$1k per adult, $500 per kid

[PistolBob]

That's the question. I've heard that the rich will not be getting this. What constitutes rich is what I'm not sure about. I had heard it was going to be a tiered system and probably based off most recent tax return. Heard Trump would like first checks out by April 7th and a second check on May 17th

Rich is anyone with more than 2 rolls of toilet paper.

 

[Vigilant]

Rich is anyone with more than 2 rolls of toilet paper.

Just call me The Bill Gates of Toilet Paper Then.

 

[DoggyDaddy]

At my mom's assisted living facility, they would play bingo, and the winners would get "bingo bucks" that they could use to purchase toiletries (including toilet paper) and some other stuff at a "market" that they had each week. She has about $200 worth of these "bingo bucks". She always joked "That's a lot of toilet paper!" I told her yesterday that she should have stocked up. She could've been a toilet paper tycoon now.

 

[jkaetz]

As always these things are biased against those who have become successful due to their own due diligence. They will be forced to pay for those who have shirked their personal responsibilities and relied on "safety net" programs to pull them through the times of hardness. As someone who started economic life in the early 70's working odd jobs before I stepped up to being a private in the Army I say flock them, hunger is a good teacher. I don't feel any need to pay for their societal incompetence. They would now come for everything I've earned and saved to make their worthless existence easier. Get a job, go to work, qwitchyerbichen, or go ahead and get hungry. Hungry enough to sell your cell phone, wide screen TV, second car, forego your next tattoo, piercing, hair color change (besides...it looks like mold).

Charity is voluntary. Government redistribution is theft.

I suppose I should file our taxes so the government can give the money away to someone else. I'm doubtful that our household will see any of it.

 

[BehindBlueI's]

I'm glad on got on board with the Dave Ramsey plan when I did. Since September I've paid off just north of $9k worth of consumer debt and built up an emergency fund of about 4 months of expenses so far.

Now that we're in defacto lock down my expenses have dropped even more. (Less fuel used, no after school care costs for kids, no entertainment costs etc.) Ultimately this slow down will allow me to save even more for a down payment on a house next year.

One thing I don't need is for Uncle Sugar to send me a check.

BLUF: The reason it's a stimulus and not a bailout is, like the Bush stimulus checks, the "patient" isn't the person receiving the check, it's the economy as a whole. People are likely to "blow" an unexpected windfall on consumer spending, which is what keeps our economy from crashing.

Political spin, it's about individuals. Reality, it's bout the economy as a whole. See how you've reduced spending? Multiply that throughout the economy. That makes the pie smaller. In our current economic reality of a very uneven distribution of the pie (since the 1970s, the top gets more and more of the pie's expansion) that means less consumer spending. Less sales tax collected, less income tax collected as businesses layoff or fold up shop, etc. People on the low end have less money to spend (of course) but also spend more of what does pass through their hands as a percentage. IMO, they are doing it right this time. Money in "average blue collar Joe/Jane's" hands is a business bailout through increased spending that helps the lower and middle class as opposed to the bank bailout that helped the businesses stay afloat while letting Joe/Jane lose their house.

I could go a year with no income, significantly longer if I sold assets. There's pretty much no business out there that can do the same, pay it's employees, service debt, pay taxes, etc.

 

[radar8756]

Looks like $1200 it you made less than $75,000 in 2018. It drops $5 for every $100 over $75,000. $500 per kid.

So is that $75,000 per Adult ... (i.e. 150,000 married filing jointly) ?

 

[Vigilant]

They will argue and TDS this until it is too little too late. I’ve had $4200+ in cancelled business this week, and no way to make up the shortfall. Customers are barely paying the help on carry out orders, so they damned sure aren’t spending on repairs or new equipment. Rent is coming due for them, and those that were already struggling are done by end of next week most likely. The ones that weren’t struggling, will be...

 

[Vigilant]

The upside is I have plenty of time to whine on INGO.

 

[hammerd13]

So is that $75,000 per Adult ... (i.e. 150,000 married filing jointly) ?

Yes, $75k per adult. $150k per couple filing jointly. Per 2018 taxes.

If your income is over those amounts, your benefit starts to decrease incrementally. $5 decrement per $100 over, I believe.

 

[churchmouse]

They will argue and TDS this until it is too little too late. I’ve had $4200+ in cancelled business this week, and no way to make up the shortfall. Customers are barely paying the help on carry out orders, so they damned sure aren’t spending on repairs or new equipment. Rent is coming due for them, and those that were already struggling are done by end of next week most likely. The ones that weren’t struggling, will be...

We had 5 closed projects on the books. 2 absolutely needed as existing systems were red lined. 3 were elective up-grades as they were getting ready to sell the houses. The 3 electives cancelled out. And I knew it was coming. The 2 required systems already had deposits with me that are non-refundable as that goes towards equipment. We will do 1 tomorrow and the other when the fire damage is repaired and passes inspection.

The loss of the 3 others will kills us. Looks like no new truck for the mouse this year.

Thanks China.

 

[churchmouse]

The upside is I have plenty of time to whine on INGO.

I noticed..…..

 

[OneBadV8]

I noticed..…..

someone get him some rep!!

 

[Vigilant]

I noticed..…..

Its only gonna get worse as, since its after 10:00 ima start drinking AND whining. By this time tomorrow, I’ll have as many posts as you. Unless somewheres about glass number 6, I get the ban hammer for something I post? Then I’ll only have as many as Jetta.

 

[Vigilant]

Oh, and why don’t we have a middle finger smilie for the Mouse?

 

[thunderchicken]

So how do they plan to get the money distributed? Surely they won't just distribute it to where it was sent based on 2018 returns. I can't help but wonder how many people have moved or changed banks etc. We all know how well a govt software registration system would work lol

 

[Vigilant]

So how do they plan to get the money distributed? Surely they won't just distribute it to where it was sent based on 2018 returns. I can't help but wonder how many people have moved or changed banks etc. We all know how well a govt software registration system would work lol

Just send it directly to everyone’s bankruptcy attorney?

 

[JettaKnight]

So who qualifies for this money.

It'd be nice if it was directed to those really hurt - e.g. restaurant, hotel employees, but that'd be a bureaucratic nightmare.

 

[churchmouse]

It'd be nice if it was directed to those really hurt - e.g. restaurant, hotel employees, but that'd be a bureaucratic nightmare.

If they pay taxes according to what I am seeing it will be. But again many of those people fly under the radar.

 

[MCgrease08]

BLUF: The reason it's a stimulus and not a bailout is, like the Bush stimulus checks, the "patient" isn't the person receiving the check, it's the economy as a whole. People are likely to "blow" an unexpected windfall on consumer spending, which is what keeps our economy from crashing.

Political spin, it's about individuals. Reality, it's bout the economy as a whole. See how you've reduced spending? Multiply that throughout the economy. That makes the pie smaller. In our current economic reality of a very uneven distribution of the pie (since the 1970s, the top gets more and more of the pie's expansion) that means less consumer spending. Less sales tax collected, less income tax collected as businesses layoff or fold up shop, etc. People on the low end have less money to spend (of course) but also spend more of what does pass through their hands as a percentage. IMO, they are doing it right this time. Money in "average blue collar Joe/Jane's" hands is a business bailout through increased spending that helps the lower and middle class as opposed to the bank bailout that helped the businesses stay afloat while letting Joe/Jane lose their house.

I could go a year with no income, significantly longer if I sold assets. There's pretty much no business out there that can do the same, pay it's employees, service debt, pay taxes, etc.

I understand and agree with this. I only posted my story because I am extremely thankful that I am in the position I am in now versus where I have been in the past. Something like this would have wiped me out just a few years ago.

I worked in the restaurant industry for two decades so I fully understand the pain that owners and employees are and will be going through. My intent wasn't to come off as condescending or to shame anyone who isn't in a similar situation financially. I know there are people out there who genuinely need the money. My point was that right now, I am not one of them.

I have concerns, like I assume others do, about the mechanics of this and how it will ultimately be executed.

 

[JettaKnight]

If they pay taxes according to what I am seeing it will be. But again many of those people fly under the radar.

If it's based on 2018, many may be SOL.


And I see this reported by NPR:

The bill includes cash payments of as much as $1,200 per person and $2,400 per married couple. Individuals with an adjusted gross income of less than $75,000, and $150,000 for joint filers, would receive the full payment. People earning over that amount would see their payments reduced by $5 for each $100 in income over that amount. The benefit completely phases out for individuals earning over $99,000 and married couples making more than $198,000.