wednesday.0
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