The check's in the mail: The house just passed the stimulus bill and President Trump will be signing it, meaning soon the individual checks will begin being sent. My question is, will...

Voice of Reason Loc: Earth

The house just passed the stimulus bill and President Trump will be signing it, meaning soon the individual checks will begin being sent. My question is, will these payments be taxable?

Lonewolf

Voice of Reason wrote:

The house just passed the stimulus bill and President Trump will be signing it, meaning soon the individual checks will begin being sent. My question is, will these payments be taxable?

what difference its only a pay check

LogicallyRight Loc: Chicago

Good question.

How many on here actually need that money. I don't. Could use it. I think I'll buy depressed stocks with it and then wait for the recovery, take a quick profit and use it for a vacation. But if you really need it, I'm not trying to diminish your needs, But people making over 50, 60 thousand don't need bailout. Just control your spending.

proud republican Loc: RED CALIFORNIA

Voice of Reason wrote:

The house just passed the stimulus bill and President Trump will be signing it, meaning soon the individual checks will begin being sent. My question is, will these payments be taxable?

No taxes will be taken out!

Pariahjf

LogicallyRight wrote:

Good question.

How many on here actually need that money. I don't. Could use it. I think I'll buy depressed stocks with it and then wait for the recovery, take a quick profit and use it for a vacation. But if you really need it, I'm not trying to diminish your needs, But people making over 50, 60 thousand don't need bailout. Just control your spending.

EXACTLY what I will be doing. Buy stocks, bonds, and bank the rest.

Voice of Reason Loc: Earth

proud republican wrote:

No taxes will be taken out!

I know that. What I'm asking is whether or not it will be considered regular taxable income when we do our 2020 taxes next year.

Pariahjf

Voice of Reason wrote:

I know that. What I'm asking is whether or not it will be considered regular taxable income when we do our 2020 taxes next year.

Possibly. Not sure if the IRS or Congress has ruled on that one yet. BUT----you also have to remember this: This is gonna be like the Fram Man----you can pay me now, or you can pay me later. Nothing is free here.....

Voice of Reason Loc: Earth

Pariahjf wrote:

Possibly. Not sure if the IRS or Congress has ruled on that one yet. BUT----you also have to remember this: This is gonna be like the Fram Man----you can pay me now, or you can pay me later. Nothing is free here.....

It's mostly going to fuel inflation, making everybody's money worth less. It's also just another wealth redistribution scheme. Remember the vast majority of taxes are paid by the top 10% of earners. The bailout doesn't apply to them, they get nothing. If you're single and earn over 75K, your check gets reduced. If you make 99K or more, it's reduced to zero. For married couples it's 150K that reductions begin and (I think) 198K where they reach zero.

So those who earn less than 75K (150K for couples) are getting to share income with the higher earners. Wealth redistribution.

EmilyD

Pariahjf wrote:

Possibly. Not sure if the IRS or Congress has ruled on that one yet. BUT----you also have to remember this: This is gonna be like the Fram Man----you can pay me now, or you can pay me later. Nothing is free here.....

"I'll gladly pay you Tuesday for a hamburger today."

dtucker300 Loc: Vista, CA

LogicallyRight wrote:

Good question.

How many on here actually need that money. I don't. Could use it. I think I'll buy depressed stocks with it and then wait for the recovery, take a quick profit and use it for a vacation. But if you really need it, I'm not trying to diminish your needs, But people making over 50, 60 thousand don't need bailout. Just control your spending.

I agree. $1200 is supposed to buy us off! I don't NEED the money, but I won't refuse it. It's going to be invested. I think this is a big mistake and creates another level of bureaucracy added to the Federal Reserve. It will still take 3 or 4 weeks before we will see the checks or EFTs.

Pariahjf

EmilyD wrote:

"I'll gladly pay you Tuesday for a hamburger today."

Pariahjf

Voice of Reason wrote:

It's mostly going to fuel inflation, making everyb... (show quote)

Correct on this one....

Voice of Reason Loc: Earth

dtucker300 wrote:

I agree. $1200 is supposed to buy us off! I don't NEED the money, but I won't refuse it. It's going to be invested. I think this is a big mistake and creates another level of bureaucracy added to the Federal Reserve. It will still take 3 or 4 weeks before we will see the checks or EFTs.

For all of us who don't NEED the money (myself included), here's an idea. Next time you're in the grocery store, how about tipping all those workers risking their lives to feed you? That's what I'll be doing.

EmilyD

Voice of Reason wrote:

It's mostly going to fuel inflation, making everyb... (show quote)

I thought about that, too. We don't need it, either.....but we do want a new shed in the back yard....

Lonewolf

Voice of Reason wrote:

For all of us who don't NEED the money (myself included), here's an idea. Next time you're in the grocery store, how about tipping all those workers risking their lives to feed you? That's what I'll be doing.