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Could have just eliminated all Federal Income Taxes for the year instead of the “stimulus”

Posted on 3/29/20 at 11:35 pm
Posted by BlueDogTiger
Member since Jan 2014
1311 posts
Posted on 3/29/20 at 11:35 pm
LINK to article about $3.3 Trillion in Income Tax Receipts

Just a waste of effort. All these loans and programs will still be in rule making when this virus flushes out. $2 Trillion of lobbyist wishlist. Just suspend withholdings and payments until Year end. Boom
Posted by funnystuff
Member since Nov 2012
8330 posts
Posted on 3/29/20 at 11:37 pm to
How does that help the 3 million people who filed for unemployment last week?
Posted by arcalades
USA
Member since Feb 2014
19276 posts
Posted on 3/29/20 at 11:40 pm to
would we be refiling our taxes under that scenario?
Posted by BlueDogTiger
Member since Jan 2014
1311 posts
Posted on 3/29/20 at 11:42 pm to
Their employers may have held on longer.. Consumers would have more money to spend in those businesses immediately
Posted by TSLG
Member since Mar 2014
6724 posts
Posted on 3/29/20 at 11:43 pm to
quote:

How does that help the 3 million people who filed for unemployment last week?

Generally, people on this site are fricking morons, who need to stick to topics that they know.

These would include: how to tie a shoe; advanced eating with a fork, without poking yourself in the eye; bus window licking; etc.

I feel sorry for those that don't realize that most of the shite posted here is retarded.
This post was edited on 3/29/20 at 11:45 pm
Posted by Tiger Prawn
Member since Dec 2016
21934 posts
Posted on 3/29/20 at 11:43 pm to
If people lose their jobs for half a year, they’d probably have very little (if any) federal income taxes owed anyway
Posted by BlueDogTiger
Member since Jan 2014
1311 posts
Posted on 3/29/20 at 11:47 pm to
Ya’ll do realize that the unemployment cost in the bill is minor to the over all cost? We already have unemployment insurance. But a restaurant knowing they do not need to pay federal taxes may keep their staff around longer. NOW
Posted by Powerman
Member since Jan 2004
162231 posts
Posted on 3/29/20 at 11:50 pm to
quote:

Their employers may have held on longer..

Based on what exactly?
Posted by Powerman
Member since Jan 2004
162231 posts
Posted on 3/29/20 at 11:51 pm to
quote:

But a restaurant knowing they do not need to pay federal taxes may keep their staff around longer.

Even though they're restricted to take out only?

Are you insane? There is no way they wouldn't still make cuts.
Posted by BlueDogTiger
Member since Jan 2014
1311 posts
Posted on 3/29/20 at 11:52 pm to
So let me ask what the point of the checks to Americans is for? That will take 3 weeks or more to get out? Stimulate? To get people to spend.
Posted by gthog61
Irving, TX
Member since Nov 2009
71001 posts
Posted on 3/29/20 at 11:53 pm to
You can only do that once.

You can stimulate over and over and over.
Posted by Powerman
Member since Jan 2004
162231 posts
Posted on 3/29/20 at 11:55 pm to
quote:

So let me ask what the point of the checks to Americans is for? That will take 3 weeks or more to get out? Stimulate? To get people to spend.


I think the stimulus is ill conceived for whatever it's worth

I just think it's very naive to think that businesses like restaurants would keep people employed if you got rid of income taxes

If they're restricted to take out only for the time being they're not going to keep people on the payroll no matter what you do about income taxes. They'll keep the minimum skeleton crew they need to operate as a take out business.

And many are already closing their doors because this model isn't sustainable for very long.
Posted by BlueDogTiger
Member since Jan 2014
1311 posts
Posted on 3/29/20 at 11:55 pm to
Once? You do know they withhold federal income taxes in every paycheck right?
Posted by BlueDogTiger
Member since Jan 2014
1311 posts
Posted on 3/29/20 at 11:57 pm to
But the Americans that also get more in their paycheck...some a lot more...they will order food. And would have the last 2 weeks
Posted by gthog61
Irving, TX
Member since Nov 2009
71001 posts
Posted on 3/29/20 at 11:57 pm to
quote:

Once? You do know they withhold federal income taxes in every paycheck right?



I was talking about they can only eliminate your taxes once and it cannot be more than you pay.

Now what is the cap on "stimulus"?
Posted by Eli Goldfinger
Member since Sep 2016
32785 posts
Posted on 3/30/20 at 12:01 am to
If they’re equal monetarily the stimulus check is better.
Posted by BlueDogTiger
Member since Jan 2014
1311 posts
Posted on 3/30/20 at 12:01 am to
Are you talking about when you file your taxes? The day you settle with US on whether you submitted enough all year or too much?

And the stimulus checks will be formulated in your 2020 taxes by they way.
This post was edited on 3/30/20 at 12:02 am
Posted by cave canem
pullarius dominus
Member since Oct 2012
12186 posts
Posted on 3/30/20 at 12:01 am to
quote:

Could have just eliminated all Federal Income Taxes for the year instead of the “stimulus”




The folks they are trying to funnel money to mostly dont pay income tax and most taxpayers will not be recieving a stimulus.

IMHO they did this way too early, passing out checks 10 days into a multi week/month ordeal is beyond stupid, when folks really get in a bind there will be no ammo left to fire.
Posted by YF12
Ottobaan
Member since Nov 2019
4451 posts
Posted on 3/30/20 at 12:02 am to
Those who contribute the most are rewarded the most

Its logical if you are a naturalist I do suppose
Posted by BlueDogTiger
Member since Jan 2014
1311 posts
Posted on 3/30/20 at 12:04 am to
So, if someone making $400,000 salary gets no federal taxes withheld,, and that person would not get a check, You think they may spend a little of the 35% withheld next couple months? I think so.
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