Details on latest stimulus checks??

[hothouse_corn]

I thought the phase out logic on the first two was silly, but having a "phase out" that starts at 75k and goes to zero at 80k is just "some words I don't want to be associated with me in the internet archive." And basing it on 2019 GAI without any regard to impacts from the past year makes calculations simple, but fucks over the people that need help, while giving muchos $'s to my wife who was underemployed for that tax year.

At any rate, if what I've read today is true, I'll be getting nothing, while my wife, who has out-earned me since August, will get the full check. I'll take it, I guess, since it all goes into our bank accounts.

All that typed, I don't have a better plan than what was passed previously. It's fucking complicated.

 

[HuskerDocCo]

I thought the phase out logic on the first two was silly, but having a "phase out" that starts at 75k and goes to zero at 80k is just "some words I don't want to be associated with me in the internet archive." And basing it on 2019 GAI without any regard to impacts from the past year makes calculations simple, but fucks over the people that need help, while giving muchos $'s to my wife who was underemployed for that tax year.

At any rate, if what I've read today is true, I'll be getting nothing, while my wife, who has out-earned me since August, will get the full check. I'll take it, I guess, since it all goes into our bank accounts.

All that typed, I don't have a better plan than what was passed previously. It's fucking complicated.

Same, but we need it though for landscaping for our new house!

 

[Blackshirts_Win_'ships]

If only there was a mechanism for the federal government to solicit money from individuals on the basis of their recent past financial situation...then they could take back the pittance of cash from those who did not need it.

Or treat it like a true stimulus and just let that money flow in all directions.

 

[hothouse_corn]

If only there was a mechanism for the federal government to solicit money from individuals on the basis of their recent past financial situation...then they could take back the pittance of cash from those who did not need it.

Or treat it like a true stimulus and just let that money flow in all directions.

I'm a dummy, but I think you are advocating for something. Please let the rest of us dummies know what it is.

 

[Blackshirts_Win_'ships]

I'm a dummy, but I think you are advocating for something. Please let the rest of us dummies know what it is.

If means testing, do it on the back end, not the front end...gravely defeats the supposed purpose of all this.

If you're going to call it a stimulus, it doesn't make sense to means test in the first place. Also, if you decide you just can't give people above a certain level of income a small added amount of buying power, if you take it back later on, you still get the positive of the stimulus and take money back out when, theoretically, the economy can better handle it, not in the late stages of a pandemic. Quite literally the purpose of taxes (in our system)...take money out of circulation to avoid out of control inflation (an issue that is vastly overstated anyhow, but that's a conversation for another day).

Even as a safety net (arguably what should be the priority right now), means testing often ends up as a net bad because the world is complicated.

 

[Jim14510]

As a former small biz owner, you make this sound like all small biz owners got a shit ton of money to continue operating as normal. Even though most small businesses still had to fire most of their staff. Because, you know, restrictions and what not.

Not at all. The comment was in reference to the difference between stimulus payments for individuals and small biz owners. An individual getting fired and no new job isn't any better off from the stimulus payments than a small biz owner shut down for the same length of time.

 

[Jim14510]

I thought the phase out logic on the first two was silly, but having a "phase out" that starts at 75k and goes to zero at 80k is just "some words I don't want to be associated with me in the internet archive." And basing it on 2019 GAI without any regard to impacts from the past year makes calculations simple, but fucks over the people that need help, while giving muchos $'s to my wife who was underemployed for that tax year.

At any rate, if what I've read today is true, I'll be getting nothing, while my wife, who has out-earned me since August, will get the full check. I'll take it, I guess, since it all goes into our bank accounts.

All that typed, I don't have a better plan than what was passed previously. It's fucking complicated.

If you file joint what you/her make individually is irrelevant.

 

[Jim14510]

If means testing, do it on the back end, not the front end...gravely defeats the supposed purpose of all this.

If you're going to call it a stimulus, it doesn't make sense to means test in the first place. Also, if you decide you just can't give people above a certain level of income a small added amount of buying power, if you take it back later on, you still get the positive of the stimulus and take money back out when, theoretically, the economy can better handle it, not in the late stages of a pandemic. Quite literally the purpose of taxes (in our system)...take money out of circulation to avoid out of control inflation (an issue that is vastly overstated anyhow, but that's a conversation for another day).

Even as a safety net (arguably what should be the priority right now), means testing often ends up as a net bad because the world is complicated.

I think the income limitation based on both prior year and current year returns does that about as well as the government can do that. Imagine having people file something in regards to liquid net worth. Hard enough for people to get tax returns right.

They should wait a couple of months to make the payment and use 2020 returns but the whole image thing of waiting would be bad.

 

[BIGSTICK67]

Did he not take advantage of the PPP?

My friends were actually employed vs. self-employed.

The mention I made about small businesses were lumped into my earlier post.

 

[Bootleg11]

Ya I was going to say I don't know anybody who has been turned down. I know some who got sizeable checks who probably didn't need them.

I got the PPP loan...I was my only employee.

 

[Mavsker]

If means testing, do it on the back end, not the front end...gravely defeats the supposed purpose of all this.

If you're going to call it a stimulus, it doesn't make sense to means test in the first place. Also, if you decide you just can't give people above a certain level of income a small added amount of buying power, if you take it back later on, you still get the positive of the stimulus and take money back out when, theoretically, the economy can better handle it, not in the late stages of a pandemic. Quite literally the purpose of taxes (in our system)...take money out of circulation to avoid out of control inflation (an issue that is vastly overstated anyhow, but that's a conversation for another day).

Even as a safety net (arguably what should be the priority right now), means testing often ends up as a net bad because the world is complicated.

Here I thought the purpose of my tax dollars was for better roads and schools. But really I'm just giving the government money so that the money they let me keep is still worth something!

You'd think since they control the money supply anyways, they could cut out the middleman there.

 

[Faux Sean Callahan]

I got the PPP loan...I was my only employee.

Same here.

I was able to make more in 2020, but could still qualify because of how volatile my year was. I had two quarters where I was down 25%. Really crazy year in the end.

 

[Bootleg11]

Same here.

I was able to make more in 2020, but could still qualify because of how volatile my year was. I had two quarters where I was down 25%. Really crazy year in the end.

Definitely didn't make more in 2020.

 

[LoudHogRider]

Definitely didn't make more in 2020.

I had a great year investing wise in 2020. I seem to be giving it all away here the last 2 weeks in 2021. DAGNABBIT!

 

[Bootleg11]

I had a great year investing wise in 2020. I seem to be giving it all away here the last 2 weeks in 2021. DAGNABBIT!

I need to learn more about investing. I’m definitely not stock market savvy

 

[Blackshirts_Win_'ships]

I think the income limitation based on both prior year and current year returns does that about as well as the government can do that. Imagine having people file something in regards to liquid net worth. Hard enough for people to get tax returns right.

They should wait a couple of months to make the payment and use 2020 returns but the whole image thing of waiting would be bad.

Keeps you in business, my friend. Don't protest too loudly about how (unnecessarily) complicated the tax system is.

I'm going to tap-dance around the second part, because I like you, Jim. Lot more than "image" involved in that. Quite the privileged take, frankly.

 

[Blackshirts_Win_'ships]

Here I thought the purpose of my tax dollars was for better roads and schools. But really I'm just giving the government money so that the money they let me keep is still worth something!

You'd think since they control the money supply anyways, they could cut out the middleman there.

Wild system, eh?

 

[Jim14510]

Keeps you in business, my friend. Don't protest too loudly about how (unnecessarily) complicated the tax system is.

I'm going to tap-dance around the second part, because I like you, Jim. Lot more than "image" involved in that. Quite the privileged take, frankly.

Yeah I didn't really mean it like that exactly. You won't convince me politicians really give a shit about anything other than votes. Doesn't mean it won't help people but I think they'll get it out quick for as little backlash as possible. If they really cared what people needed they'd have done the stimulus in January for 2k with nothing else in the bill. Pubs would have signed off on that because it would have helped their cause in Georgia. Dems knew they'd get a bunch of other crap in the bill now.

 

[Jim14510]

Keeps you in business, my friend. Don't protest too loudly about how (unnecessarily) complicated the tax system is.

Not complaining about the complexity just saying adding to the complexity with a liquid net assets piece would complicate it a lot. Its an interesting conversation to add that to annual filings but I'm not sure it would actually improve things overall.

 

[Blackshirts_Win_'ships]

You won't convince me politicians really give a shit about anything other than votes.

98% of them at least. A significant chunk of them don't care about votes either, just how they can end up with more of them to maintain power and kickbacks.

It would be super cool if they actually cared about and worked for the most votes possible, meaning they're representing their constituents. It's wild to me that voter suppression is a party plank in the U.S. of A., but here we are.