Just want to point again how stupid it is that everyone in the country gets the same amount. People in NYC (for example) need a lot more than someone in Mississippi. With no rent pauses here, that $1200 is just a drop in the bucket, and plenty of people won’t even qualify that need the help.
NYC reps suck so much.
How are they deciding incomes? 2019 tax return? Also I think I read that if household is under $150k then married couples get $2400.
Found it. It’s 2019 if you already filed. 2018 if you haven’t.
So I think it’s a little more complicated. If I remember correctly based on an older draft I saw, the amount you are entitled to is based on your 2020 income. Since that amount is obviously not knowable right now, the amount that you will actually get in the near term is based on the most recent tax return that the IRS has, either 2018 or 2019 depending on whether you’ve already filed current year taxes. Then there will be a true-up on 2020 tax returns to reconcile what you were entitled to to what you got.
This is stupid and clunky, but having it true up to 2020 income rather than having it based on 2018/2019 income is better.
How many households have earned $150k in 4 months? So 99.9% of America is receiving checks? Seems off.
Huh? The rule, as I understand it, is:
Your cash payment will be based on your full-year 2020 income. Because this is unknowable as of now, we will estimate your 2020 income based on your most recently-filed tax return (either 2018 or 2019 tax year, depending on whether you’ve filed 2019 already). So your immediate cash receipt will be based on your full year 2018/2019 taxable income (or maybe earned income, I’m not sure). But in 2021, when you file your 2020 taxes, we will then look at how much of a cash payment you should have gotten based on your now-known 2020 income. If that amount is different from what you actually received in mid-2020, there will be a reconciliation where you either receive or pay the difference.
Again, my understanding based on language that I saw on twitter yesterday, so don’t take this as any kind of authority.
My mistake. Misunderstood. This is clear. Thanks!
I wonder if payments are going out to Social Security, SSI and SSDI recipients who do not file taxes.
Is the actual bill available anywhere yet?
https://twitter.com/matthewstoller/status/1242851335373910016?s=20
https://twitter.com/matthewstoller/status/1242852147747749888?s=20
https://twitter.com/krystalball/status/1242852382746312705?s=20
https://twitter.com/krystalball/status/1242852383920701442?s=20
https://twitter.com/krystalball/status/1242852385082523656?s=20
Looks like the standard bill that sucks but politically can’t vote against it or stall for much longer. Republicans seem upset about it because it gives too much for people who are not corporations.
Lol. Republican senators are threatening to punt over the increase in unemployment benefits, cause, you know, they just havent been outwardly evil enough yet.
I think people have been sleeping on just how significant the unemployment really is.
File this under “great problems to have”, but I’m glad to learn this, because my wife and I were under the $150k threshold in 2018 and are now well over it (and are probably not going to have any disruption in employment this year). Would suck to get a check and spend the whole thing and then find out we had to pay back a big chunk next April.
Not that a ton of people will be in the same spot, but it’s awfully convenient that it’ll be well after the elections that some folks will learn they don’t get to keep that whole windfall. It’s also total nonsense that people who might desperately need the extra $$ because they made a lot in 2018 but are underemployed now (contractors with no work, etc.) get to wait a whole year for what’s supposed to be “relief” money.
I still haven’t found a good source that household income applies (150k)
Well our good friend Linsey is worried that people will choose to be laid pff instead of going back to work (not sure how one CHOOSES to be laid off, but ok.)
Yeah but the difference between the democrats and republicans was just one extra month of boosted coverage.
Reminds me of an idiot poker dealer who, upon hearing that one of the player’s spouse had been laid off, remarked on how awesome that sounded because he must have gotten a good severance package.
I suppose there are some people who, noting that their unemployment insurance will be the same as their full salary, and possibly more, might decide that they are going to take the full four months before re-entering the workforce. I can live with that. The people willing to do that are going to spend that money. People who might get more than their wages from unemployment were probably making under $35k. I feel so bad that Lindsey has the vapors that he may have discovered a backdoor method of giving some poor people extra cash.