Tapes From Hollywood To Georgia
Like the little boy haunted by ghosts in the horror movie The Sixth Sense, President Donald Trump sees dead people everywhere. He thinks at least 5,000 of them voted in Georgia during the presidential election and were part of a broader conspiracy that deprived him of a victory in the state.
In that unhinged, extraordinary phone call Saturday with Georgia Secretary of State Brad Raffensperger, Timothy L. O’Brien argues Trump is ‘willing to torch democracy to save himself.’
Stimulus Check Rules And Exceptions Are Pretty Complicated
With stimulus checks, the small details and exceptions can be dizzying. While some situations are easy to decipher, others concerning you and your dependents might make it unclear if you’re eligible, how much money you may receive and if there’s anything extra you have to do to claim your money.
For example:
Trump Claims Easily Provably False
Georgia election official Gabriel Sterling has told a news conference that Donald Trumps claims he won the presidential election in the state in November and was denied victory by widespread voter fraud are “easily, provably false”.
“Yet the president persists,” Sterling continued, “and by doing so undermines Georgians faith in the electoral system – especially Republican Georgians in this case, which is important because we have a big election coming up tomorrow and everybody deserves to have their vote counted if they want it to be, Republican and Democrat alike.
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Monthly $2000 Stimulus Check: Is It Possible
Forbes reports that a bill that proposes monthly payments of $2,000 to eligible taxpayers is “gaining steam” with some congressional supporters. The House bill was put forth by Rep. Time Ryan and Rep. Ro Khanna .
Senator Kamala Harris and entrepreneur Andrew Yang, who were both 2020 presidential candidates, have thrown their support behind a $2,000 a month stimulus check package, with the idea that such checks would be avoidable to anyone earning up to $120,000 per annum.
Harris introduced the Monthly Economic Crisis Support Act, alongside Senator Bernie Sanders and Senator Ed Markey. Under that scheme, the monthly checks would not only apply for individuals, but also married couples would be able to get $4,000 per month and a further $2,000 per dependent would be made available, up to a maximum of three dependents. And the payments would be available to all US residents, regardless of whether they have a Social Security number or file taxes.
The government should be here for the people in a moment of crisis, said Harris. People should be able to count on their government to see them and to create a safety net for them, so that these people dont fall into povertyor further into povertyduring the course of this pandemic.
And it would appear that getting the HEROES Act through the Senate would the first hurdle to jump before other stimulus check plans can be properly proposed, let alone brought into effect.
What To Expect In The Coming Weeks
Now that both sides have presented their proposals, the negotiations can begin. However, there are other economic issues, like the expiring enhanced unemployment benefits, that Congress is currently discussing. So, Democrats and Republicans will likely not reach a compromise until sometime in August. However, the Congressional session ends on August 10th, so you can expect a new Act to pass by then. On a positive note, the government has been working to fix the issues that arose with the first round of stimulus checks. So, hopefully, payments will go out much more smoothly and efficiently this time around.
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$500 Billion $18 Trillion $22 Trillion
For months, Republicans and Democrats have disagreed on the size of the next stimulus package. McConnell had floated a slimmed-down proposal from Republicans, which carries a price tag of more than $500 billion. The Democrat-controlled House, meanwhile, had passed a $2.2 trillion stimulus bill in October, and the White House countered with a $1.8 trillion proposal.
House Speaker Nancy Pelosi rejected that $1.8 billion offer, arguing that it did not do enough on provisions such as testing and tracing and on funding for child care. Treasury Secretary Steven Mnuchin has said the administration’s priority is to use $300 billion left from the Coronavirus Aid, Relief and Economic Security, or CARES, Act to fund the Paycheck Protection Program with $130 billion, as well as to provide aid to the ailing airline industry.
Economists warn that failing to inject another dose of fiscal stimulus could stall the recovery, given the ongoing pandemic and economic headwinds. Job growth around the U.S. is slowing as big businesses continue to lay off workers, with the airline industry cutting tens of thousands of jobs last month.
“Without faster job growth unlikely at this stage of the recovery or increased fiscal aid, households, businesses and state and local governments will be increasingly susceptible to a deterioration of the health situation,” noted Gregory Daco, chief U.S. economist at Oxford Economics.
Is A Second Stimulus Check On The Way If So When Will It Arrive And How Much Will It Be Worth Heres Everything You Need To Know About The Second Stimulus Check Situation Updated Daily
: Saturday, July 4th to include comments from Donald Trump regarding increased $1,200 second stimulus check payments .
Following the passage of the $2.2 trillion CARES Act, the U.S. Treasury mailed more than 160 million stimulus checks to Americans. The stimulus payments, mostly in the form of $1,200 checks, followed mass-layoffs caused by COVID-19 and the resulting turbulence.
But with many Americans still out of work, the question of a second stimulus check is becoming more pressing. That includes everyone from machine-shop workers to musicians, all of whom are struggling to get back to work. Many have simply burned through their first $1,200 checks and need more cash right now.
But is a second stimulus check getting mailed anytime soon? The following is a quick summary of where discussions are around a second stimulus check, including when payments will likely be sent.
Latest Status: A second stimulus check isnt being mailed out yet but the President and Congress are actively discussing the options.
While theres a decent chance that a second stimulus check will be mailed, nothings approved or in motion. And its possible that a second stimulus wont be approved at all. A lot depends on how the economic recovery progresses, and whether Congress approves a second stimulus boost.
President Donald Trump says a second stimulus check is probably ahead but didnt say when.
But how strong is Congressional support?
Will there be a $2,000 second stimulus check?
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Latest Stimulus Package Would Include Second Stimulus Checks But Not State Aid Heres Why Its A Good Tradeoff
Senate Majority Leader Mitch McConnells intransigent stance on keeping the overall stimulus plan … below $1 trillion is creating a need for unfortunate tradeoffs. Given the end of several federal stimulus programs and the current state of the economy, accepting no state aid for a second stimulus check is a short-term good trade.
Lawmakers are continuing to slog through negotiations on the latest stimulus package. While the broader contours of the $908 billion agreement unveiled last week by a bipartisan group have largely held, there have been some changes. In a recent version, it appears that a second round of stimulus checks may be included, while aid for state and local governments, as well as a business liability shield, may be omitted. Senate Majority Leader Mitch McConnells intransigent stance on keeping the overall stimulus plan below $1 trillion is creating a need for unfortunate tradeoffs. Given the end of several federal stimulus programs and the current state of the economy, accepting lower or no state aid for a second direct payment is a good short-term trade.
Heres why.
States Have Other Low
Individuals mostly do not have access to the same low-cost borrowing options as state governments. An unemployed individual whose benefits have expired may need to resort to high-interest credit cards, payday lenders, or worse to make ends meet. This may lead to long-term and spiraling indebtedness.
Meanwhile, states have more levers to pull, including access to other lending vehicles. New Jersey sold $3.7 billion worth of bonds to cover its revenue shortfall. Illinois, which has the lowest state credit rating, and New Yorks Metropolitan Transportation Authority, have tapped the Municipal Liquidity Facility , one of the Federal Reserves emergency lending program.
Additionally, while no one likes to talk about tax increases, a recent CBPP report pointed to various tax levers on wealth and high-incomes that would not only help replenish state coffers but also do so in a more equitable manner. Arguing that the effects of the pandemic have been widespread, but unequally felt, the report suggests that, rather than pitting various needs against each other in a debate over which services to cut, raising taxes on high incomes and wealth can allow lawmakers to support communities particularly communities of color hit particularly hard by the pandemic, by using revenue that comes heavily from those doing very well despite the current challenges.
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Socialiam For The Rich
Senator Bernie Sanders makes the case that maybe Mitch McConnell’s idea about socialism for the rich could be a little misguided.
With the visual aid of oversized checks, the veteren politician points to hundreds of millions of dollars given to huge corporations in tax rebates, rather than the desired $2,000 to needy American families.
Will I Get A Stimulus Check If I Got The First One
If you received the first stimulus check, youll likely receive a second one. However, certain situations may change that.
If your AGI is higher than $87,000 if youre a single filer or $174,000 for married filing jointly, you wont get a second stimulus check. But because these limits for the first stimulus check were higher $99,000 and $198,000, respectively you may have gotten a first stimulus check.
For example, if your AGI was $90,000 in 2019, you would have received the first stimulus check, but you wont receive a second.
Another situation is if youre in the delayed payment situation mentioned above. If you are in a situation where you must claim the check on your 2020 taxes instead, you will not receive a second check. Instead, youll get the money by having your tax refund increased or the amount you owe on taxes reduced by $600 or $1,200 depending on your filing status and how much you were supposed to receive from the second stimulus.
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Who Is Eligible For The Second Stimulus Check
Eligibility is primarily based on four requirements:
1. Income: The income requirements to receive the full payment are the same as the first stimulus check.There is no minimum income needed to qualify for the payment. Households with adjusted gross income up to $75,000 for individuals will receive the full payment. This stimulus payment starts to phaseout for people with higher earnings. The second stimulus check maximum income limit is lower than the first stimulus check. Single filers who earned more than $87,000 in 2019 are ineligible for the second stimulus check.
View the chart below to compare income requirements for the first and second stimulus checks.
| Income to Receive Full Stimulus Payment | First Stimulus Check Maximum Income Limit | Second Stimulus Check Maximum Income Limit |
| Single Filer | ||
| $136,500 | $124,500 |
2. Social Security Number: This requirement differs from the original eligibility for the first stimulus check. Originally under the first stimulus check, if you were married filing jointly, both spouses needed valid Social Security numbers . If one spouse had an Individual Taxpayer Identification Number , then both spouses were ineligible for the stimulus check. For married military couples, the spouse with an SSN could still get the stimulus check for themselves but not the other spouse with an ITIN.
Examples
Former first stimulus check rules:
Second stimulus check rules:
Former first and second stimulus check rules for military filers:
Second $600 Stimulus Check Details
While the CAA legislation, under which the stimulus payments were funded, required that the second round of payments be issued by Jan. 15, 2021, some second round Economic Impact Payments may still be in the mail and delivered by the end of February. The IRS however has confirmed has issued all first and second Economic Impact Payments it is legally permitted to issue, based on information on file for eligible people.
Get My Payment was last updated on Jan. 29, 2021, to reflect the final payments and will not update again for first or second Economic Impact Payments.
If you havent yet received your payment and GMP is not showing payment details then the IRS is recommending you claim this via a recovery rebate credit in your 2020 tax return that you will file this year. Major tax software providers like Turbo Tax and Tax Act have updated their software to allow tax payers to claim their missing first or second stimulus payment as a recovery rebate with their 2020 tax filing.
Under the COVID-related Tax Relief Act of 2020, the IRS has delivered more than 147 million EIPs totaling over $142 billion. Due to the lower income qualification thresholds and smaller payments this was lower than the 160 million payments made via the first stimulus check.
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Do I Have To Pay Taxes On My Stimulus Payment
No. Since the stimulus check is considered a refundable tax credit, it is not classified as earned income. Hence not considered taxable income you will have to report in your 2020 tax return . It also wont affect your income for purposes of determining eligibility for federal government assistance or benefit programs.
This payment also does not have to be paid back if any over payment happens or your gross income in 2020 changes. This includes your income rising to above the qualifying thresholds. If you unexpectedly got the payment, congratulations! You get to keep it now.
Returning Incorrect Stimulus Check Payments
A few people have commented that a spouse, relative or child who died since they filed a 2018 or 2019 tax return received a stimulus check payment. The IRS has provided official guidance on this issue which states that any payments made to someone who died before receipt of the payment should be returned to the IRS in full. The exception to this is for payments made to joint filers and one spouse who had not died before receipt of the Payment, in which case, you only need to return the portion of the Payment made on account of the decedent
A Direct Deposit Payment Could Already Be In Your Bank Account Paper Checks Will Follow Quickly
When are second stimulus checks coming? Now! The IRS has already started delivering second-round stimulus checks to millions of Americans who received a first-round payment earlier this year. In fact, initial direct deposit payments have already arrived for some people.
If you don’t receive a direct deposit soon, watch your mail for either a paper check or a debit card. The IRS started mailing paper checks on December 30. To speed up delivery, a limited number of people will receive their second stimulus payment by debit card. But the form of payment for your second stimulus check may be different than your first payment. Some people who received a paper check last time might receive a debit card this time, and some people who received a debit card last time could receive a paper check.
If you receive a debit card, don’t throw it out thinking it’s junk mail! The debit cards will be issued by MetaBank, and they will arrive in a white envelope that prominently displays the U.S. Treasury Department’s seal. The Visa name will be on the front of the card, and it will say “MetaBank” on the back. More information about these cards is available at EIPcard.com.
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What About Help Getting Food Assistance
There are at least three provisions related to food stamps.
First, the monthly benefit for SNAP will increase by 15 percent through June 30, 2021. As ever, qualification rules remain complex consult our primer on the eligibility process here.
Second, people collecting unemployment benefits will have an easier time qualifying for SNAP. The bill has language that will exclude those benefits from the income eligibility calculation in many instances.
Finally, college students will have an easier time qualifying. This is also complicated, but people who are eligible for a federal or state work-study program or whose financial aid application yielded an expected family contribution of zero dollars should check to see whether they would be eligible.
College administrators who wish to help students can find more resources on the Hope Center for College, Community and Justices website. The centers director of policy and advocacy, Carrie R. Welton, also posted a with more detail.
Your Financial Situation Changed From 2019 To 2020
Any changes to your financial situation in 2020 may affect your payment amount and receipt.
For most people, this will result from job or income loss due to the pandemic. If your income was higher than the phaseout thresholds in 2019, but your hours were cut or you only worked for part of 2020, you can claim the stimulus money you didnt receive using the Recovery Rebate Credit on your 2020 tax return.
If you had a baby in 2020, got married or divorced, you were previously claimed as a dependent, or you have a child who aged out of being claimed as a dependent, you may receive more after claiming the credit as well.
When youre ready to file 2020 federal taxes, an accountant or tax filing service may be helpful to clarify your exact eligibility. If you file on your own, your Form 1040 will include a Recovery Rebate Credit worksheet to help you determine the total amount youre eligible for.
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