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Started By
Message
Putting some numbers to the stimulus bill
Posted on 3/25/20 at 12:00 pm
Posted on 3/25/20 at 12:00 pm
I'm editing to get rid of some of the false assumptions in the original post.
Everyone who makes under $75k single and $150k joint will be getting the one-time stimulus payment, with that gradually being phased out as income increases. Thus, I have removed those numbers from the calculations.
The following is what people on unemployment during the 4 months of "unemployment on steroids" stand to make. The intent is to gauge people's motivation to stay on unemployment during those 4 months or return to work.
As others have pointed out:
So, at the max unemployment of $847 a week in Louisiana, you could make the equivalent of what someone with a yearly income of $44,044 would make if they worked and did not receive the $600 add on the unemployment.
Thus, there is no implicit financial motivation for anyone making $44,044 a year or less to return to work during the 4 months of the proposed enhanced unemployment.
Everyone who makes under $75k single and $150k joint will be getting the one-time stimulus payment, with that gradually being phased out as income increases. Thus, I have removed those numbers from the calculations.
The following is what people on unemployment during the 4 months of "unemployment on steroids" stand to make. The intent is to gauge people's motivation to stay on unemployment during those 4 months or return to work.
As others have pointed out:
quote:
In Louisiana the max unemployment benefit is $247/wk so add the $600 from feds, you get a max or $847/wk which is taxable
So, at the max unemployment of $847 a week in Louisiana, you could make the equivalent of what someone with a yearly income of $44,044 would make if they worked and did not receive the $600 add on the unemployment.
Thus, there is no implicit financial motivation for anyone making $44,044 a year or less to return to work during the 4 months of the proposed enhanced unemployment.
This post was edited on 3/25/20 at 12:30 pm
7
Posted on 3/25/20 at 12:02 pm to PsychTiger
quote:
You have to have lost your job due to coronavirus and not been working during the period the relief money is granted.
Why are you basing your numbers on an assumption that hasn't been reported as part of the bill? Did I miss something?
Posted on 3/25/20 at 12:03 pm to PsychTiger
quote:
For my example, I am using a single parent with two children. They would receive a check for $2,200 a month. That is equivalent to an annual salary of $26,400.
Two things here:
1) can't you do both...take the check and get a job?
2) you're not taking into account "unemployment on steroids"
Posted on 3/25/20 at 12:04 pm to PsychTiger
quote:
Furloughed workers would get whatever amount a state usually provides for unemployment, plus a $600 per week add-on, with gig workers like Uber drivers covered for the first time. The package also would give one-time payments of $1,200 per adult and $500 per child directly to the public.
FoxNews
the per person is a one time check, not monthly
and in Louisiana the max unemployment benefit is $247/wk so add the $600 from feds, you get a max or $847/wk which is taxable
not sure if the one time check is taxable or not
Posted on 3/25/20 at 12:05 pm to Cowboyfan89
Some have speculated that you will have to be unemployed to receive the stimulus funds. In my second example I removed that assumption and ran the numbers for what a single adult with two children would make per month while working and receiving the stimulus funds.
Posted on 3/25/20 at 12:06 pm to tigeraddict
quote:
the per person is a one time check, not monthly
Some were saying the check would be for up to 4 months, so I was going with perhaps the most extreme example. At least I'm trying to put some numbers to the various scenarios instead of just blindly screaming at the sky like so many (not implying you are one of them).
Posted on 3/25/20 at 12:08 pm to PsychTiger
Only the unemployed get additional monthly benefits. The stimulus is a 1-time payment to about 90% of the people.
Why is that hard to understand?
Why is that hard to understand?
Posted on 3/25/20 at 12:08 pm to PsychTiger
quote:
Some have speculated that you will have to be unemployed to receive the stimulus funds.
Does this plan differ that much from the text that was floating for the Democrat-backed bill yesterday? Because that one had no such language.
Posted on 3/25/20 at 12:10 pm to PsychTiger
quote:
the per person is a one time check
i would have rathered the payroll tax holiday (6.2%) as i would heve increased my 401k contribution by the same amount
Posted on 3/25/20 at 12:14 pm to PsychTiger
removed so a congress critter doesn't see and go duh.
This post was edited on 3/25/20 at 12:36 pm
Posted on 3/25/20 at 12:16 pm to tigeraddict
quote:
and in Louisiana the max unemployment benefit is $247/wk so add the $600 from feds, you get a max or $847/wk which is taxable
So, at the max unemployment of $847 a week in Louisiana, you could make the equivalent of what someone with a yearly income of $44,044 would make if they worked and did not receive the $600 add on the unemployment.
Posted on 3/25/20 at 12:16 pm to PsychTiger
quote:that wouldn't be "stimulus" then that would be enhanced unemployment.
Some have speculated that you will have to be unemployed to receive the stimulus funds.
Posted on 3/25/20 at 12:16 pm to PsychTiger
quote:
1. You have to have lost your job due to coronavirus and not been working during the period the relief money is granted.
Who is report this? I’ve not seen or heard anything saying only out of work people will be eligible for the stimulus payment.
Posted on 3/25/20 at 12:17 pm to PsychTiger
quote:
So, at the max unemployment of $847 a week in Louisiana
no you only get $247/wk max....the $600 extra is the stimulus package
EDIT:
so anyone making $44,044 a year has no incentive to go back to work, unless they actually tied "looking for employment" into receiving benefits like they are supposed to
This post was edited on 3/25/20 at 12:20 pm
Posted on 3/25/20 at 12:21 pm to PsychTiger
Why do you care? Jealous the backbone working man is getting something you aren't entitled for?
Posted on 3/25/20 at 12:21 pm to tigeraddict
quote:
no you only get $247/wk max....the $600 extra is the stimulus package
I know, that's why I added them together just as you did and then figured out what that would equal as a yearly salary. Thus, for anyone who typically makes below that yearly salary they are financially better off staying on unemployment for the full 4 months of the "unemployment on steroids".
eta: I see your edit and that you now see what I was getting at.
This post was edited on 3/25/20 at 12:23 pm
Posted on 3/25/20 at 12:22 pm to Indiangensing
quote:
Why do you care? Jealous the backbone working man is getting something you aren't entitled for?
mainly just trying to waste some time while at work.
Posted on 3/25/20 at 12:23 pm to PsychTiger
Sounds like "work".
Posted on 3/25/20 at 12:27 pm to PsychTiger
quote:By making shite up, and posting it? Neat.
mainly just trying to waste some time while at work.
Posted on 3/25/20 at 12:33 pm to sorantable
quote:
By making shite up, and posting it? Neat.
Everything that was in the original OP was based on things I read in various threads on this site discussing the bill, which still has not been read by anyone. Essentially, everyone on here is going on rumors or unconfirmed reports by various senators which were reported in our ever-reliable media.
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