Posted on 03/19/2020 1:43:44 PM PDT by Red Badger
Key Points
Treasury Secretary Steven Mnuchin on Thursday laid out details of the Trump administration’s plan to send Americans relief money.
The White House is talking to congressional leaders of both parties about a massive stimulus package to blunt the impact of the coronavirus crisis.
The proposal includes sending payments directly to Americans totaling $500 billion, broken up into two tranches.
“The first one would be $1,000 per person, $500 per child,” Mnuchin said. “So for a family of four, that’s a $3,000 payment.
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Treasury Secretary Steven Mnuchin on Thursday laid out details of the Trump administration’s plan to send Americans relief money as part of a massive stimulus package to blunt the impact of the novel coronavirus crisis.
Mnuchin said in a Fox Business Network interview that the plan, which is being discussed with congressional leaders of both parties, would send payments totaling $500 billion directly to Americans.
That money would be divided into two large tranches.
“The first one would be $1,000 per person, $500 per child,” Mnuchin said. “So for a family of four, that’s a $3,000 payment.”
“As soon as Congress passes this, we get this out in three weeks. And then, six weeks later, if the president still has a national emergency, we’ll deliver another $3,000,” Mnuchin said.
The Trump administration’s proposal comes as stocks continue to fall, jobless claims start to rise and the number of Americans infected with or killed by the COVID-19 virus continues to expand.
Mnuchin said the White House’s plan would also allocate $300 billion for small businesses, noting that “there will be loan forgiveness” for employees who keep their workers on the payroll. $200 billion would also be used for “more facilities” with the Federal Reserve, as well as secured lending to airlines and other critical industries being strangled by the crisis.
The administration’s plan may face opposition on Capitol Hill, however. Senate Minority Leader Chuck Schumer, D-N.Y., argued on the floor of his chamber Wednesday that sending one-or-two-time checks would not provide enough to support people who lose their jobs.
Schumer suggested instead that providing expanded and “beefed-up” unemployment insurance would cover Americans “for a much longer time and would provide a much bigger safety net.”
Mnuchin has spoken with Schumer multiple times over the past few days.
President Donald Trump has already approved multiple emergency aid packages aimed at slowing the spread of the virus and helping Americans who could lose their jobs or otherwise be affected. An increasing number of cities and states have banned large gatherings of people and have forced many businesses to limit their services, sparking fears that mass unemployment could follow.
Earlier this month, the president signed into law an $8.3 billion bill that sailed through Congress with near-unanimous support. On Wednesday, Trump signed an additional $100 billion package that includes provisions for emergency paid leave for workers as well as free testing for the deadly virus.
I'll have to check with CNBC. They said that everybody could get a million dollars for every 500 million dollars last week. So I figure I should get 1 billion. Sounds like we are being shortchanged.
Sign them, then mail them to JIM ROBINSON!...................
Would this be taxable?
Keep in mind, however, that the purpose of these cash payments isn't just to help THEM. It's to put money in their hands that they'll spend elsewhere and keep businesses afloat.
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.
Well you’re right but Mnuchin IS a rat mole.
Yep, now you are super ultra rich if you make over 70 or 90k?? So the people who struggle and pay significant taxes get nothing - talk about socialism.
No! DO NOT SEND IT BACK!
Some Democrat Treasury employee will forge your signature then give it to the ‘Rats!...............
Would this be taxable?
“How do I decline the checks.”
You sign the back of each check and mail it to me.
“IF you make under 70k.”
Is that in there?
It’s funny how this feels much more jarringly socialist than the thought that banks and big biz have been getting bailouts that make this look like funny money, for years. Either way, sets a very bad precedent, although I understand Trump is trying to buy political capital.
Mine is going in a savings account for my great grandson. He’s one month old tomorrow. :)
Don’t worry...if you’re working from home and about to lose your job and your 401k has gone into the toilet don’t worry. You GET NOTHING. We got to feed those fast food workers and Applebee’s waiters who are out of work
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
Hope based on 2018 tax returns submitted april 15 2019.
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.
here in Washington, if you have a kid you get to claim paid for leave, paid for by all the rest of us, but also if you qualify you get FMLA on top of that plus all the big money from income tax credits and now, more money from the coronavirus....
this one nurse had her 4th...she's getting mega bucks to stay home and now she'll get mega more bucks....I'm talking she'll probably be pulling down $50,000 grand in compensation between all of it....
there should be something like "fairness" in the way we throw tax dollars about...
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