Anyone else get a COVID stimulus fund today?

[007hunter]

If you are complaining about receiving whatever amount of “stimulus”, go find find a small business and give it to them.

 

[thinhorn_AK]

I got it, spent it all on white claw.

 

[ShortMountain91]

Yep 2400 showing pending. Guess that'll go to the local lumber yard for the house build

Sent from my SM-G950U using Tapatalk

 

[Artanis95]

Ours came in

 

[cnelk]

Yep.
Just in time to pay for the new muzzleloader I bought yesterday

 

[TheGDog]

Isn't there like a limit in terms of who receives them based on gross household income?

 

[PAhntr91]

Yep got it today.. 2400 2 kids

 

[TheGDog]

Isn't there like a limit in terms of who receives them based on gross household income?

OK, here it is...

Single people earning over $87,000
The second round of checks will have the same type of income phaseouts as in the CARES Act, with the stimulus check payments reduced for earnings above $75,000 per single person or $150,000 per married couple.

The amount of payment individuals receive will be reduced by $5 for every $100 of income earned above those thresholds, according to the House Appropriations committee.

But that formula, when combined with the smaller, $600 amount of the checks, means that the income threshold for receiving any money will be lower: Single people earning over $87,000 won't qualify — compared with the phaseout threshold of $99,000 for single filers in the CARES Act.

Married couples earning over $174,000
For a similar reason, married couples will face a lower income threshold for receiving the $600 checks. Any couples earning over $174,000 won't get a payment, down from $198,000 in the CARES Act.

Overall, almost everyone in the bottom 80% of the income distribution in the U.S. will receive a check, according to the Tax Foundation's estimate. The share of filers who will receive a check dwindles for people whose incomes place them in the top 20% of earners, with very few taxpayers in the top 5% qualifying, the Tax Foundation estimated.

Of course, even if they don't receive the $600 themselves, single people and couples with incomes above those thresholds would still receive payments for their children, as long as those children are under 17.

 

[wapitibob]

Meanwhile, old, white politicians think $600 to some hack that's been out of work, while they make $175K/year and get their medical paid, is too much.

 

[Nickofthewoods]

OK, here it is...

Single people earning over $87,000
The second round of checks will have the same type of income phaseouts as in the CARES Act, with the stimulus check payments reduced for earnings above $75,000 per single person or $150,000 per married couple.

The amount of payment individuals receive will be reduced by $5 for every $100 of income earned above those thresholds, according to the House Appropriations committee.

But that formula, when combined with the smaller, $600 amount of the checks, means that the income threshold for receiving any money will be lower: Single people earning over $87,000 won't qualify — compared with the phaseout threshold of $99,000 for single filers in the CARES Act.

Married couples earning over $174,000
For a similar reason, married couples will face a lower income threshold for receiving the $600 checks. Any couples earning over $174,000 won't get a payment, down from $198,000 in the CARES Act.

Overall, almost everyone in the bottom 80% of the income distribution in the U.S. will receive a check, according to the Tax Foundation's estimate. The share of filers who will receive a check dwindles for people whose incomes place them in the top 20% of earners, with very few taxpayers in the top 5% qualifying, the Tax Foundation estimated.

Of course, even if they don't receive the $600 themselves, single people and couples with incomes above those thresholds would still receive payments for their children, as long as those children are under 17.

Wow thanks. Bonus points for responding to your own post.

 

[Rokbar]

Guess I will go get mine off the stimulus tree??

 

[fwafwow]

Isn't there like a limit in terms of who receives them based on gross household income?

Yes. Not everyone can get back some of our own money

 

[TheGDog]

Yes. Not everyone can get back some of our own money

Preach it Ma' Brotha!

 

[orionthehunter1]

Didn't get one the first time not getting one this time. Maybe people will quit griping about others paying their fair share of taxes.

 

[clkress5]

Got mine....annnnnndddd.... It's gone

 

[BRTreedogs]

$127.55

The problem i see is supposedly if you divide the total bill by the people that qualified its $2700 each. That means there gonna take an extra $2700 from me at tax time.
Wtf the rest of it go.

Id give mine back just don't take my $2700

 

[Mike Islander]

You lucky ducks. I have never received a check. Well, I guess someone has to pay for it.

We all paid for it, and are gonna keep paying for it. You can have an AGI up to $174000 and still get a check.

 

[fwafwow]

We might be too far from the OP to debate the allocation of taxes among the income tiers. Otherwise this could turn into a vax type thread and I will have to not only follow this thread, but also the inevitable companion "I DIDN'T get my vaccination shot stimulus check today" thread

 

[Traveler]

$127.55

The problem i see is supposedly if you divide the total bill by the people that qualified its $2700 each. That means there gonna take an extra $2700 from me at tax time.
Wtf the rest of it go.

Id give mine back just don't take my $2700

Pretty sure the bill didn’t change tax rates, so you aren’t being directly passed the $2,700 increase. You pay the rates as set by law. The country just runs a deficit...not sure that is better...but it isn’t increasing your personal tax bill

 

[BRTreedogs]

Pretty sure the bill didn’t change tax rates, so you aren’t being directly passed the $2,700 increase. You pay the rates as set by law. The country just runs a deficit...not sure that is better...but it isn’t increasing your personal tax bill

Money isn't free, where gonna pay for it one way or another.