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re: Could have just eliminated all Federal Income Taxes for the year instead of the “stimulus”
Posted on 3/30/20 at 12:04 am to BlueDogTiger
Posted on 3/30/20 at 12:04 am to BlueDogTiger
quote:
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
You're missing the point. If they're take out only you don't need the serving staff so they'd be cut anyway. All bars would still be closed. All major sporting events and concerts would still be a no go.
Your idea doesn't help anyone that is displaced from their job because they're still displaced from their jobs.
1
Posted on 3/30/20 at 12:09 am to Powerman
This is true. But they could have done the same thing in the suspension of taxes that they are trying to do with SBA that will be weeks to even figure out..
Could have said....all federal taxes will be suspended for 2020, but you must retain your staff levels. Maybe even a blend of the SBA grants. Don’t know. I am talking about speed to get money in the system. But i do get the point. Just thinking it could have been done in first phase bill. Just to get money moving.
Could have said....all federal taxes will be suspended for 2020, but you must retain your staff levels. Maybe even a blend of the SBA grants. Don’t know. I am talking about speed to get money in the system. But i do get the point. Just thinking it could have been done in first phase bill. Just to get money moving.
Posted on 3/30/20 at 12:10 am to BlueDogTiger
quote:
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.
On what exactly? The business that are closed will still be closed. This doesn't help them at all. This is a poorly thought out idea of yours
Posted on 3/30/20 at 12:12 am to BlueDogTiger
I think the payroll tax suspension would have made more sense. Benefits the employer and those currently working.
And not as drastic as the federal income tax being completely eliminated
And not as drastic as the federal income tax being completely eliminated
Posted on 3/30/20 at 12:13 am to Powerman
quote:
On what exactly? The business that are closed will still be closed. This doesn't help them at all. This is a poorly thought out idea of yours
From what I've seen of the bill, actually being affected by the situation doesn't seem to matter.
Posted on 3/30/20 at 12:14 am to Kingpenm3
quote:
From what I've seen of the bill, actually being affected by the situation doesn't seem to matter.
Right. It's definitely ill conceived
The most absurd thing is the people who aren't affected in any way at all getting stimulus checks for no reason
If you're a married couple with no kids and both have "essential" jobs what do you need the 2400 for when people are legitimately suffering?
Posted on 3/30/20 at 12:16 am to Powerman
quote:
On what exactly? The business that are closed will still be closed. This doesn't help them at all. This is a poorly thought out idea of yours
And they will still be closed after the stimulus. The business must report detailed payroll records to receive SBA Loans and grants, Casinos can not apply. Too much cash based pay to qualify.
Posted on 3/30/20 at 12:16 am to Powerman
quote:
The most absurd thing is the people who aren't affected in any way at all getting stimulus checks for no reason
Why can't they just decline the check? "Return to sender, not needed"
Posted on 3/30/20 at 12:17 am to Powerman
quote:\\
And not as drastic as the federal income tax being completely eliminated
Much bigger number and it goes for personal and business taxes.
Posted on 3/30/20 at 12:18 am to davyjones
quote:
Why can't they just decline the check? "Return to sender, not needed"
They might as well. They're going to have to pay it back next year anyway.
I think there should be an online application type of thing. If you don't need/want it just reject it and keep the fiscal carnage a little bit lower.
But the stimulus checks to individuals is only a small fraction of the overall cost of the stimulus.
Posted on 3/30/20 at 12:19 am to Powerman
quote:
They might as well. They're going to have to pay it back next year anyway.
Are these payments taxable income?
Posted on 3/30/20 at 12:19 am to BlueDogTiger
quote:
And they will still be closed after the stimulus. The business must report detailed payroll records to receive SBA Loans and grants
Why would you take out a loan to meet payroll that you won't be able to pay back?
Posted on 3/30/20 at 12:28 am to Powerman
What do you think is in the CARE act?
Posted on 3/30/20 at 12:31 am to BlueDogTiger
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
That’s moving the goalposts of your original post. Either start a new topic or take the L on your OP before moving on.
Posted on 3/30/20 at 12:34 am to davyjones
quote:
Are these payments taxable income?
Worse. It's essentially an advance with the full amount due back on 2020 tax filings.
Someone correct me if I'm wrong
Posted on 3/30/20 at 12:34 am to Powerman
Somebody please correct him if he's wrong. 
Posted on 3/30/20 at 12:39 am to Powerman
quote:
The most absurd thing is the people who aren't affected in any way at all getting stimulus checks for no reason
The point is to boost demand. Doesn’t matter if you need it. It’s like an economic defibrillator. They want you to spend the money, not save it. Psychologically, it’s easy to spend free money.
Not saying it’s the correct approach, just saying what the rationale is.
Posted on 3/30/20 at 12:46 am to Steadmans Cheddar
quote:
The point is to boost demand. Doesn’t matter if you need it.
I get that. But what the hell are you going to buy if everything is on lock down?
quote:
Not saying it’s the correct approach, just saying what the rationale is.
It's an extremely dumb approach IMO when we have bigger things looming than simple consumption
Posted on 3/30/20 at 12:54 am to davyjones
quote:
Somebody please correct him if he's wrong.
I can't find anything to verify it for the moment so I guess just assume I'm wrong
Posted on 3/30/20 at 12:56 am to Powerman
Im pretty sure it was talked about, but the wording says nothing about it in the bill in the direct section. But its possibly buried somewhere else.
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