I agree with all this but Republicans will just say you can’t pause capitalism.
Most people think this will be a 2-3 week thing and then it’s back to normal. I don’t think people are grasping this could be a 1+ year event.
You realize the people collecting those loans and rents are market players and business owners?
The rents won’t be coming in but the mortgage payments won’t be going out. If there were 6 months left on a lease, when we hit play there will still be 6 months left. Same concept for mortgages.
We pause all that, and pay everyone’s remaining expenses. When we resume, everyone has ~the same assets, the same jobs, etc.
The stock market will price in the lost profits, but also the known outcome at the end.
Any other solution I’ve seen is just going to lead to chaos, misery and a depression. We can’t evict/foreclose on 20% of the population in a crisis. We can’t put like 60% of the population in thousands of dollars of debt when they’re already living paycheck to paycheck.
We either find a way to pause the system or we will make the financial crisis look like child’s play.
In a sim league I am in a GM told us that he got his payments(mortgage, cars and cc) deferred for 6 month.
How do you feel about companies paying dividends?
If you are blocking share buyback and allowing dividends you are not going to solve this problem at all. If you are blocking both ability to pay dividends and buy back stock, essentially blocking any form of returning retained earnings directly to shareholders then you are forcing a company to decide between making bad investments or hoarding cash. Companies hoarding cash gives them some protection in times like these but not really good for the economy, enforcing some sort of restriction on current ratio and/or debt to equity ratio makes much more sense.
A rule like that would also cause all sorts of unintended and stupid consequences. Is one of these companies allowed to merge or be acquired by a dividend paying company? Then watch an airline worth 10 billion ‘buy’ one worth 50 billion. Are the companies allowed to spin off a part of their business into a separate company that pays dividends?
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lmfao @ 1200 / 600 / 0
Is that a fucking joke?
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People are going to riot and just straight up rob grocery stores. Panic is going to set in.
These people have to realize it won’t be long before young low risk people come for them right?
They’re coming for us, not them.
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I fell for it but the GOP is running to the left didn’t hold up through the Senate bill which sneaks in a bunch of disaster capitalism amendments, gives the least to the poor, etc.
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Meh most Republicans are cowards and old, they aren’t gonna go after a bunch of poors/middle class people over politics. They will keep their asses inside and likely be in better spots than most to ride it out. And the ones who aren’t will be more concerned with eating than owning the libs.
I’ll be the young and people living paycheck to paycheck who are gonna seize the means of production imo.
So what counts as " federal tax liabilities? "
People who made less than the 24k or w/e and didn’t contribute to federal taxes?
If those people, the ones who need it most, only get $600, it’s time to riot.
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Even the most optimistic projections don’t have things normalizing until at least June. I assume the reason we keep getting 2-3 week timelines on these shutdowns is to give people a chance to ease into the new reality without everybody all panicking at once. In April we’ll start to see indefinite extensions of all the closures.
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(Extremely first world problem incoming)
Do capital gains count towards the means testing income limit?
Unrealized capital gains probably not. Realized? Probably. At least to whatever extent they generate taxable income
If I remember right, it’s just based on taxable income, so capital gains should be included.
Capital gains would be excluded from “qualifying income”, but that qualifying income is only used to see if you are eligible for a minimum amount despite having no tax liability.
Suspension of all debt servicing, rent and mortgage payments. 2k/mo for everyone over the age of 18. Free childcare for essential workers. “Temporary” m4a for the duration of the crisis. This is the only way through and still might not be enough.
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Basing this on last years tax returns is monumentally stupid. Just send everybody money and tax it back from rich people. This means testing obsession is pathological.
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What’s crazy is that this is so obviously the correct answer - it’s both administratively easier and it’s fairer. It is mind-blowing that means testing is such an ingrained state of mind. Do people forget that awesome shit like schools, libraries, and fire departments aren’t means-tested?
It’s obvious to people who stop and think for a minute. But even with Yangs UBI plan which included a new tax that would cost wealthy people more than 1K a month the majority of people including leftist couldn’t understand why wealthy people were getting a check too. Why does Jeff Bezos get it!
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