I don't know how it could be done, but I wish there could be strings attached to the money, such as you can't buy stuff made in China with it.
Stimulus Money.
- Thread starter MCorps0311
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I'm not advocating that the payments go to everyone but (as I understand it) in "theory" the less fortunate will use the money to pay essential bills and the more fortunate will spend the money on discretionary things ... like eating out which would allow many food service workers to return to work ... or buying U.S. made goods to allow our manufacturing workers to return to work. I guess we'll see if that theory works!
For those without a savings safety net I would hope they would put that money aside so they can withstand the tough times that likely lie ahead. And I would hope that those with more debt than they can afford will use the money to pay down their excess debt.
But then, in a free society (which I do advocate for) folks will use the money however they see fit.
Russ
Russ, I, too, assumed that the rational for giving everyone* the stimulus bucks was the belief that even the comparatively well off would spend it, and this would lift the entire economy, benefiting all.
But what the article I linked to explains is that many just save the money, many will buy durable goods (like appliances or our OPs new tires), but the workers who are hurting, those in the service economy (restaurants, bars, travel, retail shops, etc.) who have lost their jobs aren't benefitted because people who do have money can't spend on the service economy now because it's mostly shut down.
Those of us who are fortunate enough to have reliable and sufficient incomes are — with the exception of health workers, first responders, etc. — more inconvenienced than suffering from the effects of the pandemic.
So, I think it would make more sense to target workers who have lost their jobs for relief/cash. Or, perhaps, use the funds to pay businesses not to lay off workers, as I understand is happening in some place elsewhere in the world.
*First time around it was something like full up $2400 for a married couple making $150K or less in taxable income, $75K for single filers, I assume.
But what the article I linked to explains is that many just save the money, many will buy durable goods (like appliances or our OPs new tires), but the workers who are hurting, those in the service economy (restaurants, bars, travel, retail shops, etc.) who have lost their jobs aren't benefitted because people who do have money can't spend on the service economy now because it's mostly shut down.
Those of us who are fortunate enough to have reliable and sufficient incomes are — with the exception of health workers, first responders, etc. — more inconvenienced than suffering from the effects of the pandemic.
So, I think it would make more sense to target workers who have lost their jobs for relief/cash. Or, perhaps, use the funds to pay businesses not to lay off workers, as I understand is happening in some place elsewhere in the world.
*First time around it was something like full up $2400 for a married couple making $150K or less in taxable income, $75K for single filers, I assume.
Gives me an idea. If you feel bad about the next generation paying for it, take all your stimulus money you've gotten to date and invest it. By time your grandkids go to college they have tuition money.
Jon651
Member
This is all true, but even if you buy a new appliance or new tires you are still helping to keep a store open and a salesman or installer employed. No, the money may not be going to your local restaurant or diner but I can't imagine that the sales of appliances or tires or their like have not been affected by the down economy as well. Maybe the appliance salesman or the tire installer will go out to dinner...
What bothers me is the "shotgun" approach to handing out the money. My wife and I don't need it, so we are dividing ours between the mother-in-law (elderly) and the niece (four kids) otherwise it would just vanish into our bank account and not help anyone. We wouldn't feel right if we spent it "just to spend it" to help the economy as that feels too frivolous.
I don't mind the government helping out in times of need - I just wish they put more effort into deciding how they do it. Sorry if this sounds like virtue signaling, but I haven't seen too many things handled all that well this past year and frankly I am tired of it.
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If it wasn't for stimulus money and all other kinds of welfare and Govt. handouts for people that don't work or are too sorry to try and get a job that pays a living wage they would have too work and maybe work two jobs or starve. Starving might get them stimulated to work. Larry
beaverislander
US Veteran
I fear that "one day" is right around the corner!
meaneyedcatz
Member
It's also called stimulus gas money.
Ziggy2525
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You may have to give some back...
If I understand it correctly, the first stimulus check was based on your 2018 tax return. This second check is based on your 2019 return. You'll have to reconcile what you got in stimulus money to your 2020 tax return. If they paid you too much, based on your 2020 income, you may have to pay some stimulus money back.
If I understand it correctly, the first stimulus check was based on your 2018 tax return. This second check is based on your 2019 return. You'll have to reconcile what you got in stimulus money to your 2020 tax return. If they paid you too much, based on your 2020 income, you may have to pay some stimulus money back.
As I understand it, the stimulus checks are tax free: Are the second stimulus checks taxed? No, they'''re still tax free - Business Insider
Will I Owe the IRS Tax on My Stimulus Payment?
Verify: Your stimulus check questions answered | wusa9.com
Will I Owe the IRS Tax on My Stimulus Payment?
Verify: Your stimulus check questions answered | wusa9.com
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Buy T-Paper! I think when Covid 19
Peters out China will send us a new
one . Defeat us with out firing
a shot.
Peters out China will send us a new
one . Defeat us with out firing
a shot.
Gaffer
Member
With our national debt and half the nation on welfare entitlement of some kind it is asinine that this money be spent. What money should be given is to those who lost jobs due to the virus and no one else. What greedy people our nation is made up of.
Our nation is doomed and so are we if we continue this. We are headed for the end times and no one gives a damn. GOD help us all!
Our nation is doomed and so are we if we continue this. We are headed for the end times and no one gives a damn. GOD help us all!
smoothshooter
Member
Define " rich "?
To a lot of people, anyone making over $50,000 a year is rich.
The so-called rich should be taxed the least since they are the least burden on society and create the businesses that provide the jobs that pay wages that the government collects taxes from.
A flat tax of around 17%, or a national sales tax with no deductions is the way to go since everyone pays something, and creates the least paperwork.
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smoothshooter
Member
We missed the last EXIT ramp off the road to RUIN several years ago.
Nothing is free in life. Simple logic, yet few believe.
That's not aimed at the original poster or any members here. More at
this new generation and our politicians.
Call me a rebel but I'm going to put mine in savings.
That's not aimed at the original poster or any members here. More at
this new generation and our politicians.
Call me a rebel but I'm going to put mine in savings.
That's what we did with the 1st stimulus check, and will do the same with the current one.
That said, we are going to have some work done on the house. So it will be spent wisely.
The fact is, we the people, our government is broke. We are the greatest debter nation in the history of the world - With nearly 28 TRILLION and hundreds of Trillions in promises - IE unfunded liabilities and some of you all are worried about $600!?
None of that money is ever going to be paid back. The .gov will continue to print until it all implodes.
None of that money is ever going to be paid back. The .gov will continue to print until it all implodes.
Ziggy2525
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They are tax free. But if they overpaid you based the agi on your 2020 income tax return, you have to reimburse the amount you were over paid. That's different than being tax free.
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My definition of rich: "Some guy who has more money than you do."
I agree about a flat tax with no deductions. On everybody above some reasonable poverty level. On all income, regardless of source. I think that would be a fairer way to go, and collect more revenue as well as the seriously wealthy would wind up paying a lot more.
I don't agree about a national sales tax, though as it seems to me it would unfairly tax the poor.
I think they calculate on taxable income, not gross, but I take the point.
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