Posted on 03/26/2020 7:30:27 AM PDT by Helicondelta
About 120 million U.S. taxpayers will qualify for direct payments from the government under the historic $2.2 trillion economic relief bill to combat the impact of the coronavirus, according to a conservative advocacy group’s analysis.
Treasury Secretary Steven T. Mnuchin has said checks of up to $1,200 per person and $500 per child will go out within three weeks of President Trump signing the legislation, which could come as early as Friday.
The IRS will send the money by direct deposit to taxpayers who have set up that capability; otherwise checks will be mailed.
Individuals with income up to $75,000 will qualify for a one-time direct payment of $1,200. The program phases out at a rate of $5 for every $100 of income above $75,000, with an individual income cap of $99,000.
Married couples with combined incomes up to $150,000 would receive $2,400, subject to the same phaseout that applies to individuals. The payments would be phased out entirely for couples making $198,000 or more.
Payments for children will be phased out under the same guidelines. AAF said eligibility will be based on 2019 income tax filings where possible.
(Excerpt) Read more at washingtontimes.com ...
I bet it is adjusted gross as on tax forms.
I wonder if they’d catch on if we set up our “kids”, Maris, Mel, Fiona, Darth-Ann, and Lily. Hmmm... (Meow.)
Several articles I’ve come across have never mentioned if it’s gross or taxable. I’ve looked and have yet to find anything clarifying that.
Why should it? Has your income changed, lost your job or put on unpaid leave?
WOW! 1st we got free cheese, then we got free phones and now free money? Amerika what a country! I can now buy a huge Provalone, an I Phone and a 75” Flat TV and have some money left over to buy a Pizza? A large percentage of this nation loves Free Stuff, lets vote for more!
My check will read...
“Pay to the order of Mr/Mrs Moovova, the sum of $0 dollars/cents.”
At least one son and his wife will get the same check.
Its's based on AGI.
I’d like to see an accounting of all this $$$. Everyone in the country 350 million could get $1,000 and that would be $350 billion!
What is considered a child? under 18? dependent college student?
Since no value was created, this is a direct transfer of wealth from those whoearn >$99K to those whibearn less.
There is an inflationary mechanism that does the transferring automagically.
This is what wealth redistribution looks like. What Obama could not do, Trump is doing.
I just asked a question...What’s your problem????
None for me - phased out. I have to pay for it all. My blood is boiling.
I’ve already exceeded my SS COLA raise of 1.6% by the time I buy 2 months of OTC brand Name Nexium. Tricare took it off the Formulary, and it’s the only 1 I can take. OTC is crap beside a Prescription. Take 80 mg per day + extra for break through. Osteoarthritis drugs ruined my gastro tract. Doesn’t count the Tricare copays.
Went through the Kroger Flyer, no cleaning products on sale. 1 of the fewest items I’ve bought in years 19 items. Nexium was 1 of them.
But like my Family, you’ll have the pleasure of picking up the tab.
Lol
The obamys have several SS numbers.
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