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My error on the $50,000. Let's use $60,000 a year so the math is easy. That's $5000 per month.
YES $50,000 - $60,000 a year is RICH. You are living a high standard of living if think $50,000 is not rich.
I'll gladly post a copy of my sole income if anyone wants to see it. UNDER $15,000 a year.
People in the under $20,000 income bracket, even if they pay no taxes, need $1200 or $1000 a month just as bad as HIGH income earners.
probably depends, but 50 or 60k is considered low income in my state. people under 20k, not even a livable wage, so they're either on govt assistance getting much of their needs met, already partially retired, or students. If you tried to survive on your own with $20k here, youd be living in a tent under an overpass.
The benefit of UBI (sending money to everyone without strings attached) is that the middle- and lower classes will spend it immediately. This increases demand at local small businesses as well as at larger retailers. That demand increases revenue and profits at small businesses, who have to hire up to meet that demand.
Under UBI, you don't care if somebody who makes $150k gets the check and blows it on personal luxuries like new fishing gear or a big screen TV. All we care is that money goes to a business and circulates. UBI increases the velocity of money, which ultimately drives economic growth, and we all benefit.
Also, UBI is very efficient because when you cut a check to every citizen the administrative costs are very very low. It doesn't require an army of bureaucrats at administer because there are no forms to fill out for review and approval. Once you add qualifications, means testing and other requirements to a program the administrative costs soar.
Benefit small business? You mean all the small businesses that are closed? Hire more help, yea good luck with that, I certainly don't want to interview a lot of strangers to fill a position right now, too much expose and risk. Perhaps your in an area of the country that isn't on lock down, but here all restaurants are closed, Malls, stores, movie theatres, bowling, even hair salons. The only thing open are gas stations, large food stores, take out restaurants. This sounds a lot like Reaganomics, trickle down economics theory that was proved to be a dismal failure.
probably depends, but 50 or 60k is considered low income in my state. people under 20k, not even a livable wage, so they're either on govt assistance getting much of their needs met, already partially retired, or students. If you tried to survive on your own with $20k here, youd be living in a tent under an overpass.
Yes it varies by state. Even on some store surveys like Lowe's, Home Depot, Food Lion at the end they ask your income. One even shows the bottom level of under $50,000. Most use under $25,000.
2. The time to address deficit spending was while the economy is doing well but while you are entering a crisis it’s a bit different
This line is hilarious, we enjoyed one of the longest economic upturns in history, and over the last 10 years we added 9.3 trillion dollars to the national debt. Yea, the government we really took care of that deficit spending when the economy was good.
Yes it varies by state. Even on some store surveys like Lowe's, Home Depot, Food Lion at the end they ask your income. One even shows the bottom level of under $50,000. Most use under $25,000.
But your blanket assumption that 50k-60k is rich is crazy. Thats not even the median income for the entire country. 63k is the median income. Less than that is hardly "rich". The median income in NJ is 80k. I live in NJ I am not rich. I live in a less than desirable area and live in a middle range house and my mortgage is just shy of 3k a month. I do not live in a mansion. I have a tiny lot. Where you live greatly colors your life. When I worked at Home Depot i make $13 an hour. If it werent for my husband I would have starved to death.
Also even at 60k you couldnt "easily" save 5k which was your original assertion. You would need to make 150,000 a year to save 5k a month if you could manage to live on only 3750, which in this area would be enough for a 1 bedroom apartment plus expenses.
Also even at 60k you couldnt "easily" save 5k which was your original assertion. You would need to make 150,000 a year to save 5k a month if you could manage to live on only 3750, which in this area would be enough for a 1 bedroom apartment plus expenses.
You math is a little off, at 150k a year, is 12k a month, is around $7,800 after taxes, minus 5k for saving leaves you around $2,800. This also assumes you don't pay anything for medical/dental/vision to your employer, no 401k either. I can't claim to make 150k a year, but my deductions total $670 a month, not counting 401k and stock options. employees with families in my company that have families pay around $1,000 a month in deductions.
So that leaves you with around $2,130 a month. totally doable in my area, where a one bedroom runs about $650 a month.
My taxable income is $82,000 but my income was $105,000.
From what I've heard it may be based on taxable income and the IRS and SSA will coordinate the direct deposit tools they have vs. checks in the mail.
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Forget the save $5000 a month to any NJ worker. The point is those under $20,000 income need a stimulus check just like the people who live and work in many other states where people can afford $200,000 houses and new cars. To give a check to anyone who makes over $20,000 and not the ones under $20,000 is a national disgrace.
From what I've heard it may be based on taxable income and the IRS and SSA will coordinate the direct deposit tools they have vs. checks in the mail.
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Forget the save $5000 a month to any NJ worker. The point is those under $20,000 income need a stimulus check just like the people who live and work in many other states where people can afford $200,000 houses and new cars. To give a check to anyone who makes over $20,000 and not the ones under $20,000 is a national disgrace.
I think for the sake of expediency they should just issue it to everyone. But i dont know how they will do it for people who dont file a tax return. I guess its a lesson that everyone should file even if they dont have taxable income.
I think for the sake of expediency they should just issue it to everyone. But i dont know how they will do it for people who dont file a tax return. I guess its a lesson that everyone should file even if they dont have taxable income.
if you dont have taxable income, you likely qualify for some low income benefits on the return, fed and/or state. so yeah you should be filing.
they said for the ones that didnt file a return in 2018, they can file a 2019 return and qualify.
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