IF you make under 70k.
So its redistribution??? Phooey on that. Everyone or no one.
Would this be taxable?
I heard $75K....then the amount you get reduced down up to $99K income, then zero after that? (Just one source).
The wife & I just “early-retired” @ 62y/o 2 weeks ago...this year’s total income having only worked 2 months and now with interest rates dropped to near zero again is less than $50K. Not taking pension(s)/IRA’s until age 66. They will undoubtedly use last year’s income (>$100K) as the “income #” so we won’t be getting any $$ from the Feds.
Would this be taxable?
“IF you make under 70k.”
Is that in there?
The welfare momma down the road with 9 kids stands to get a bonus check of 5500 in this case. I am 100% certain not one penny will be spent on birth control
If this true? How would they enforce this? Based on last year's income? I don't see how hey could do it for this year unless repayment would be required at tax filing for 2020 should the income exceeded this amount, which would be a nightmare because the money would already have been spent.
Why?
Imagine your business is a family run restaurant. Not through any fault of your own, the government shuts it down, or forbids customers from eating there.
You make $250K per year, but have many huge expenses: Food, power, payroll, other supplies... The mortgage for legitimate business property and other business loans still have to be paid.
How?
Maybe you wanted to keep it clean, provide customers a nice plate of food, do everything to keep your income, but the government prevents it.
I made the mistake of clicking the CNBC story. The page is loaded with articles that say it’s over, this has destroyed what slim chance Trump had to be re-elected.
Is that in there? A family? Individual? That’s not much of an income especially if two work.
So I assume retirees are not included in the distribution.
Well that’s bullshit. I better get a tax credit equal to that.
Is that 70k per person? For example if one adult makes $100,000 and the other is a stay at home mom then would only one person get the check? Or since the combined income is less than $140,000 then would both get one?
One of the many details that needs to be worked out I guess.
$70,000 is just okay for a lot of the US where that amount just gets you by.
McConnell is introducing a plan where couples making less that $150k and individuals making less than $75k will get $2400 and $1200 respectively.
https://www.foxnews.com/politics/mcconnell-coronavirus-stimulus-plan-payments