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


goskins10
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6 minutes ago, Fergasun said:

@Corcaigh

You can't tell from 2019 year tax returns (filed in 2020) who has lost income.  So yes, the widespread benefit may give money to people who haven't lost much income.  But no one knows for certain.  Certainly there could be people with $75k/$150k (individual / joint) who didn't lose money.  

 

Is that a problem?  The GOP never question giving money via tax cuts to the upper, upper class.  In fact its orthdoxy that these people are the "job creators". So why not be over generous?

 

I get what you are saying and agree a little. But I would actually preferred they use the money - same overall amount - but focus it on those who actually lost something. More help to fewer people with no or less income bounds. Someone making $75k/yr or more losing their job needs just as much help as those making much less. Pay them all more money and every month. Those who were not impacted - I am one of those 0 do not need to get money. Just in case someone starts to think this way. I did not receive stimulus checks and would not under what I proposed. 

 

 

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35 minutes ago, goskins10 said:

 

I get what you are saying and agree a little. But I would actually preferred they use the money - same overall amount - but focus it on those who actually lost something. More help to fewer people with no or less income bounds. Someone making $75k/yr or more losing their job needs just as much help as those making much less. Pay them all more money and every month. Those who were not impacted - I am one of those 0 do not need to get money. Just in case someone starts to think this way. I did not receive stimulus checks and would not under what I proposed. 

 

 

 

It gets complicated too because there are those like my household, I was laid off later in the year. I weathered the first round of layoffs at my company in mid-Spring, but my number came up the second go around at the end of summer. I just started a new job a month ago but it pays less than what I was making before. I am also a contractor now so I am not accruing any vacation or sick time like I was at my previous job that I was at for 7 years.  Some people might have improved situations on paper today, but when you take everything into account that has happened over the last year, they are still in a hole that was created by the pandemic and the gov't not really properly addressing the needs of the people from the get-go.

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I have a feeling this is not going to end well for the Dems:

 

1. People who are at their wits ends financially can't wait until March or April, the need relief now. Biden ran on promising relief ASAP, he needs to deliver on that. He can play the political game with Republicans if he wants, but eventually he's going to have to move on without them. The fact that they're already talking about doing budget reconciliation (and will likely do so) is a good thing. However, they can't wait until Spring, they have to do it now.

 

2. They never should've waited for impeachment, people's memories are fading already. I have a feeling that people are going to start saying the Dems need to focus on covid relief and not impeaching a dude who is already gone. On top of that, if impeachment fails and people have to wait until April for the stimulus, its going to look like even more of a failure. I'm not saying impeachment shouldn't go forward, but they need to have a clear path to a stimulus bill (and passing it) before the impeachment is officially underway.

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5 minutes ago, NoCalMike said:

 

It gets complicated too because there are those like my household, I was laid off later in the year. I weathered the first round of layoffs at my company in mid-Spring, but my number came up the second go around at the end of summer. I just started a new job a month ago but it pays less than what I was making before. I am also a contractor now so I am not accruing any vacation or sick time like I was at my previous job that I was at for 7 years.  Some people might have improved situations on paper today, but when you take everything into account that has happened over the last year, they are still in a hole that was created by the pandemic and the gov't not really properly addressing the needs of the people from the get-go.

 

I agree it would not be easy. And in the end I would prefer MORE people get help than less. I jsut feel like there are people who need help to the point of starving and not having a home where $1200, $600, even $2000 will barely make a dent and a lot of the people getting that money do not really need it. 

 

Just to show how fickle I am - I could also go for everyone gets a check regardless of income. You could end the is it fair conversation and hopefully many who don't really need it would give it to charities that help those that do. But that's asking a lot. Full disclosure i was a big Yang fan so I like the UBI idea anyway. 

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6 minutes ago, Simmsy said:

They never should've waited for impeachment, people's memories are fading already. I have a feeling that people are going to start saying the Dems need to focus on covid relief and not impeaching a dude who is already gone. On top of that, if impeachment fails and people have to wait until April for the stimulus, its going to look like even more of a failure. I'm not saying impeachment shouldn't go forward, but they need to have a clear path to a stimulus bill (and passing it) before the impeachment is officially underway.


i agree if it’s handled this way it will be a disaster that will sour many on their Dem vote. 
 

they should be able to do both things quickly and effectively though. This covid relief bill is a must have ASAP bill. This is a massive PR boom or bust depending on how they handle it

 

Cant be business as usual 

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7 minutes ago, Simmsy said:

I have a feeling this is not going to end well for the Dems:

 

1. People who are at their wits ends financially can't wait until March or April, the need relief now. Biden ran on promising relief ASAP, he needs to deliver on that. He can play the political game with Republicans if he wants, but eventually he's going to have to move on without them. The fact that they're already talking about doing budget reconciliation (and will likely do so) is a good thing. However, they can't wait until Spring, they have to do it now.

 

2. They never should've waited for impeachment, people's memories are fading already. I have a feeling that people are going to start saying the Dems need to focus on covid relief and not impeaching a dude who is already gone. On top of that, if impeachment fails and people have to wait until April for the stimulus, its going to look like even more of a failure. I'm not saying impeachment shouldn't go forward, but they need to have a clear path to a stimulus bill (and passing it) before the impeachment is officially underway.

 

We disagreed some earlier but I am with you 100% here. They need to get the stimulus passed before doing any work on impeachment. Yes, holding that organe POS accountable is important but not as important as people having food on their table. 

 

I have written my two senators to tell them to push for stimulus before impeachment. They are Jr senators but they were sent with an agenda (I am in GA). 

 

I encourage everyone to write their senators and let them know stimulus is more important than impeachment. They need to get it done. 

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While this isn't related to the upcoming stimulus discussion I thought this was appropriate for this thread.

I started working on my 2020 taxes and found an interesting twist re: the stimulus payments. I use TurboTax and here's how they explain it with a link for more info.

 

What is a Recovery Rebate Credit? 

The Recovery Rebate Credit is a credit that was authorized by the Coronavirus Aid, Relief, and Economic Security (CARES) Act. So, if you were eligible for an Economic Impact payment, commonly referred to as a stimulus payment, but did not receive one or you received less than the full amount as an advanced payment in 2020 then you can claim the Recovery Rebate Credit on your 2020 tax return. 

Generally, the credit can increase your refund amount or lower the taxes you may owe. 

 

What does the Recovery Rebate Have to do With My Stimulus Payment? 

Depending on your filing status, your adjusted gross income in 2018 or 2019, and the number of dependents you have, you may have received the full amount of the first stimulus payment in 2020 ($1,200 single, $2,400 married filing jointly) plus $500 for each qualifying child and the full amount of the second stimulus payment ($600 single, $1,200 married filing jointly) plus $600 for each qualifying child. If that is the case, you do not need to complete any information on your 2020 taxes.

If you didn’t receive a full stimulus payment then you can claim the Recovery Rebate Credit for any recovery rebate amount that is more than the stimulus payment you received. This also means you may be able to increase your tax refund or lower what you owe.

 

https://blog.turbotax.intuit.com/tax-deductions-and-credits-2/what-is-a-recovery-rebate-tax-credit-48681/

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6 minutes ago, Momma There Goes That Man said:


i agree if it’s handled this way it will be a disaster that will sour many on their Dem vote. 
 

they should be able to do both things quickly and effectively though. This covid relief bill is a must have ASAP bill. This is a massive PR boom or bust depending on how they handle it

 

Cant be business as usual 

I've been tough on Biden so far, but I think he can pull this off. Not impeachment, but covid relief. I don't know, we'll see. Hopefully, some terrible (...err, more terrible) news about Trump will drop before impeachment. I don't want letting Trump off the hook easy for the GOP.

 

9 minutes ago, goskins10 said:

 

We disagreed some earlier but I am with you 100% here. They need to get the stimulus passed before doing any work on impeachment. Yes, holding that organe POS accountable is important but not as important as people having food on their table. 

 

I have written my two senators to tell them to push for stimulus before impeachment. They are Jr senators but they were sent with an agenda (I am in GA). 

 

I encourage everyone to write their senators and let them know stimulus is more important than impeachment. They need to get it done. 

I would love to hear an official time table for when this package is supposed to go through. Hell, I'll even take an official "guesstimate", something to put people's minds at ease. I'm one of the lucky ones, I'm still hurting pretty bad, but I can "move" things around to survive. The stimulus and my w-2s are just what I need to make it at least until Spring, I don't know how other people in worse situations are getting through this time.

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1 hour ago, Fergasun said:

 

Is that a problem?  The GOP never question giving money via tax cuts to the upper, upper class.  In fact its orthdoxy that these people are the "job creators". So why not be over generous?

 

There will be a cap on the total funding whatever number is agreed upon and I'd rather we gave more to the people who have been severely impacted and are genuinely concerned where the next meal is coming from. 

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1 hour ago, goskins10 said:

 

I get what you are saying and agree a little. But I would actually preferred they use the money - same overall amount - but focus it on those who actually lost something. More help to fewer people with no or less income bounds. Someone making $75k/yr or more losing their job needs just as much help as those making much less. Pay them all more money and every month. Those who were not impacted - I am one of those 0 do not need to get money. Just in case someone starts to think this way. I did not receive stimulus checks and would not under what I proposed. 

 

 

 

I agree. Neither me, nor my kids are eligible. Lucky us. I'm not in favor with the idea of an individual who is comfortable making $75k or a couple making $150k getting the same amount as someone who is fearful about food or a roof over their head. I'd rather we found a way to provide greater help those who are in genuinely desperate straights. I'm sure $2k will help, but given that they may not see a return to their livelihood for another 6-9 months I'd much rather we gave them more security. 

 

33 minutes ago, Momma There Goes That Man said:


It’s difficult to determine honestly and will still pump back into the economy if people haven’t had any setbacks since it’s a bonus so it still helps to to provide it 

 

Someone who has not been impacted is as likely to drop the money on a new iPhone or TV etc, or put the money into their savings. None of which going to make a difference to the poor/unemployed. Many of those who have been displaced by COVID are going to continue suffer for most of this year.

 

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14 minutes ago, EmirOfShmo said:

While this isn't related to the upcoming stimulus discussion I thought this was appropriate for this thread.

I started working on my 2020 taxes and found an interesting twist re: the stimulus payments. I use TurboTax and here's how they explain it with a link for more info.

 

What is a Recovery Rebate Credit? 

The Recovery Rebate Credit is a credit that was authorized by the Coronavirus Aid, Relief, and Economic Security (CARES) Act. So, if you were eligible for an Economic Impact payment, commonly referred to as a stimulus payment, but did not receive one or you received less than the full amount as an advanced payment in 2020 then you can claim the Recovery Rebate Credit on your 2020 tax return. 

Generally, the credit can increase your refund amount or lower the taxes you may owe. 

 

What does the Recovery Rebate Have to do With My Stimulus Payment? 

Depending on your filing status, your adjusted gross income in 2018 or 2019, and the number of dependents you have, you may have received the full amount of the first stimulus payment in 2020 ($1,200 single, $2,400 married filing jointly) plus $500 for each qualifying child and the full amount of the second stimulus payment ($600 single, $1,200 married filing jointly) plus $600 for each qualifying child. If that is the case, you do not need to complete any information on your 2020 taxes.

If you didn’t receive a full stimulus payment then you can claim the Recovery Rebate Credit for any recovery rebate amount that is more than the stimulus payment you received. This also means you may be able to increase your tax refund or lower what you owe.

 

https://blog.turbotax.intuit.com/tax-deductions-and-credits-2/what-is-a-recovery-rebate-tax-credit-48681/

We’ve had some financial altering scenarios in both 2018 and 2019, that put us over to where we got less of the first round (based on 2018) and none of this recent round (based on 2019). Now we’re back to normal for 2020 filing and just under the $150k figure.

 

Does this mean we could get the difference from the first round and the full amount via rebate when filing 2020?  That’s what it sounds like it means.

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35 minutes ago, BatteredFanSyndrome said:

We’ve had some financial altering scenarios in both 2018 and 2019, that put us over to where we got less of the first round (based on 2018) and none of this recent round (based on 2019). Now we’re back to normal for 2020 filing and just under the $150k figure.

 

Does this mean we could get the difference from the first round and the full amount via rebate when filing 2020?  That’s what it sounds like it means.

Not sure. We had unusually high income in 2018 due to some family things & our 1st check was less than full payment based on that. I'll get back that difference due to our 2019/2020 income. Actually, not sure which year determined the increase as we got the full amount in the 2nd check when they used our 2019 income.

Edited by EmirOfShmo
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3 hours ago, Corcaigh said:

Has there been discussion of why the payment is being paid to people who have not had a loss of income due to COVID? 

 

 

In addition to the other answers:

people that didn’t lose income also cut back spending. Everyone handled it differently.  But that loss in spending by people that didn’t *need* to cut back also made things worse.

 

it’s cheaper in the long haul to just give everyone money, then it is to try to figure out exactly who should and shouldn’t get it coupled with the cost of running that system (and whatever fraud investigations now exist because there were rules to break) coupled with the economic damage of the cut in spending that would still happen. 
 

it seems reckless but it’s actually the more prudent way to do it. Plus you don’t waste time arguing over rules. 

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There are all sorts of pragmatic reasons to provide more targetted payments.  Unfortunately, there is no good political reason to.  You guys all know political thinking is crazy, but here is the case that Biden would be insane to change the income thresholds or go for anything less than $1400 per person.

 

1) Biden should be more (or just as) generous than Trump.  My family was eligible for $3400 total from Trump.  You want to have a check that large so the GOP or Trump can come in and say "Biden didn't deliver."  Every family should know that Biden is more generous. 

 

2)  If you change the threshold you are basically taking money from household incomes of $80k to $150k. Let's assume that 20% of those people did suffer a great loss of income.  You, Joe Biden are screwing those people. How many people flipped GA Senate blue?  It was certainly less than 20%.  Maybe they wouldn't vote for GOP but stay home, no politician should treat voters that way.  Even if 80% of the people in that income brscket suffered no loss, you do not want to piss them off.  I have no idea what that percentage is. 

 

McConnell can cry about the lack of bipartisandhip.  Did they stack the Supreme Court under a bipartisan manner?  No, in fact the last thing they did under Obama was prevent Dems from seating a Justice for months and first thing they did for Biden was ram through a Supreme Court justice.  

 

If the GOP want bipartisanship, they can be generous to the American people.  

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2 hours ago, goskins10 said:

 

I agree it would not be easy. And in the end I would prefer MORE people get help than less. I jsut feel like there are people who need help to the point of starving and not having a home where $1200, $600, even $2000 will barely make a dent and a lot of the people getting that money do not really need it. 

 

 

I agree with that, but I also feel that we are in the current situation due to the relief efforts & strategy being so screwed up by the previous administration.  Right now feels like January 2009 but for different reasons.  You have an incoming administration picking up the pieces of multiple messes from the previous administration, and every day we wake up to more knowledge and details of just how inept and unfit that person was to be in the position he was in and how that has us where we are now.  

 

Biden made a lot of promises going into the campaign and election, but the one that is going to stick out the most is this first covid package.  This is the one everyone has their eyes on 24/7.  If he manages to get a bill passed and signed that delivers on the campaign promises then afterwards things can go back to the normal back and forth squabbling by both parties to try and salvage things, but the covid relief is probably the #1 issue right now besides the vaccine strategy that Biden can absolutely not waiver or fumble.  If the GOP wants to be a useful part of this process they better trash their proposal as soon as they are behind closed doors with Biden and get to actual work with some real ideas and proposals. 

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"Another round of stimulus checks and other aid will not address the biggest problem facing Americans - concerns about traveling, socializing, and dining out during the pandemic."

 

Yeah, lost your job and not sure how to make ends meet. But, your biggest problem? Traveling, socializing and dining out! 

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They need to tell the Rep that they are going ahead with reconciliation. If a deal can be struck before that procedure is finished they will move forward without it.  If not it will be passed using it.  But it will not be delayed. 

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

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