https://www.cnn.com/2021/02/05/politics/stimulus-checks-congress-negotiations-timeline/index.html
Previously, individuals earning less than $75,000 and couples earning less than $150,000 received the full amount. The $600 payments gradually phase out, cutting off money for single filers without children earning more than $87,000 and married couples without children earning more than $174,000.
Households with children were eligible for more money. For example, a couple with two children earning a little more than $250,000 a year would still receive a partial payment, according to the Tax Foundation.
The Republican proposal would provide the full payment to individuals earning less than $40,000 a year and couples earning less than $80,000 -- and the payments would phase out faster, cutting off individuals making more than $50,000 and couples making more than $100,000.
About 29 million fewer households would receive money under the Republican plan, according to analysts at the The Penn Wharton Budget Model, who warned that the figures are preliminary since no formal legislative text is available yet.
About 95% of families would qualify under Biden's proposal, compared to 78% under the GOP plan.
It's time we all reflect on what we think we know. I've heard some around here who like to use the phrase "GOP shit show" Whenever any of their cherished progressive values come under fire. I think some of those people are just closed minded and get a headache any time someone asks them to think about any of the things they take for granted.
The new stimulus is a perfect example.
Notice that this is a CNN article. Immediately following the Republican proposed reduction in income caps, CNN launches head first into the DNC talking point that the Democrat plan will get the money into more households. No shit? We're all stupid I guess.
But who should be getting stimulus after all? Everyone is filing 2020 tax returns currently so anyone who was negatively affected financially by the blue state plague, will have a tax return that reflects that they are now officially poor right? They'll get stimulus if their truly poor even under the Republican plan right?
But maybe $150,000.00 of income is the new poor? Maybe a couple making 150k is suffering and struggling and needs thousands of dollars immediately to stave off starvation. How many people do we all know who got the stimulus and don't need it? How many have told you so point blank?
I didn't need the last one. If I'd get another one I'll probably use it on something frivolous or dump it into the stock market or something useless. I like money though... that's the best thing about Democrats right now. They love handing out other people's money.
And there's another thing about income that nobody wants to talk about. Sure the super rich are excluded but "Income" as defined by our financial and tax system includes wages, self employment income, retirement distributions, interest, dividends and capital gains.... there's also royalties and rental income but you get the point. Wages are by far the biggest driver of income reporting. That's because you have to have a lot of money held in non retirement investment accounts to have 150k in income in a given year. That's not super rich but it's pretty well off. Especially when you consider that anyone who has money is surely taking advantage of retirement accounts which only count as income when you take money out and you only have to take a small portion out if you're over 72 years old. The point again..... Wages are the biggest driver of income.
What that means is that most of the people still earning 150k are still at their jobs earning their wages. They don't need stimulus... but they also vote. And when Trump was President you guys seemed to have a good handle on that idea. But now Uncle Joe is President and wants to give a bunch of checks to a bunch of people who don't need them.
So you have republicans actually playing the role of preserving government spending programs because the only way we'll be able to keep paying for any of them is to raise taxes significantly. Of course since Democrats have the Senate they can just ram though whatever tax increases they like so I guess they are already counting on that since many on the left are calling for even bigger checks to top it off.
If any of this makes any of you at least think... I hope you won't get too much of a headache, I'll be pleased to know I got the wheels turning again. That's half the battle.
