Democrats are so dumb. So susceptible to the media. It doesn’t matter what the GOP does. They can cut taxes for 80% of Americans and raise them for rich elites in high tax states (see TCJA), and bitch all day that the GOP only cares about the rich. All day long 24/7 it’s “GOP hates poor people” “Orange man bad”
I had a heated argument with my Bernie bro friend over this. He went ON AND ON AND ON about how it doesn’t help poor people. I had to repeat the same points over and over and over, but to no effect. You know what, I’ll just copy and paste my last text message on the subjec so you can read it.
“So I'm reading actual text of the Senate GOP bill and here are some facts.
1.) This bill has so much assistance for student loan holders. Most notably, it is PAUSING all payments due for 3 months, AND stopping interest accrual. So much for not helping students or recent graduates. And these months where loans are not paid continue to contribute to loan forgiveness. Seriously, there is so much here on student loans you ought to consider reading it. This portion of the bill is also subject to time extension if the crisis continues for longer than 3 months.
2.) This bill CAPS EXECUTIVE COMPENSATION to less than half a million for the next TWO years for any company receiving bailout assistance. You might claim that's a high cap, but the importance of this provision cannot be understated. Most of an executive's compensation comes in the form of stock. Bonuses are (usually, but varies via specific corporation) dependent on stock value at the end of the year. This annual total compensation is in the millions for billion dollar company CEOs. This VIRTUALLY ERASES the incentive to buy back stock, as it WILL NOT increase their annual compensation.
3.) I am not a lawyer, but the bill is a bit unclear as to what the tax year cut off is. It may be the case that 2019 returns are applicable. There is a provision indicating the Secretary may substitute 2018 for 2019. I'm not sure what that means
4.) Eligibility for the credit requires a MINIMUM income of $2500 for the entire year of 2018. AND this includes social security income. A taxpayer will get $600 if he made exactly $2500 in 2018. And, if said taxpayer is now unemployed in 2020 due to corona, said taxpayer gets unemployment benefits. It is NOT TRUE that low income earners get no stimulus or help. They get very much in fact. It's also not true that minimum income has to be $30k to be eligible for the $600 minimum. Only $2500.
5.) The credit is capped at a maximum amount of $1200 and begins to DECREASE in value at incomes above $75k until reaching 0. So the 1% get no money.
6.) Each child in the taxpayers family increases the value of the credit by $500 with no cap. So this bill disproportionately benefits families and single parents with children. You know, the people in America with the highest expenses.
7.) It looks like the bailout money is in the form of 0 interest loans. However, there are provisions for partial or full loan forgiveness. One condition of which is that the company may not lay off workers during this crisis. It gets complicated here, there is way too much text here and it is uncertain whether companies like airlines will be responsible for full, partial, or no repayment of the loans. Same thing with small businesses.
These are the FACTS, straight from the bill itself. Their is so much fake news out there.”
His argument was essentially that it's not "enough". Bernie is out there calling for $2k checks to every American, so I suppose that's why. They also don't seem to understand that without businesses there are no jobs, so to them business stimulus is just stealing from the poor to give to the rich
Like crowder says. If they only care about rich people, and they need people to vote for them, then it's in their interest that the majority of people be rich.
The tax year cutoff is probably arbitrary between 2018 and 2019, since 2019 income taxes are (or were) due on April 15, and the Feds won’t have those yet for most people.
I hope so. I filed a 2019 return on 30k gross income, but only a few hundred dollars for 2018 (I was a student, then an unpaid intern. Would be nice if I got something. I was supposed to be starting up a business right now, so that's not happening at least for the time being
Same situation here. While the 2.5K floor ideally has no issues, the truth is that a lot of people will fall through those cracks. A lot of people who don't receive any government assistance.
I've been a part of the gig economy for the last couple of years, and make more than the $500 minimum from any source so rarely that it never gets reported. I'm below the $2500 minimum for both 2018 and 2019 and have never taken a penny of food stamps or any other welfare. But since things went bad, the first people you stop hiring are the contractors and the gig workers.
No new money for about a month now. Would be nice to not be cut out of the bill that is supposed to help all Americans.
Democrats are so dumb. So susceptible to the media. It doesn’t matter what the GOP does. They can cut taxes for 80% of Americans and raise them for rich elites in high tax states (see TCJA), and bitch all day that the GOP only cares about the rich. All day long 24/7 it’s “GOP hates poor people” “Orange man bad”
I had a heated argument with my Bernie bro friend over this. He went ON AND ON AND ON about how it doesn’t help poor people. I had to repeat the same points over and over and over, but to no effect. You know what, I’ll just copy and paste my last text message on the subjec so you can read it.
“So I'm reading actual text of the Senate GOP bill and here are some facts.
1.) This bill has so much assistance for student loan holders. Most notably, it is PAUSING all payments due for 3 months, AND stopping interest accrual. So much for not helping students or recent graduates. And these months where loans are not paid continue to contribute to loan forgiveness. Seriously, there is so much here on student loans you ought to consider reading it. This portion of the bill is also subject to time extension if the crisis continues for longer than 3 months.
2.) This bill CAPS EXECUTIVE COMPENSATION to less than half a million for the next TWO years for any company receiving bailout assistance. You might claim that's a high cap, but the importance of this provision cannot be understated. Most of an executive's compensation comes in the form of stock. Bonuses are (usually, but varies via specific corporation) dependent on stock value at the end of the year. This annual total compensation is in the millions for billion dollar company CEOs. This VIRTUALLY ERASES the incentive to buy back stock, as it WILL NOT increase their annual compensation.
3.) I am not a lawyer, but the bill is a bit unclear as to what the tax year cut off is. It may be the case that 2019 returns are applicable. There is a provision indicating the Secretary may substitute 2018 for 2019. I'm not sure what that means
4.) Eligibility for the credit requires a MINIMUM income of $2500 for the entire year of 2018. AND this includes social security income. A taxpayer will get $600 if he made exactly $2500 in 2018. And, if said taxpayer is now unemployed in 2020 due to corona, said taxpayer gets unemployment benefits. It is NOT TRUE that low income earners get no stimulus or help. They get very much in fact. It's also not true that minimum income has to be $30k to be eligible for the $600 minimum. Only $2500.
5.) The credit is capped at a maximum amount of $1200 and begins to DECREASE in value at incomes above $75k until reaching 0. So the 1% get no money.
6.) Each child in the taxpayers family increases the value of the credit by $500 with no cap. So this bill disproportionately benefits families and single parents with children. You know, the people in America with the highest expenses.
7.) It looks like the bailout money is in the form of 0 interest loans. However, there are provisions for partial or full loan forgiveness. One condition of which is that the company may not lay off workers during this crisis. It gets complicated here, there is way too much text here and it is uncertain whether companies like airlines will be responsible for full, partial, or no repayment of the loans. Same thing with small businesses.
These are the FACTS, straight from the bill itself. Their is so much fake news out there.”
Standard reply "IF this is true, It's all good...." followed by not believing it's true.
That's how they mentally get around accepting Trump did something they approve of.
His argument was essentially that it's not "enough". Bernie is out there calling for $2k checks to every American, so I suppose that's why. They also don't seem to understand that without businesses there are no jobs, so to them business stimulus is just stealing from the poor to give to the rich
Like crowder says. If they only care about rich people, and they need people to vote for them, then it's in their interest that the majority of people be rich.
The tax year cutoff is probably arbitrary between 2018 and 2019, since 2019 income taxes are (or were) due on April 15, and the Feds won’t have those yet for most people.
I hope so. I filed a 2019 return on 30k gross income, but only a few hundred dollars for 2018 (I was a student, then an unpaid intern. Would be nice if I got something. I was supposed to be starting up a business right now, so that's not happening at least for the time being
Same situation here. While the 2.5K floor ideally has no issues, the truth is that a lot of people will fall through those cracks. A lot of people who don't receive any government assistance.
I've been a part of the gig economy for the last couple of years, and make more than the $500 minimum from any source so rarely that it never gets reported. I'm below the $2500 minimum for both 2018 and 2019 and have never taken a penny of food stamps or any other welfare. But since things went bad, the first people you stop hiring are the contractors and the gig workers.
No new money for about a month now. Would be nice to not be cut out of the bill that is supposed to help all Americans.
Can you get unemployment from the house bill?
Keep on it, Pede. Persistence beats resistance and you have a well laid out and concise argument.
Thanks