Schumer says Congress might consider more Covid relief depending on how long pandemic lasts

johnN

https://www.cnbc.com/2021/03/06/schumer-says-congress-may-consider-another-covid-relief-bill.html



Eric Rosenbaum

***KEY POINTS
The Senate passed the $1.9 trillion Covid stimulus and economic relief package on Saturday in a party line vote.
Another relief bill would likely face an even harder time in Congress.
Senate Democrats had to make several concessions to members of their own party to assure passage of the latest bill.
Republicans have cited the strengthening economy, highlighted by this week’s jobs report, for opposing more federal aid.***





More printing perhaps
We may see 10 dollars gallon milk soon??


Hard to find what to invest in in these market environments ...
Equities still favored as most appropriate if no crash coming???
Maybe more energy/farm, real estates and little bit crypto?

Mark

I highly doubt that any of the individuals still looking for 'decent' paying jobs, hopefully paying more than $15/hr along with some benefits are going to be worried about whether or not to buy some 'more' real estate or crypto as a result of receiving these stimulus payments. Many are still facing foreclosures or evictions, standing in food lines, going without any, much less, adequate health care and stressing about which bills they shouldn't pay this month.

I'm guessing that you still haven't got the heat back on down there in TX.

Baseball_Fan

Can someone tell me why da track they want to keep giving free monies to folks who have a job throughout the pandemic and make 3x the poverty level??

For those without work etc and hardship no questions absolutely they need to be supported

But c'mon family with 6 figure income getting free b's

Buying votes?

C'mon man!

Baseball Fan

Mark

There's a bit of truth to that BUT that income level is based on their 2019 tax returns. The question becomes how many of those folks still had that level of income in 2020? How many lost their jobs and are still w/o work or are working for far less than they made before? How many are facing foreclosures or evictions, standing in food lines, going without adequate health care and stressing about which bills they shouldn't pay this month? How do you make them prove it?

I would agree with you that a 2 person family making $100K+ probably doesn't need it but once you start to add in children where's the cutoff? I don't believe a college kid being supported by their parents needs a check either. If they are on their own then sure.

If you have any good suggestions on how to fix the line I'm sure the government would be willing to hear from you.

msf

"that income level [to qualify for a 2021 Covid recovery rebate check] is based on their 2019 tax returns"

There's a lot of conflicting information floating around, including from news organizations, so don't be surprised if any particular description, including this one, is not quite correct.

Here's HR 1319, The American Rescue Plan of 2021. You can find the relevant text in Subtitle G, Part 1 - 2021 Rebates to Individuals, starting on p. 441.
https://www.congress.gov/117/bills/hr1319/BILLS-117hr1319eh.pdf

In general, initial checks ("Advance Refund and Credits", p. 447) are based on 2019 returns. But if at the time the IRS figures out how much to send you, it has your 2020 return, the initial check amount will be based on your 2020 return. ("Application to 2020 Returns Filed at Time of Initial Determination", p. 449.)

Regardless, if your 2020 return indicates you should get more (and you've filed it within three months of the tax filing deadline or Sept. 1 whichever is earlier), you'll get an additional check. ("Additional Payment", p. 449.)

But wait, there's more. This third payment, like the other two is merely an advance against a refundable tax credit. If your 2021 income qualifies you for a larger credit, you'll get the difference when you file your 2021 tax return.

To summarize:
1. Initial check based on 2019 return unless IRS has 2020 return in time to base amount on that return.
2. Second check based on 2020 return to make up the difference if your first check was based on a higher 2019 income.
3. Whatever you receive from #1 and #2 you get to keep.
4. If on your 2021 income you qualify for a larger credit, you get that as well.

Effectively, the amount of your check and/or credit is based on the lowest income in 2019, 2020, and 2021.

Ron Johnson made sure that it was all read out loud because "we should know what's in the bill." What, you mean you weren't watching C-SPAN for ten hours?

Mark

Neither was he from what I understand. Senate aides read it to a mostly empty chamber.

Senate Chamber Empties

catch22

@msf Thank you for your generous efforts with the "overview" of the stimulus plan(s) payments.