"Looks like many in US will get Stimulus Checks!" Topic

This obviously only applies to US citizens.

COVID Stimulus $$$

I know I did not know that those on Social Security will get a stimulus check too ! So I thought I'd let my other American homies know …

link

Unlike the last stimulus, this payout is going to real people and not just big corporations.

Are any other countries doing this?

I'm hoping this will be "mad money" for me, but maybe I should be more conservative 'just in case'… can't predict whether I'll catch it…

I usually put "extra" cash in my mutual funds … but not any time soon at this point. I may buy a few little bitz for my toy soldiers ?

But I'll probably just hold on to it and pay bills as they come about. I'm on SSD so I get a money check from Uncle Sam anyway …

But never say no to extra !!!!

Actually there will be many that will not receive them due to making more than cut off income. Nothing like the privilege to pay a ton in taxes and then get nothing back.

@VCarter

UK government are making payments but the amount varies depending on your income and employment status.

Having prudently saved up a preposterous amount of wargame stuff, I'm thinking of spending it frivolously on home maintenance. Of course, I can't until they sound the "all clear."

The legislation makes it explicitly tax free. No 1099 or W-2 income.

Based on AGI from 2019 tax year (2018 if you haven't filed.) Caps are $75,000 USD single, $150,000 USD married filing jointly. For every $100 USD above the relevant cap number the benefit is reduced by $5 USD thus married filing jointly is fully phased out at $198,000. USD

Nothing for me, but I am getting some painting done.

Sociaism at it's best, I hope it helps those who really need it through these troubling times.

Actually there will be many that will not receive them due to making more than cut off income. Nothing like the privilege to pay a ton in taxes and then get nothing back.

Nothing like the privilege of having a decent income yet begrudging a program that will give more help to the less fortunate.

Besides, most people who are making enough that they won't get any stimulus money have investments, so if the payments to other people help restore the economy you'll get plenty back that way.

Its a down payment for the inflation coming later. You don't print over 2 Trillion out of thin air and it doesn't show up somewhere.
But maybe get the rest of those artillery limbers I want.

No taxes? How is this possible? Surely those millionaire politicians have some hidden plan to get part of it back?

This may well explain why it took so long to get past the congress!!

Ha the "created" money, based on no wealth, at most borowed on the future generations. Politicians never hace enough of it.
It must be transformed into 15mm minis, preferably from 17 to 1900…and books.

Frankly I was surprised to hear many of us on Social Security/Disability were going to get any of this money. As I said, I get a monthly check directly deposited in my bank from Uncle Sam already. Most of that is money that was taken out from our paychecks while we worked.

And I like many had to get a lawyer and go in front of judge to get it before I was 62. Which I have no problem with as we know many take advantage of this and play the system …

Of course to be a completely cynical … It is an election year …

"Nothing like the privilege of having a decent income yet begrudging a program that will give more help to the less fortunate".

That is a stretch. I definitely was not begrudging anyone getting a payment, just that not everyone will be getting a payment. I am a believer in an equal taxation system such as the flat tax or another mechanism (although the fair tax is the best researched and designed for the US).

Only if you define a decent income of less than $90 USDk a year or $180 USD for couples. ($90K is where the benefit goes to zero.)

Given that the US 2018 median income was 63K it appears that the majority of Americans will get something. If you're making $90 USDK, is a thousand dollars really going to make a difference to you?

1. Will the results of this scheme be taken into account in any future (assuming there is a future) discussions about a guaranteed minimum income, the kind of "State Dividend" Thomas Paine was writing of more than two centuries ago? "Now are the times that try people's souls…"

2.

3. I've put off buying some really, really essential figures for now. The familiar Lead Mountain may, I hope, experience some erosion over the next wee while.

Not so much stimulus but the Canadian government is providing significant income support for small business (75% of wages for their employees) to keep small business in business and to keep their employees paid

I'm hoping to be able to buy a entire package of toilet paper -- 48 rolls of 2-ply -- with mine!

I will believe this when the check is in hand!

Won't help me but then I don't need it.

I just wonder for many how much difference $1,200 USD makes if they are not getting paid?

IIRC in Pennsylvania people are eligible for unemployment.

The check will do more than just keep families going in the short term. It's also a shot in the arm for the economy. Giving the money to lower income people makes sense, since they are far more likely to spend it then save it, to pay off bills, buy necessities, or even just get a new TV. Also if you (or they) have a mortgage, now is a great time to refinance & take some balance off your monthly payments. Another shot in the arm for the economy.

Damon.

J M Keynes.

"Nothing like the privilege of having a decent income yet begrudging a program that will give more help to the less fortunate."

Privilege? Does it even occur to you that having a decent income is often the result of years of hard work, risk and sacrifice?

Paine never mentions a "State Dividend" in the Agrarian Justice pamphlet. He also doesn't advocate for a blanket guaranteed minimum income scheme.

"To create a national fund, out of which there shall be paid to every person, when arrived at the age of twenty-one years, the sum of fifteen pounds sterling, as a compensation in part, for the loss of his or her natural inheritance, by the introduction of the system of landed property:

And also, the sum of ten pounds per annum, during life, to every person now living, of the age of fifty years, and to all others as they shall arrive at that age."

""Now are the times that try people's souls…"
Different pamphlet.

Though I could use it (mostly to buy food :-), a big part of me is saying not to accept it & to give it back to the gov't. Maybe I'm just being wary…

Privilege? Does it even occur to you that having a decent income is often the result of years of hard work, risk and sacrifice?

Of course, that's how I got mine. But I'm not blind to the reality that if I had been on a desert isle all that time, my effort alone would not have gotten me where I am now. It's a privilege to be part of human society, and I'm grateful.

I see in the news that a Texas company has notified employees that they will have the stimulus check amount deducted from their pay checks.

And the company knows exactly how much your particular check will be.

Don't know for sure but think its everyone, employment or not. Gets downgraded after 75,000 income.

The intent of the law is stimulus regardless of economic circumstance. Every citizen, regardless of whether employed, retired, disabled or whatever will receive $1,200 USD per individual plus, IIRC $500 USD per child (up to 2?). All subject to AGI caps (75K/150K) above which it phases out at $5 USD per $100 USD over. The legislation explicitly stated the sums are tax exempt. While not a fortune by any means, the 3.3 million Americans who filed for unemployment this week will find it a Godsend.

The legislation has a horrible provision on real estate depreciation that is a genuine disgrace but overall, that shouldn't bother the estimated 160 million plus households receiving the payment.

Don't get too excited. Read somewhere that it's an interest free loan and will be snagged back next tax season ? Hope that's wrong :(

They need the bulk of the cash to bail out the cruise lines. All those foreign flagged ships need all the help they can get. That ocean won't pollute itself! They fruits of hard lobbying…..

But I'm not blind to the reality that if I had been on a desert isle all that time,

So, you're advocating for a support network for people on desert islands?

@ Don M: I didn't think anyone would respond so thoroughly, and was only "throwing out" a very, very simplified way of putting what you later contributed with accurate detail (for which, "much thanks", really). The last 'quotation', since of course Paine's rhetoric is of its time, was intended as a reminder of the familiar saying even when the author's name, as far as I can see, is all but forgotten. It's almost as if his ideas are still dangerous to some….

Good Luck.

And I think someone else has made a point addressed at great length and with exhaustive calculations by Adam Smith.

I'm giving both unDivided attention and Sympathy.

Privilege? Does it even occur to you that having a decent income is often the result of years of hard work, risk and sacrifice?

I agree and I know that is generally the way it is supposed to work in a primarily Capitalist society like the USA.

Of course I know obviously there will be exceptions. But the problem with that some are taking advantage of the situation.

Again I was surprised I'd actually be getting a check, being on Social Security. But I do think this "stimulus" will be good for the economy at least in the short run and the long run.

Hope that's wrong :(

It is. The legislation specifically states the funds are exempt from taxation. Can you share what website published the bad information?

Unemployment is one thing as is money distribution after Katrina. This is the first time I ever recall a stimulus package that actually gave money to real people and not just big corporations.

Can't disremember as I was surfing and not really paying much attention :( it just stuck in my mind as a "Hmmmm". Good, I can blow it on figures :)

"This is the first time I ever recall a stimulus package that actually gave money to real people…"

Got a substantial stimulus check in the mail from the 2nd President Bush… of course, shortly after the water heater sprung a leak and the check stimulated someone else's economy, too.

From what I have heard on the 24hrs news. If the IRS has your account number for direct deposit and you qualify we should see that $$$ deposited in about 3 weeks … So stand by …

after the water heater sprung a leak

Yes, since I don't think I'd put it in the market right now. Or take anything from Mutual Funds either.

But it seems even with my monthly Soc Sec Dis deposit, sometimes happens. E.g. a $990 USD crown for my tooth, and I don't qualify for VA dental.