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Update - 3/11/21 - America Rescue Plan Bill is signed!


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3/11/21 - President Biden signs Covid relief into law! very good day for the average American! 

 

https://news.yahoo.com/president-biden-signs-1-9-191037623.html

 

 

3/10/21 - Bill Passes the House! 

 

 

3/7/21 - The https://www.yahoo.com/money/senate-passes-biden-relief-package-including-stimulus-checks-172010233.html

 

"The legislation includes stimulus payments, the extension of key unemployment programs that are set to lapse in the spring, aid to small businesses, around $350 billion to state and local governments, an increase in tax credits for low- and middle-income families, and $160 billion for a national program on vaccination and testing."

 

 

2/27/21 - Biden $1.9T Bill passes House - https://www.yahoo.com/money/house-passes-biden-relief-package-including-stimulus-checks-070640949.html

 

01/16/21 - Update - Bidens Stimulus Proposal -->  

https://www.yahoo.com/money/who-gets-a-payment-under-stimulus-check-proposal-171037998.html

https://money.yahoo.com/biden-pandemic-stimulus-plan-222717126.html

 

Some highlights:

$1.9B package which $465B goes directly to Americans. 

$1400 check to get to a total of $2000 based on the $600 already sent out. 

All dependents now are eligible - Previously only children under 17 counted as dependents. Now college students, the elderly, and disabled dependents can be claimed. 

Income thresholds stay the same but phase out changes based on # of dependents (see chart in article)

 

12/28/20 - Summary of the bill - https://appropriations.house.gov/sites/democrats.appropriations.house.gov/files/Summary of H.R. 133 Coronavirus Relief Provisions.pdf

 

12/23/20 - Update

Moving this up front - Latest Stimulus bill passed by congress: 

https://www.cnn.com/2020/12/20/politics/second-covid-stimulus-package-details/index.html

 

Additional detail - 

https://money.yahoo.com/tax-breaks-in-the-new-coronavirus-stimulus-bill-205300030.html

 

 

https://www.congress.gov/116/plaws/publ127/PLAW-116publ127.pdf

This is the first bill - Coronavirus Preparedness and Response Supplemental Appropriations Act, 2020

 

https://www.congress.gov/116/plaws/publ127/PLAW-116publ127.pdf

This was the second bill - H.R.6201 - Families First Coronavirus Response Act

 

https://www.congress.gov/116/bills/hr748/BILLS-116hr748enr.pdf

This is a link to the latest bill - the CARES Act. 

 

https://www.fidelity.com/learning-center/personal-finance/coronavirus-stimulus-package

This is focused a bit on retirement impact but also has a good breakdown on the various bills - there have been three so far. It has highlights from all three. 

 

https://www.nytimes.com/article/coronavirus-stimulus-package-questions-answers.html

This article from the NY Times has a pretty good FAQ that addresses individuals and what to expect in terms of a stimulus check. 

 

https://www.google.com/search?rlz=1C1GCEB_enUS858US858&sxsrf=ALeKk03rdyFezfhw2rXnEH6PUa8YOG91PQ:1586968562273&q=fox+news+on+the+stimulus+package&tbm=nws&source=univ&tbo=u&sa=X&ved=2ahUKEwj5u7HL7uroAhUJTN8KHbt4DZAQt8YBKAF6BAgKEAY&biw=1360&bih=625

So as not to be one sided here, below is a link to Fox News articles on the stimulus. 

 

https://www.yahoo.com/gma/tax-provision-coronavirus-stimulus-mostly-benefit-wealthy-study-082040196--abc-news-topstories.html

 

This is the one article that really caught my attention. And maybe someone with more knowledge than I can confirm or deny this article to be accurate. But if believed, their contention is that 80% of he funds allocated for the stimulus will go to roughly 43,000 of the wealthiest in our society, all worth well over $1,000,000. This would represent the second massive shift in wealth from the poor to the rich during this administration. I have made no secret that I hate this administration and believe the republicans have lost their minds. However, that does not mean the dems are innocent. If the above is true, the dems were complicit. They had numbers to keep this from passing with this type of garbage but judging by the 96-0 vote in the Senate, the dems were 100% on board. 

 

I am glad to see many in here getting checks. I truly hope it helps. But this package leaves me with more questions than answers. 

1. Do they really think a one time check is going to make that much difference? 

2. What about people without health care? The package appoves spending for health care but unless i am missing something it's mostly in the form of insurance company reimbursement and an expansion of medicaid. This does not good for those without insurance but are considered middle class in terms of earnings. 

3. The democrats put an oversight provision in place and the president immediately removed the person assigned to oversee the the oversight! How can that be legal? Where is outrage from either side? Seems even Dems have their tongues tied. 

4. How is this getting paid for? I ask this becasue my fear is this is exactly what the republicans needed to finally put SS and Medicare on the chopping block. 

5. And how did the Dems let the anti-abortion language stay in the bill? The CARES allows funds to withheld from hospitals and doctors offices that perform abortions - at least that is the way it reads. This from:https://msmagazine.com/2020/03/31/so-whats-included-in-that-2-2-trillion-coronavirus-stimulus-package-and-whats-missing/

Included: Last-Minute Anti-Abortion Provisions

The CARES Act includes some much-needed health and economic resources—but anti-choice legislators also used the dire nature of this relief bill as an opportunity advance an anti-abortion agenda. 

Conditions inside the stimulus bill create new funding hurdles for Planned Parenthood and other abortion clinics that provide health services to the poor.

“It has become shamefully clear that not even a global pandemic will stop the Trump administration or Republican Congressional leaders from attacking access to reproductive care,” said Alexis McGill Johnson, acting president of Planned Parenthood Action Fund.

 

There are many more. Those just come off the top of my head. I have some thoughts about these but I am interested in everyone thoughts about the packages, are they good? Bad? indifferent? Is more needed? If so, what? Are there other approaches? For example i saw an idea about offering to pay small businesses to stay closed by offering to pay some major % of their payroll. 

 

It seems to me these packages were rushed through with out proper vetting and therefore are not actually in the best interest of the very people they are designed to help. Limited funds for individuals, no help with those without insurance, huge benefits for corporations. 

 

Will phase 4 be more of the same? Will the dems finally stand up? My guess is yes and then no. And we know what the republicans want - indentured servants with a false sense of freedom - Ok that's just my version of it. 

 

Ok, the latest is Trump signed one EO and 3 Memorandums. This article provides some detail for all 4 of them. In fairness it's from CNN so it's a bit biased. But the technical details are pretty accurate as far as I can tell. - https://www.cnn.com/2020/08/09/politics/trump-executive-actions-coronavirus-explainer/index.html

 

Here are the highlights - or lowlights if you prefer: 

EO for UI continuation - This one provies $300/week from the federal government and asks the states to add an additional $100. So far, only KY, MT, and WV are adding the additional $100.00. Vermont is still thinking about but has made no commitment. 33 States in all are approved to distribute money btu only Fl and TX are the only states actually sending out checks. And of course there are strings attached as there always is with trump. Here is an article with updates. 

https://www.yahoo.com/money/coronavirus-stimulus-here-are-the-states-approved-so-far-for-the-300-unemployment-benefits-194240970.html

 

The 3 Memorandums: 

1. Payroll Tax - He wants to "defer" the payroll taxes (SS and Midecare taxes) fro anyone making less than $100,000. But has made it clear he would later attempt to absolve the responsibility of payback and then get rid of the Payroll Tax altogether - which would in effect kill SS and Medicare. This is his end goal and always has been. 

 

2. Evictions - There is no money and no policy. The bottom line is this give the CDC and the Health and Human Services director the authority to delay evictions if they believe it's necessary to prevent the spread of Covid-19. 

 

3. A 3 month extension of the student relief portion of CARES. This one is actually value added as is. 

 

Here is the latest proposal. I typically wait till it's actually passed. But this has some good breakdowns and lot's a bi-partisan support. They have broken into 2 bills. Still not stimulus in either package but there is extended unemployment insurance and other key provisions. 

 

https://money.yahoo.com/bipartisan-group-splits-stimulus-220109280.html

 

 

If I have anything wrong please let me know and I will correct it/them. 

Edited by goskins10
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Dems Ro Khanna and Tim Ryan were responsible for the original $1200 check. Here is their new proposal for $2k with higher salary thresholds (Emergency Money for the People Act).

 

Edit..the article talks about a $130k threshold (but it doesn't explain that it is per person, joint would be $260k). 

 

 

 

Edited by The Evil Genius
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7 minutes ago, purbeast said:

So what is the straight up rule about how much you get and what the income limits are and stuff?   Like who gets $1200 and who gets nothing?

 

AGIs of joint under $150k, individual under $75k will get the full $1200 per person.

 

Above those numbers it gets reduced $5 for every $100 you are over.

 

Extra $500 per kid too. 

Edited by The Evil Genius
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58 minutes ago, The Evil Genius said:

Wondering what the parameters are for which filers are getting them already. SSN #s? 

 

I read on CNN that they're distributing starting with the lowest income filers and working their way up, which would be surprisingly sensible, if accurate.

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16 minutes ago, The Evil Genius said:

 

AGIs of joint under $150k, individual under $75k will get the full $1200 per person.

 

Above those numbers it gets reduced $5 for every $100 you are over.

 

Extra $500 per kid too. 

If you exceed the $150k, I believe you loose the $500 per kid (at least we didn't see that).

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32 minutes ago, The Evil Genius said:

Dems Ro Khanna and Tim Ryan were responsible for the original $1200 check. Here is their new proposal for $2k with higher salary thresholds (Emergency Money for the People Act).

 

Edit..the article talks about a $130k threshold (but it doesn't explain that it is per person, joint would be $260k). 

 

 

 

How the hell are we supposed to afford 2k per month to people? We cant just print money or have people decided are debt is insane so lets just keep racking it up?

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35 minutes ago, MisterPinstripe said:

How the hell are we supposed to afford 2k per month to people? We cant just print money or have people decided are debt is insane so lets just keep racking it up?

 

I can only speak for myself, but my wife and I are still thankfully employed and working remote.  

 

So we will take it if we get it because we don't know how long that will be for, but if I had a choice between making sure the states and unemployment system doesn't run out of money first, we have to priorize.

 

My entire immediate family is unemployed right now, siblings and parents.  My sister might get lucky, but my mom is on disability, they need it more then I do, these are facts.

Edited by Renegade7
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12 minutes ago, MisterPinstripe said:

How the hell are we supposed to afford 2k per month to people? We cant just print money or have people decided are debt is insane so lets just keep racking it up?

 

Why do you think the stock market is up? Investors know the government will print all the money needed in the short term to prop every big company up. They will simply do the same for us little people. 

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33 minutes ago, skinsmarydu said:

We've been straight up printing it for 20 years. 

 

Ya, this was pointed out in the recession thread by folks who understand it more then I do.

 

That doesn't mean I want to be promised a new car under my chair every episode.  It doesn't sound realistic, substainly, or frankly, very efficient.

 

Don't make promises you can't keep, technicalities are words, they aren't edible.

Edited by Renegade7
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30 minutes ago, The Evil Genius said:

 

AGIs of joint under $150k, individual under $75k will get the full $1200 per person.

 

Above those numbers it gets reduced $5 for every $100 you are over.

 

Extra $500 per kid too. 

 

Just remember, it's based on 2018 taxes unless you filed before whatever date they're using to distribute this money. I haven't seen an "as of xx/xx/xxxx this will be based on your latest tax filing". My sons friend had a baby last year - he & his wife got their money but no baby money because he hasn't filed for 2019.

 

21 minutes ago, techboy said:

 

I read on CNN that they're distributing starting with the lowest income filers and working their way up, which would be surprisingly sensible, if accurate.

 

Not so sure about that. My son has several friends who make much more than him who have already received their money. He's still waiting (he works for a county in VA so I know his pay is much less than his friends). 

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29 minutes ago, techboy said:

 

I read on CNN that they're distributing starting with the lowest income filers and working their way up, which would be surprisingly sensible, if accurate.

 

Ya, I think there may be some exceptions, just reading who has already posted here they got theirs, but chalking it up more to some banks quicker at processing deposits then others, not maliciousness.

 

If anything I think they are rushing, they should be making sure information is accurate before sending out checks, some form of verification, not just "this is what we got so we gonna send it go you ASAP", because of it goes to wrong address, then what? 

 

This is dilemma my sister is in because she's in Texas right now, last year she filed in Virginia so she's done what she can to make sure they have the right info, not sure if it was in time.

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3 minutes ago, The Evil Genius said:

That said, the IRS shouldn't be promoting a check you status tool that is broken to start.

 

Like the Obamacare website on launch?

 

This is a part if a bigger problem regarding Government IT.  The difference between state of the art and something that looks like some folks didn't want do it in the first place is, well, you know...

Edited by Renegade7
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29 minutes ago, Renegade7 said:

 

I can only speak for myself, but my wife and I are still thankfully employed and working remote.  

 

So we will take it if we get it because we don't know how long that will be for, but if I had a choice between making sure the states and unemployment system doesn't run out of money first, we have to priorize.

 

My entire immediate family is unemployed right now, siblings and parents.  My sister might get lucky, but my mom is on disability, they need it more then I do, these are facts.

I'm definitely barely affected by this, I usually telework at least 3 days a week and with this I'm just teleworking full time. And yet I got 4900 deposited into my account when I really don't need it, though its nice to have, so I fully agree with prioritizing. But ongoing payments for everyone just will never work and the system used to pay out is broken when I get 4900 bucks. Ill end up spending some of it on extra expenses we have incurred, but its really not a ton. I have one brother that isn't working right now so I know the extra money is a big help to him. I just hope that doesnt become a serious proposal.

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  • goskins10 changed the title to Update - 3/11/21 - America Rescue Plan Bill is signed!

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