the gov't giveth, the gov't taketh away
The McConnell proposal calls for giving Americans that money as an advance on a future tax refund.
In other words, this is not a giveaway, or socialism, or some act of generosity.
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The government is not giving you money; it is giving you an advance on the tax refund you would be expecting in 2021.
For example, say you’re a married couple with no children and you receive a check for $2,400 now. Next year, if you’ do your taxes and you’re supposed to get a refund for $2,500, the tax form would have a line where you list the stimulus payout you received in 2020. The IRS would deduct that $2,400 and give you the net difference of $100 as your 2020 refund check.
This is also how the process worked as part of the Economic Stimulus Act of 2008, although the advances then were $300 for individuals or $600 for couples.
The government could choose to issue the payments as a gift, but even gifts come with strings attached. The checks would be considered taxable income and recipients would owe taxes when filing their 2020 tax returns. For a married couple with two children (receiving a $3,400 gift), would incur a tax hit of nearly $750 if their household income was $80,000.
The McConnell proposal effectively loans taxpayers their own money, a loan that will not come due until after both McConnell and President Donald Trump have stood for re-election in November.
A good compromise. I do not want to live in a country where it’s oeople expect handouts from government. It puts money into an ailing economy when needed and helps people in that time of need.
If you need the money now, it is a godsend, and you may not have to pay it back if you pay taxes in 2021.
if you don’t need the money, save or invest it, you will have it to pay back your interest free loan.
Aposrently there are people who will * about a free lunch.
Will they get it as a "pacification" check? Be real interesting when Joe Suburb gets a check and the usual check suckers do not.
Hell they been practicing for this since LBJ
Sitting on the couch watching Jerry Springer is torture for the responsible working class.
For the d-rats pets of the d-rat dumps it's just another Wednesday.