Money, Money, Money

[Roberte52]

Originally Posted by ManlyMan

Y'all do realize you're being given this money to help stimulate the economy right? At the very least I think everyone should visit some family owned businesses in your area and spend some of that money.

They're all closed!

[Cowracer]

Some of us get bupkis and I know I should feel fortunate to make enough money that I don't qualify... But I am ashamed there is a little part of me that is steamed over the fact that despite paying more in taxes than some people make in a year, I get nothing in return.

Tim

[NMWildcat]

Originally Posted by Cowracer

Some of us get bupkis and I know I should feel fortunate to make enough money that I don't qualify... But I am ashamed there is a little part of me that is steamed over the fact that despite paying more in taxes than some people make in a year, I get nothing in return.

Tim

I learned a new word today. Bupkis. I'm already driving Liz nuts by using it

[BehindBars]

The federal money would come about the time our local property taxes are coming due, which go up every year. So we'll take the money from the federal government and hand it immediately over to local governments.

The stimulus money about to be given to individuals is such a paltry amount, it’s hardly worth messing with. It seems like a way to distract the public from the seriousness of the real problems. Here’s some money to make you happy and think things will be OK. It’s like throwing a glass of water on a house fire.

[TitanMike]

Originally Posted by BehindBars

The federal money would come about the time our local property taxes are coming due, which go up every year. So we'll take the money from the federal government and hand it immediately over to local governments.

The stimulus money about to be given to individuals is such a paltry amount, it’s hardly worth messing with. It seems like a way to distract the public from the seriousness of the real problems. Here’s some money to make you happy and think things will be OK. It’s like throwing a glass of water on a house fire.

To some perhaps. To others it may mean they get to feed their family for a month or two, maybe even pay the rent for another month so they don't get tossed out on the street.

I know people who are millionaires and I also know people who are working for minimum wage and living in a rented room.

To the latter the "check" will be truly a lifeline while everything is shut down.

As for those who want to donate to charity, those that operate at community level get the most money into the hands that need it. Those large charities that operate on a national level, have high paid executives, and spend tons on TV advertising, don't seem to have much trickle down to the most needy.

[tomkatb]

Talked to the IRS this am. Well, actually a supervisor there who recently retired.

He thinks, Basically they will use your last years tax return.

AGI of less than $75,000(1) or $150,000(2) (line 7 usually) a person(you and the DW) gets the max check $2400. Electronically if you filed that way. Mail if you did not.

Usually the dear teacher wife and I are always over the line and get Butkuss.

Could we be winners here??????

[ManlyMan]

Originally Posted by Roberte52

They're all closed!

Well you haven't gotten the stimulus money yet either.

[CurtPutnam]

2+ Trillion is a significant increase in the national debt. The tax man will cometh - and with a vengeance for our children and even more so for our grandchildren. Yes, we need it now. Very few younger folks have the reserves to stay unpaid for very long, if at all.

Just as with the environment, there is a huge price yet to be paid.

That dystopian view probably creates the need for forecasting the future of American society 5, 10 & 20 years out. Which of those jobs that have gone away are not coming back? Businesses?

[frank4711]

Pay taxes due

[SailorSam20500]

For me, the DW decided last fall that it was time to do some work on the main floor of the S&B. Seems she wasn't happy with the 30 year old carpeting. So we have new hardwood floors, redone fireplace mantle, some bookshelves, and a LOT of paint. Gov money will keep me from dipping into the retirement fund for a bit longer...



FWIW, I am pissed about where some of the money is going.

[BandJCarm]

I haven't checked the numbers, but just was told that the working couples who qualify would get $2,400 for the two of them, and it will cost each taxpayer about $6,300 to pay that much, plus all the money going to businesses, plus all the pork. PLUS, Congress gets a $50,000 raise out of it. So, they get $50,000, business get LOANS, you get $1,200.



Seems fair, right?


Meanwhile, oil is hitting bottom and while many folks love low gas prices, that's just that many more folks here out of work, and thus more folks who need aid.

[D W]

Originally Posted by TitanMike

To some perhaps. To others it may mean they get to feed their family for a month or two, maybe even pay the rent for another month so they don't get tossed out on the street.

I know people who are millionaires and I also know people who are working for minimum wage and living in a rented room.

To the latter the "check" will be truly a lifeline while everything is shut down.

Amen to that. If you're one of those that think the payment is "paltry" just donate it. If you're concerned about the debt just go here:

https://www.pay.gov/public/form/entry/101/

and give it back.

[BehindBars]

Originally Posted by D W

Amen to that. If you're one of those that think the payment is "paltry" just donate it. If you're concerned about the debt just go here:

https://www.pay.gov/public/form/entry/101/

and give it back.

Yes, you’re right. Well, I certainly wouldn’t give it back to the government to be misspent. Donating it for research in medicine would be for an appropriate cause.

[CurtPutnam]

I'll give it back in the form of a tax payment

[Red Roadrunner]

Originally Posted by retireearly

Same here, I am holding off on filing to see if I get funds that could be used to pay taxes due. I would horde the rest anyway, can't travel with it at present.

File , income tax now. Those that have not filed yet may be delayed getting payments for up to 4 months.

[NMWildcat]

Originally Posted by Red Roadrunner

File , income tax now. Those that have not filed yet may be delayed getting payments for up to 4 months.

I understand that they will use your latest filing (last year or this year), and if you use direct deposit it will be fairly quick (if it happens at all).

[ManlyMan]

Originally Posted by CurtPutnam

2+ Trillion is a significant increase in the national debt. The tax man will cometh - and with a vengeance for our children and even more so for our grandchildren. Yes, we need it now. Very few younger folks have the reserves to stay unpaid for very long, if at all.

Just as with the environment, there is a huge price yet to be paid.

That dystopian view probably creates the need for forecasting the future of American society 5, 10 & 20 years out. Which of those jobs that have gone away are not coming back? Businesses?

In one of President Trump's daily briefings Larry Kudlow, Director of the U S National Economic Council, said the real cost of the stimulus package would be 6 trillion dollars. I have to wonder if there is a plan to devalue the dollar and let inflation rise at the same time.


One thing is for sure, I plan to spend my money locally.

[srosey]

I am/was a home improvement contractor that no one wants in their homes right now. (and I agree with them if they feel they should self isolate), and my wife works for a retail department store chain that currently has no stores operating. This will help pay bills and soften the blow a little.

[TitanMike]

Originally Posted by Red Roadrunner

File , income tax now. Those that have not filed yet may be delayed getting payments for up to 4 months.

If for any reason anyone had no income to report and haven't filed tax returns for several years the advice is to fill out a 1040 showing $1 income and mail it in. No tax due and it will get them in the IRS computer so they just automatically receive the check.

Otherwise checks won't be sent to individuals in that category until a much longer process involving searching Social Security rolls, etc.

Also worth noting, this "Check" is just like the last stimulus checks sent out a dozen years ago. They are an ADVANCE PAYMENT of a Tax Credit for 2020. If you don't receive a check in the mail or direct deposit, you can claim the refundable credit on your 2020 return. Of course if you owe taxes it will just be credited to your bill.

[waybeck2018]

Originally Posted by NMWildcat

Haven't even thought about it, as I'll believe it when it actually shows up in our account. And I'm with BandJCarm; we will get to repay this in the future...... And it's going to cost.....
I do like the thoughts of paying income tax with some of it. Our state is one of the few left that double tax the SS my wife gets....
I'm not big on donating money to charities, seems like the money rarely gets to where it is supposed to go. I do donate my time and effort when I can to local efforts.

Ditto to that Wildcat! The more I read, the less inclined I am to donate to any charity and let 80% of it go to "operating expenses" I will pay my taxes and any left over will be used to buy food and essentials to take to our local animal shelter. No direct donate to them either. We often take food and other things to them. Copy paper, ink, etc.