Posted on 03/17/2020 9:56:35 AM PDT by ChicagoConservative27
Treasury Secretary Steven Mnuchin said Tuesday the Trump administration is working with Congress on a plan that would send checks to Americans in an effort to blunt the coronavirus pandemic’s effect on the economy.
“We are looking at sending checks to Americans immediately,” Mnuchin told reporters. “Americans need cash now and the president wants to get cash now. And I mean now, in the next two weeks.
“We want to make sure Americans get money in their pockets quickly,” Mnuchin said at a White House briefing on the virus. “We want to make sure small business owners have access to the funds. We want to make sure airlines, hotels. We have an entire package.”
He said President Trump has also floated the idea of a payroll tax holiday.
(Excerpt) Read more at nypost.com ...
Ever since Nixon (when the gold standard was dropped), our money supply is all make believe anyway. And yes, at this point our arsenal is what counts.
So, we’re going to get a muffler?
Love, Nancy
Looks like we are about to hit the slippery slope. Hard assets are looking pretty good right now.
Actually you might want to take that judgment on people back. It’s the payroll tax they propose suspending, not income tax withholding.
WAIT! Change that to “Jubilee.” I could use a big dose of Jubilee.
IC Clearly
Just how are they going to do this? Some people do not have an income????? Would it be based on dependents on a tax return?
“I support this for people who are losing work.”
Maybe that is who it is for. That cut Mnuchin off in the video before we could hear the context of what he is saying.
My household does not need it, we are fully employed.
Here comes inflation!
True and many online retailers have halted shipping or it is delayed by several days.
I think if you make under a certain income...this would help.
After all, illegal aliens receive up to $40K in some cases for housing, food stamps, childcare assistance do they not?
Help Americans.
Here’s another good idea: stop taking $144.60/month (Medicare premium) out of every Social Security check for the next 6 months. That would help the elderly on a fixed income in every state.
As long as they are printing money, shift some over to the Social Security fund to cover the temporary loss.
It’s a payroll tax holiday, not an income tax holiday. It’s intended to benefit the employer (who pays a matching tax for every dollar paid by the employer) as much as the employer. It’s the FICA/Medicare taxes they’re suspending, not the Federal income tax.
“BAD idea IMHO.”
I disagree, It’s a good idea. Think of all the people that are going to lose their jobs as everything shuts down. The financial ramifications are unbelievable. Rent, mortgages, cars don’t get paid. The whole financial system and economy breaks down.
Yes, there is a “moral hazard” aspect to this and so it must be strictly limited to this difficult time and then done away with.
I think Trump and Mnuchin get this.
Standard unemployment benefits, but starting in week 1 and with no job search requirement for airline/restaurant/hospitality industry layoffs, should be the main economic response to this.
Additionally, 2019 & 2020 self-employment taxation could be made personally optional in exchange for an eight percent future Social Security benefit reduction.
States could partially or completely refund real property taxes to restaurants and bars.
States could waive retail store sales taxation until the end of the year.
The federal government might pay for 80% of the cost of the last two items.
For airlines, loans might be issued up to the amount of plane lease payments subject to payback in cash or effectively by 10 cents a mile on federally-related passenger discounted flights which must be offered and priced at $20 plus 10 cents a mile. The federal agency would pay the $20 plus 10 cents a mile for its passenger and the FAA might take 10 cents a mile off the loan balance.
Welfare recipients don’t need or deserve yet another check.
Nothing is going to stop a two-month economic slowdown except a drug proven to be effective against coronavirus.
By November, the economy should be humming along from pent-up demand.
Donating every penny to Homes for Heroes.
- h/t Hannity
Remember when GOLD value was fixed a $44/ounce.
Gold was allowed to seek market value, and now it is approx. $1,500/ounce.
To me that indicates how the value of our paper money has sunk. -Tom
If Nanny government sends me a check, any amount - im gonna spend it all on a important necessity.
Beer.
The area has extended spring break and parents are not going to work. She is overwhelmed by calls for reservations and bookings.
So, morons like this will not heed to stay home. They will go out more
Hotels and motels could rent out rooms at apartment level rates.
Restaurants could cater high-class meals for the self-isolating vulnerable on say weekly or monthly plans. They might also deliver half-gallons of milk, fresh bread, soda, etc.
Yes, car and house sales will be slow in March and April, but they’ll be made up for later on.
The coronavirus will not prevent roofs from needing to be replaced or drains from clogging.
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