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If President Trump Gives You $1,000, Whatcha Gonna Buy ?

A lot of high earners may not earn as much this year. And have lost a lot of wealth. And don’t have tons of cash they are sitting on.

Not suggesting they need sympathy. But I’ll speculate that a whole bunch of folks exceeding those income limits would end up spending the cash if it was sent to them.
 
2018 tax return was filed one year ago. How many people move up a couple of tax brackets in 18 months in any economic system in any nation ?

The 2018 tax return was filed one year ago based on what someone made up to 27 months ago based on work they may have completed going back to 2017.

It's more about people moving down a few tax brackets which is very possible for people right now. This bill should be about helping people get through April 2020. Basing it on 2018 income is ridiculous.
 
on the flipside, corporations are not being assisted based on how much they earned in 2018 or 2019

hmm...
 
The 2018 tax return was filed one year ago based on what someone made up to 27 months ago based on work they may have completed going back to 2017.

It's more about people moving down a few tax brackets which is very possible for people right now. This bill should be about helping people get through April 2020. Basing it on 2018 income is ridiculous.

So you're saying social mobility in this country is pretty likely then ?
 
It's not perfect, but I don't see how else you could do it practically. 2019 returns aren't yet due, and it would be too burdensome to require everyone to prepare a financial statement for April 2020.

you do it on the 2020 tax filing next year
 
So you're saying social mobility in this country is pretty likely then ?

That's my point. The assumption of lack of social mobility is a huge mistake when addressing a calamity that could cost a quarter of the workforce or more to be unemployed for some part of the year.

It's not perfect, but I don't see how else you could do it practically. 2019 returns aren't yet due, and it would be too burdensome to require everyone to prepare a financial statement for April 2020.

you do it on the 2020 tax filing next year

Yep. We've had plenty of discussion about this, Junebug. Give everyone a check quickly. Take it back out of the 2020 filing from people who got on their feet and made over $75K in 2020.
 
you do it on the 2020 tax filing next year

That was under the plan where everyone got a check and they would tax higher incomes to recoup the money. This bill actually means tests things up front, which will delay getting the money out.

As far as I can tell those who get checks will not have it treated as taxable income.
 
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Is the check based on your 2019 income or your 2019 filing? I made too much in 2019 to qualify, but if you use my 2018 income, I’d qualify.
 
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