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Also, the $600 a week is for 4 months. I don’t know why your projections through the end of the year include it the entire time.
It's based off past income not current income so you can't go back and "become poor" retroactively. And if you look at his numbers you'd see he only counted the $600 for four months. I imagine it was projected til end of year to normalize it to income per year.
Issue the $2,000/month to every family below $500,000 and every single below $250,000 AGI on a 2019 return. That weeds out the obvious fat cats anywhere in the country.
Give the remainder $2,000/month in a UBI fashion with no regard to last year's income. Do not count the $2,000/month as income against a 2020 return.
Why an equal fixed amount to everyone regardless of past income, cost of living, or other needs? This rings of communism.
I think a lot of the problems exist due to the haste of the entire process as someone mentioned previously. They didn't have the time to hammer out a better plan as so many were desperate for the help. So naturally there will be problems but if you ask me Washington acted incredibly fast and that rarely happens.
It's s stupid idea, the stimulus package money should have been applied to those collecting unemployment. My girlfriend got her $1,200 check, she's an essential worker and didn't need it, so she used it to pay down her student loan. I'm also an essential worker, I don't need it either. It stupid to pay everyone when it's easy to see those who need it, the people who filed for unemployment. If they don't qualify for unemployment, then they were not contributing anything to society / the economy before this crisis, they will not be missed during it
State unemployment offices are crushed by the volume of claims. Millions of people have been trying unsuccessfully to file for weeks. When their claims are eventually processed, I imagine they will get back pay to the starting date, but in the meantime they have nothing coming in.
Why an equal fixed amount to everyone regardless of past income, cost of living, or other needs? This rings of communism.
The reason to do it this way is because you need to get money to as many as possible as quickly as possible. You want to reduce the administrative overhead.
With the amount of layoffs going on, there is no guarantee that someone who made $100,000 last year is even working now, or that the person whose job was stable on 4/1 will be working on 5/1.
By the time they debate this and actually get something going the government will just say "well, most of the country has reopened and people are back at work. Extra stimulus isn't needed now. Hope you still have that $1200 left. Good luck"
The reason to do it this way is because you need to get money to as many as possible as quickly as possible. You want to reduce the administrative overhead.
With the amount of layoffs going on, there is no guarantee that someone who made $100,000 last year is even working now, or that the person whose job was stable on 4/1 will be working on 5/1.
What administrative overhead? This is automated. You already said to issue it against 2019 AGI on tax return so the same automation that qualifies an outgoing amount based on AGI can scale the amount based on AGI. There is no additional overhead. In fact, the current automation is more complex, applying reductions for each $100 over $75k on a sliding scale.
Your second statement is precisely why I think the assistance should be primarily if not wholly targeted toward UI. UI is being handled through state unemployment agencies who already have the infrastructure and process - stressed as it may be - to distribute the UI supplement. And same thin, the mechanism that qualifies stimulus against AGI could be used to scale UI supplement, i.e. (AGI / 52 * 0.5) = UI weekly supplement. $100k / 52 * 0.5 = $962/wk. $50k / 52 * 0.5 = $481/wk.
The negative aspect of this proposal is that eventually there will be nobody left working. Why should anyone working at retail or even the hospital making peanuts want to risk their life when they can ask to be let go and get paid $2k/month sitting home. A single mom making $45k/yr with her 3 children she gets $42k/yr not having to work in addition to unemployment benefits.
The negative aspect of this proposal is that eventually there will be nobody left working. Why should anyone working at retail or even the hospital making peanuts want to risk their life when they can ask to be let go and get paid $2k/month sitting home. A single mom making $45k/yr with her 3 children she gets $42k/yr not having to work in addition to unemployment benefits.
1) It’s an election year,
2) Urban areas are going to explode this Summer if the peeps run out of money,
3) Much cheaper to pay for a block party than to rebuild the block as the snows start to fly.
For thoae of you complaining about the stimuli, I don't think any of you appreciate how disastrous the hit to the economy really is, and will be.
We are already at depression levels of unemployment. The damage is now a month old. A lot of businesses are not going to survive, and those that do will hire back maybe half of who they laid off for the foreseeable future.
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