Community Chat

[SilleeMee]

This was just reported on the NYTimes site:

"The government will send direct payments to taxpayers.

Lawmakers agreed to provide $1,200 in direct payments to taxpayers with incomes up to $75,000 per year before starting to phase out and ending altogether for those earning more than $99,000. Families would receive an additional $500 per child, in an attempt to create a safety net for those whose jobs and businesses are affected by the pandemic."

No mention of a lower income limit. It appears people who receive non-taxable income will not be eligible.

[CelticCrafter]

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@lovesrecess wrote:

Social security payments will increase by $200

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Where did you read or hear this?  Source?

[novamc1]

@lovesrecess 

<<Social Security payments will increase by $200>>

Say what ???  Where did that happy rumor come from?  

First of all, everyone's SS payments differ.

Second, it's not even possible, unless you can cite a source for that information.

Seems to be a lot of speculation and false information floating around here.  Facts should be easy to find, very shortly.  

[Marp]

All this discussion and speculation is somewhat premature.  This is NOT a done deal.  The bill now has to go back to the House for action.

Until a final bill has been ratified by both the House and Senate then ultimately signed into law it is a hurry and wait situation.

[novamc1]

@hayseed00 

In no way is this stimulus program aimed at mitigating 401K losses.  

If it were, I'd be the first in line with a claim.  The stock market would toss my claim in the trash---it doesn't care.  LOL!!

[Isobel Archer]

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@novamc1 wrote:

From some of the comments here, it's apparent that not everyone understands all the  purposes behind the stimulus checks.

That money is supposed to support continued ablility to meet loan commitments, support consumer spending on goods and services, and generally just keep the economy moving and avoid shutting down completely.

When people are laid off ffrom jobs, are confined to their homes , and businesses have no customers, something had to be done to promote the continued flow of money and spending through the economy.

People hopefully can use the stimulus money to pay rent, buy groceries and stay afloat until this virus problem abates and life can return to normal.

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Unfortunately, too many people have bought into the idea that if the economy tanks that only the big companies and the "rich" will be hurt - and so what - they deserve it after all their years of gauging etc. etc.

They don't realize - or don't care - that big companies provide jobs as they are too focused on how much the CEOs and stockholders make (again not understanding that stocks fund pension plans for an awful lot of people).  So when they say - I don't invest - if they have a pension plan, they actually do - and pension plans have been known to go under in the past so hoping for a stock crash to somehow "even the score" is, in fact, hurting the very people rooting for it.

Additionally, there is little understanding that over 90% of businesses in the U.S. are small businesses - and they are being mightily hurt at present by the shut down.  They need significant help to recover.  

The idea is also out there that the economy we had until recently was somehow bogus and that what we really need is a lot of free stuff - medical care, college, solar panels  whatever - completely ignoring - or again not caring - how much that willl cost or considering who will really pay for it.

If this goes on, we are in real danger of losing the middle class.  I don't think some people have any idea what a tragedy that would be.

[Marp]

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@novamc1 wrote:

@lovesrecess 

<<Social Security payments will increase by $200>>

Say what ???  Where did that happy rumor come from?  

First of all, everyone's SS payments differ.

Second, it's not even possible, unless you can cite a source for that information.

Seems to be a lot of speculation and false information floating around here.  Facts should be easy to find, very shortly.  

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@novamc1,  the temporary increase in SS payments was proposed but to the best of my knowledge is not part of the bill now being reviewed.  I do, however, believe there are other "stimulus" bills being developed so it might come up again.

[hckynut]

@Spurt 

I'm with you. Every retired person pays some form of taxes, and my retired wife gets no pension. All one need do is read the invoices on running ones home. No taxes? One can only wish, working or retired.

hckynut

[SouthernBee]

@ALRATIBA : Reverse mortgage is based on age and she is in her mid 50's but appreciate the suggestion. Southern Bee

[Moonlady]

One-time payments only, to be sent out in May (though they're still "discussing that) .And, yes, those on SS will be getting one, too. (As an aside, I don't know where this idea that SS recipient don't pay taxes comes from. Add to that their anemic SS COLAS...)