White House, Senate reach late-night deal on massive $2T coronavirus stimulus package

FoxNews.com ^ | 3-25-2020 | Gregg Re

[luvie]

The White House and Senate leaders reached a breakthrough deal shortly after midnight Wednesday on a massive $2 trillion coronavirus relief package, Fox News has confirmed, capping off days of heated negotiations that had nearly been derailed by last-minute demands from House Democrats.

“Ladies and gentleman, we are done," White House legislative affairs director Eric Ueland announced as he left the office of Senate Majority Leader Mitch McConnell, R-Ky., near midnight. "We have a deal."

[CatOwner]

Am I reading this right that the stimulus check is only an advance on taxes owed? If so, I don’t want ours. In fact, we should get one anyway. Having a SS check with a pension check, regardless of other income, shouldn’t quality anyone for the stimulus check.

[grey_whiskers]

Sod off. I'd done that before I replied to you. It says HOUSE. https://www.congress.gov/bill/116th-congress/house-bill/6379/text?r=1&s=6#toc-

[CatOwner]

*shouldn’t get one

[CatOwner]

Never mind. They’re using the 2018 tax year returns. We don’t qualify.

[hsmomx3]

So only a person who filed taxes gets a check? I guess that leaves me out.

[rdl6989]

Biggly, beyond description.

[grey_whiskers]

[justme4now]

I haven't read the new bill but if this bill is similar to the last one then you might qualify.

"Taxpayers with little or no income tax liability, but at least $2,500 of qualifying income, would be eligible for a minimum rebate check of $600 ($1,200 married).

Qualifying income includes earned income, as well as Social Security retirement benefits and certain compensation and pension benefits paid to veterans.

This ensures relief gets to low-income seniors and disabled veterans," the summary reads.

As I said if this bill is similar to the last one, it looks like even the folks on SS would qualify.

The differences that I do know about are the dollar amounts.

Instead of the pooer folks only receiving $600.00, they changed it to $1,200.00 for the lower incomes too.
(Each spouse would receive $1,200.00)

Of course, this is all just guess work on my part!

I referenced the following:

https://thehill.com/policy/finance/488574-gop-senators-raise-concerns-over-smaller-checks-for-lower-earners>

[1066AD]

Why was it Mnuchin was meeting with Schumer all the time ?

ChuckU isn’t in charge.

[HollyB]

Does anyone have a link to a list of what was approved.

[justme4now]

This is from the new bill according to The Hill:
"It will also give a one-time check of $1,200 to Americans who make up to $75,000.

Individuals with no or little tax liability would receive the same amount, unlike the initial GOP proposal that would have given them a minimum of $600."

This just explains what I tried to explain in my other post. :-)
(Pretty sure that the SS part would still stand.

[DannyTN]

The Federal Reserve can usually reverse anything they do.
If they buy up bonds, they can eventually sell them off.

Or they can just hold them until the issuer pays them off.
Either way, the Treasury ends up getting any profits, and the money comes back out of the system.

Fiscal stimulus isn’t as easily reversed. But it depends on how it’s done.

Direct payments are likely taxable as income and are taxable when spent. So sales tax goes to state and local governments,when spent. Depending on the income tax bracket, up to 155 will flow back to the US government.

If they spend it on infrastructure, you get long term economic benefits of whatever you build, roads airports, etc. which indirectly builds up the economy and feeds tax dollars but impossible to measure.

[dp0622]

Yeah cause the R’s pork is GOOD pork!!! :)

[dp0622]

ALL 6 trillion is BAD

I’m sorry I thought we were conservatives here I must have been mistaken :)

I KNOW we will regret adding SIX TRILLION to the debt and sooner than later.

The markets would have come back when the economy came back.

But just like little children, Americans can’t wait for anything anymore or take ANY suffering.

What a sick joke

[dp0622]

And yet So Many here are having orgasms over wasting, yes WASTING 6 trillion dollars.

Because we all know in the end it’s gonna go nowhere.

The extra money for the unemployed and the one time checks?

We have Always Hated when demms said money given to welfare folks etc stimulates the economy.

It’s a lie because it’s Our Money “stimulating” the economy. Well not our money because it can Never be paid back.

Now because it’s laid off workers or businesses that are hurting it’s Not wasted money?

It is.

And it is the nail in the coffin that is our national debt

[dsrtsage]

Didn’t Trump vow to never sign a bill like this again?

[Article10]

Do you need more proof to repeal the 17th amendment?

[OrioleFan]

Pelosi wants it passed on a non-recorded vote.

[clamper1797]

"It will also give a one-time check of $1,200 to Americans who make up to $75,000.

This is very nebulous ... $75,000 is determined by what ?

Individual =$75000 ? Joint = $150000 ? What if I made $75001 ? Adjusted income ? Lots of questions

[clamper1797]

Answered my own questions ...

The checks would start to phase out for individuals who had $75,000 or more in adjusted gross income, or $150,000 for married couples who file jointly, according to their 2018 tax return.