Poll of the Day > What are you going to do with your 1k?

(+) Yeah! (+)

i mean the check that most of us are getting. Most of you are spending it on essentials and stuff?

Couples making up to $150,000 would receive $2,400, with an additional $500 per child.

https://www.nbcnews.com/politics/congress/white-house-senate-reach-deal-massive-2-trillion-coronavirus-spending-n1168136

My wife and I have 3 kids, so we'll be getting a cool $3900

We just bought our second house, so I guess we'll use it for furniture, or maybe some improvements on the new house

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Bet 99% of u gon buy guns lol

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whole bunch of ethnic food

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Probably just put it in the bank for when they decide to take it back

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Id treat myself to some mighty fine things, like Homer did when he got a big $25 payout on the stock market.

https://imgur.com/LlaJ73I

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Straight to savings

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Wife and I just talked about it. We're going to take the $500 for each kid and put it into their savings accounts. Our oldest already has a savings account, but we'll use this opportunity to open accounts for the youngsters.

The rest will probably go towards furnishing the house

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Get a new car so I can maintain reliable transportation to work.

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Save it for the coronovirus tax next year.

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Usually save except I'm thinking stores will have big sales to get people shopping again. Might do that to stretch it out.

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I make over $100k/yr so I don't get it.

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Judgmenl posted...

I make over $100k/yr so I don't get it.

you don't? but if you had a kid you'd get it right? i think the cut off is 75k or something.

Savings most likely. If work doesn't pick up for a while more, probably bills.

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AirJordan2345 posted...

you don't? but if you had a kid you'd get it right? i think the cut off is 75k or something.

Unless it was changed, the cutoff is 75k.

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I have my eyes on a complete set of a lego faction on ebay. the faction is M:Tron, and 9 vehicles in all, and I have space for them in my room :D

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Ordered a Retrogame 350 just before all this Coronavirus stuff started and it still hasn't shown up, and they just released a new version with a metal casing and better button placement. I'm wondering if the newer version would show up first at this point if I ordered one.

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The IRS is going to take it from most people

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Pay my taxes. Filing is extended, I don't have to pay until July. Whee, yippee, etc.

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WhiskeyDisk posted...

Ordered a Retrogame 350 just before all this Coronavirus stuff started and it still hasn't shown up, and they just released a new version with a metal casing and better button placement. I'm wondering if the newer version would show up first at this point if I ordered one.

Just looked this up because I never heard of it and now I want one

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if this is the one i think it is, you have to have filed last years, or the year befores taxes to be elegible.

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Lordkill posted...

The IRS is going to take it from most people

Ugh... Those shitbags...
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Are they doing it by 2019 tax year taxes? If so I qualify, made a few cents under 75k last year gross income from W2 Labor.

Bulbasaur posted...

if this is the one i think it is, you have to have filed last years, or the year befores taxes to be elegible.

The specifics have not been released but yes, I think you had to file in 2019 (for 2018) if it's the one the republicans put forward with no changes to that part.

Also thee will only give $600 to people who made under a certain amount or had no income. They didn't specify the certain amount but considering people generally don't file if they make less then 12k, it is more then likely higher than that. A good guesstimate is 24k.

We should see in the next few hours as they are voting for it now I believe.

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Far-Queue posted...

Wife and I just talked about it. We're going to take the $500 for each kid and put it into their savings accounts. Our oldest already has a savings account, but we'll use this opportunity to open accounts for the youngsters.

The rest will probably go towards furnishing the house

You have 529s set up for them? I think you might also to be able to fund their IRAs. I dont have kids so am not sure, but something to look into.

I think Ill get it. If Ill do Put it in VTSAX.

blu posted...

I think Ill get it. If Ill do Put it in VTSAX.

hope you get consent first

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Oh, it's worse than I thought lolz.

Here is a link to the plan, now some things may have changed (lets hope so).

https://www.nbcnews.com/politics/congress/see-who-s-eligible-coronavirus-checks-senate-gop-releases-details-n1164311

Basically acodring to that plan if you made less than $2500 in 2018 even if you filed taxes, you get nothing.

If you made more then $2500 but less than a non-disclosed amount, you get $600.

If you make more than that undisclosed amount but less then 75k, you get the full 1200.

If you make 75k-99k, you get a lesser amount down to $0 at 100k

If you have kids, and I guess are eligable for money already, you get $500 per kid.

So basically anyone who didn't work in 2018 (most college students for instance (or at least they didn't make that much), most HS students who graduated in 2018, any homeless, people who moved that year, people who just didn't work for a year for sickness or any other reason etc, you get nothing.

Meanwhile A TON of money is going tt support the rich and wealthy, buisiness owners etc. So basically the poorest americans are ignored and told to fend for themselves.

I believe I made well over $2500, but I'm nnt sure if I made more than whatever they consider is sufficient for the $1200...but honestly I'm not worried about me.

They should at LEAST have made an exception for those who are 19-20 currently, siice in 2018, they more then likely had very little, or no income at all, I'd even go so far as to stretch that to 19-21, and include any citizens who were enrolled full time in college in 2018 as well.


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Real Estate

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wolfy42 posted...

Oh, it's worse than I thought lolz.

Here is a link to the plan, now some things may have changed (lets hope so).

https://www.nbcnews.com/politics/congress/see-who-s-eligible-coronavirus-checks-senate-gop-releases-details-n1164311

Basically acodring to that plan if you made less than $2500 in 2018 even if you filed taxes, you get nothing.

If you made more then $2500 but less than a non-disclosed amount, you get $600.

If you make more than that undisclosed amount but less then 75k, you get the full 1200.

If you make 75k-99k, you get a lesser amount down to $0 at 100k

If you have kids, and I guess are eligable for money already, you get $500 per kid.

So basically anyone who didn't work in 2018 (most college students for instance (or at least they didn't make that much), most HS students who graduated in 2018, any homeless, people who moved that year, people who just didn't work for a year for sickness or any other reason etc, you get nothing.

Meanwhile A TON of money is going tt support the rich and wealthy, buisiness owners etc. So basically the poorest americans are ignored and told to fend for themselves.

I believe I made well over $2500, but I'm nnt sure if I made more than whatever they consider is sufficient for the $1200...but honestly I'm not worried about me.

They should at LEAST have made an exception for those who are 19-20 currently, siice in 2018, they more then likely had very little, or no income at all, I'd even go so far as to stretch that to 19-21, and include any citizens who were enrolled full time in college in 2018 as well.

I don't think you understand either what this is supposed to accomplish or who should be targeted for the benefit.

Nice for me I guess. I dont particularly need it anymore, but it wouldve been useful in the past. Kinda wish theyd have given it to everyone then took out of 2020 returns if you dont qualify, seems more fair. From W2:

2020 Ill make about 152k gross

2019 I made about 75k gross

2018 I made about 50k gross

2017 I made about 31k gross

2016 I made about 12.5k gross

blu posted...

Nice for me I guess. I dont particularly need it anymore, but it wouldve been useful in the past. Kinda wish theyd have given it to everyone then took out of 2020 returns if you dont qualify, seems more fair. From W2:

2020 Ill make about 152k gross

2019 I made about 75k gross

2018 I made about 50k gross

2017 I made about 31k gross

2016 I made about 12.5k gross

So did you work the full year in 2019.

reruns_revenge posted...

I don't think you understand either what this is supposed to accomplish or who should be targeted for the benefit.

Wanna explain it like Im 5?

reruns_revenge posted...

So did you work the full year in 2019.

Half a year at 50k and half a year at 140k with a week gap between.

reruns_revenge posted...

I don't think you understand either what this is supposed to accomplish or who should be targeted for the benefit.

Oh I do, and it isn't.

2 trillion divided by 320 million is $6250 per American, just as a quick note.

I'm not saying that EVERY american should get even $2100 (1/3rd of that).

What I am sayiig is that a very small portion of that is going to americans, especially when you consider how many will get nothing, or only $600.

What should happen is something like this:

IFyou filed taxes in 2018 and made more than $12k total, you get $1200 + $500 per kid.
IF you didn't but have a tax ID (which means your 18 or older), you get $600.

EVERYONE gets something, to help them through this time.

This setup is rediculous, basically your saying that out of 2 trillion dolllrs, about 10% of that is going to actual us citizens to help them, the rest is going to other stuff. It's why they should have had a seperate vote/plan just for helping people through this time when they can't work.

Yes, small buisinesses are going to need help and probably large ones as well, things like the post office need to be bailed out etc etc, I get all that.

But the first thing that needs to be done is ensure everyone has money for food for the next freaking month.

HEck, let people opt out as well, if you don't need it, don't use it, but if you do, it's there for you.

People are like, heh heh, I'm gonna buy a new game system or whatever.

Seriously there are people who live paycheck to paycheck and without help they will have no money for food.

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I got 3 kids bihhh

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Far-Queue posted...

Just looked this up because I never heard of it and now I want one

Yeah, I want one too, that's why I'm getting annoyed. Originally ordered from Ali Express back in early February, and after 3 weeks of getting jerked around by the seller with a fake tracking number, I had to dispute it with Ali to cancel and get a refund, but now I'm coming up on 3 weeks on the one I ordered from retroMIMI and it's still in shipping limbo.

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blu posted...

You have 529s set up for them? I think you might also to be able to fund their IRAs. I dont have kids so am not sure, but something to look into.

I have a single IRA set up for all the kids. Not sure if we'll have to make one for each kid if we stick with the IRA. Weren't going to do 529s in case they don't want to go to college because I understand there's a penalty if you don't use it for that purpose. As far as I know you can use Roth funds for college, just have to pay taxes.

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Far-Queue posted...

https://www.nbcnews.com/politics/congress/white-house-senate-reach-deal-massive-2-trillion-coronavirus-spending-n1168136

My wife and I have 3 kids, so we'll be getting a cool $3900

We just bought our second house, so I guess we'll use it for furniture, or maybe some improvements on the new house

Couples making up to $150,000 would receive $2,400, with an additional $500 per child.

Are you currently out of work due to the virus? The 600 per week is an expansion of unemployment benefits so youll have to file for unemployment, permanent or temporary, with the EDD to get it and itll only last for however many weeks youre not working.

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A few more numbers, only 70% of americans are 21 or over, so likely to have filed taxes in 2018. That is less then 200 million btw.

50 million of those 200, are retired and have no income currently.

That leaves 150 million

But don't forget the homeless lol....fear at this number, but I pulled it off a website about homelessness.

There are an estimated 553,742 people in the United States experiencing homelessness on a given night, according to the most recent national point-in-time.

That drops it down to only 145 million and there are of course those who are not homeless (living at home with parents etc, college students, sick etc) who had no income in 2018.

So yeah, out of that 2 trillion less then 10% will go to americans directly, and none will go to the americans who need it the most.

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aDirtyShisno posted...

Are you currently out of work due to the virus? The 600 per week is an expansion of unemployment benefits so youll have to file for unemployment, permanent or temporary, with the EDD to get it and itll only last for however many weeks youre not working.

That wasn't the 600 per week he was talking about, just the $1200 for him and $1200 for his wife and then $500 for each kid, which is not based on unemployment at all.

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blu posted...

Wanna explain it like Im 5?

There are two things to consider. Policy/incentives and the stimulus/multiplier effect that is supposed to come from spending the money received.

For starters, it makes no sense whatsoever to give people making less than $2.5k annually anything for a multitude of reasons, including the fact that anyone of working age making such a pitiful amount of money probably wasn't working or paying any taxes, and likely was living off of government aid. As a matter of policy and incentives, why should someone already subsidized by the system get an extra check on top of what working people are already paying for, especially when the job market was so good? Because they exist? That group is probably mostly composed of people that long term pay nothing into the system or the economy generally but live off of government benefits. Even if we're talking about people that were students and went straight into the job market the next year, that's going to be a very, very small minority of people. So it may not be perfect in implementation, but it is generally fair in design.

Frankly, I'm baffled that the guy apparently isn't even sure whether he made $2.5k that year, but it basically affirms my point.

As a matter of fairness and policy, it makes much more sense to give the money to people that were working and paying taxes. Because they are putting something into the system as well spending in the economy. On both fairness and policy levels, it also makes sense to start phasing out the benefit at upper income levels because people that make a lot of money don't really need it, and probably would save/invest rather than spend any amount they received. Everyone I know makes multiples of the high end of the income limit, and we've all said we don't need the money and would just save/invest any payment like this. In contrast, people below the limit - especially at the middle level - are far more likely to spend it.

Which leads to the second part - the purpose of the extra money is to get people to spend it to boost consumer spending. Consumer spending is the largest component of the US economy - like 70% of it. Consumer spending based on cheap money and bad policy (interests rates being kept too low have led to all time high debt levels and tax cuts have led to even more borrowing while corporations wasted the money on stock buy backs) is what has been inflating the market and growth for many years now. The effect of a significant pullback in the biggest component of the US economy is a severe recession and going from a market correction and reset to a crash and a trough that lasts a very long and painful amount of time.

So getting money into the hands of people that actually work and spend will in theory help keep consumer spending from dropping even more and short term keep things more stable in the economy and markets.

I don't think it will be enough or last and is more designed to prop up the stock market than anything - and as seen from the last two days may work in the short term, although highly doubtful that will last once the sugar high of stimulus euphoria is over and people have to look earnings dead on the face - but that in a nutshell is who the benefit is designed help, why it's set up that way, and it'd nominal objective.

wolfy42 posted...

A few more numbers, only 70% of americans are 21 or over, so likely to have filed taxes in 2018. That is less then 200 million btw.

50 million of those 200, are retired and have no income currently.

That leaves 150 million

But don't forget the homeless lol....fear at this number, but I pulled it off a website about homelessness.

There are an estimated 553,742 people in the United States experiencing homelessness on a given night, according to the most recent national point-in-time.

That drops it down to only 145 million and there are of course those who are not homeless (living at home with parents etc, college students, sick etc) who had no income in 2018.

So yeah, out of that 2 trillion less then 10% will go to americans directly, and none will go to the americans who need

wolfy42 posted...

A few more numbers, only 70% of americans are 21 or over, so likely to have filed taxes in 2018. That is less then 200 million btw.

50 million of those 200, are retired and have no income currently.

That leaves 150 million

But don't forget the homeless lol....fear at this number, but I pulled it off a website about homelessness.

There are an estimated 553,742 people in the United States experiencing homelessness on a given night, according to the most recent national point-in-time.

That drops it down to only 145 million and there are of course those who are not homeless (living at home with parents etc, college students, sick etc) who had no income in 2018.

So yeah, out of that 2 trillion less then 10% will go to americans directly, and none will go to the americans who need it the most.

Yeah, because you have no clue what this is supposed to do. You're not even in the universe with this analysis.

As just one glaringly obvious example. Just how in the fuck is the government supposed to distribute direct payments to homeless people? Walk around and hand them piles of cash, much of which would likely be used on drugs and/or alcohol?

Use your brain.

I'll be getting either a new computer, a Switch, or both. Beyond that, and food, I'm not sure

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reruns_revenge posted...

There are two things to consider. Policy/incentives and the stimulus/multiplier effect that is supposed to come from spending the money received.

For starters, it makes no sense whatsoever to give people making less than $2.5k annually anything for a multitude of reasons, including the fact that anyone of working age making such a pitiful amount of money probably wasn't working or paying any taxes, and likely was living off of government aid. As a matter of policy and incentives, why should someone already subsidized by the system get an extra check on top of what working people are already paying for, especially when the job market was so good? Because they exist? That group is probably mostly composed of people that long term pay nothing into the system or the economy generally but live off of government benefits. Even if we're talking about people that were students and went straight into the job market the next year, that's going to be a very, very small minority of people. So it may not be perfect in implementation, but it is generally fair in design.

Frankly, I'm baffled that the guy apparently isn't even sure whether he made $2.5k that year, but it basically affirms my point.

As a matter of fairness and policy, it makes much more sense to give the money to people that were working and paying taxes. Because they are putting something into the system as well spending in the economy. On both fairness and policy levels, it also makes sense to start phasing out the benefit at upper income levels because people that make a lot of money don't really need it, and probably would save/invest rather than spend any amount they received. Everyone I know makes multiples of the high end of the income limit, and we've all said we don't need the money and would just save/invest any payment like this. In contrast, people below the limit - especially at the middle level - are far more likely to spend it.

Which leads to the second part - the purpose of the extra money is to get people to spend it to boost consumer spending. Consumer spending is the largest component of the US economy - like 70% of it. Consumer spending based on cheap money and bad policy (interests rates being kept too low have led to all time high debt levels and tax cuts have led to even more borrowing while corporations wasted the money on stock buy backs) is what has been inflating the market and growth for many years now. The effect of a significant pullback in the biggest component of the US economy is a severe recession and going from a market correction and reset to a crash and a trough that lasts a very long and painful amount of time.

So getting money into the hands of people that actually work and spend will in theory help keep consumer spending from dropping even more and short term keep things more stable in the economy and markets.

I don't think it will be enough or last and is more designed to prop up the stock market than anything - and as seen from the last two days may work in the short term, although highly doubtful that will last once the sugar high of stimulus euphoria is over and people have to look earnings dead on the face - but that in a nutshell is who the benefit is designed help, why it's set up that way, and it'd nominal objective.

Great explanation. Thank you for taking the time to write it up.

I did work in 2018 and I believe I had investments that year that made over 2.5k as well, so yeah, I'm pretty sure it was over 2.5k when I filed my taxes last year (I even got money back when I filed). This year, I believe all I got from income was basic interest on bonds etc as I am retired.

And for your information, my doctor and health insurance have wanted me to claim disability for the last two years, but I don't want to take money out of the system, and I don't need other people supporting me. I'm fine, and I wont' live that long so I don't need to worry about long term (and if I do, I'll consider taking social security at that point (but not now). I also paid into Social security for my whole life, so it's not a hand out if I do ever take it.

And saying that it's not perfect because any "kids" who just started working in the last 2 years will get nothing, seems like a pretty big flaw. It also affects anyone who was in college and not working that year (But is now) and they are usually making the smallest amounts as they just start off (Even starting attorneys in CA were making 30k the first few years).

So your looking at significant amounts of people who will get nothing from this, and there is no reason for that. It's pretty easy to NOT give money to anyone who is already receiving disability or unemployment or other benefits from the government.

Do that.

I do suggest giving the homeless money personally, as they need it the most, but if you don't want to, you don't want to....deal with the consequences I guess. But you should give the young who are just starting out money as well, whhch you can easily do by giving money to college students, or students who were enrolled in HS in 2018 and graduated between then and now (2018-2019 years basically).

How am I the only person who has thought about them? How could they not have wording in there to help them?


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reruns_revenge posted...

As just one glaringly obvious example. Just how in the fuck is the government supposed to distribute direct payments to homeless people? Walk around and hand them piles of cash, much of which would likely be used on drugs and/or alcohol?

Use your brain.

Distributing money to the homeless is not hard, they pretty much all have a tax ID, so you give them somewhere they can go to get a card with money on it based on their tax ID/Social Security number.

It's not hard at all.

And for the homeless you could just make it food stamps I guess. I can't solve every problem, I just don't think taking away most of the things they use to survive and not giving them anything to replace it is a good idea for society.

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So it's based on 2018 taxes? What if your spouse died in 2018? That was the last year I was able to file Married Filing Jointly. Do I get two checks? Or just one, but based on our dual income?

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