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~* Make America Great Depression Again -- Official Thread of Corona Virus infected markets *~


Jason

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Just now, Littleronin said:

That was short and sweet. 

 

 

Feels weird to have a president that doesn't spend 30 extra minutes complaining about everyone who did him wrong.

 

"This is a great bill, and the Republicans know it. And the Republicans will never admit it. But they know it's great, and they'll be sorry for not supporting it. Maybe something will happen to them that makes them sorry. I dunno. Some people are saying it."

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14 minutes ago, Ghost_MH said:

I'm either getting $0 or the full amount with our three kids. It'll depend on whether they base this in my 2019 tax return or my 2020 tax return. That should be fun.

 

Apparently if you go below the limit this year you'll get the money when you file for this year in 2022 so I guess it's a good excuse to up my retirement contribution to try to decrease my AGI.

 

Under the original eligibility rules I was going to open a Roth and stick this stimulus check in it as the initial funding.

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I have no idea what I’m going to do with mine. I think I might just leave it in my checking account (my personal finance system is slightly odd and not particularly efficient for a variety of reasons), but I might splurge on something.  I dunno. 

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My income tripled 2019 to 2020, and is on pace to do the same thing this year. I shouldn’t get a dime but because they use 2019 returns, I barely fall under the threshold for the full amount. 


I’ll be donating my Biden Bucks to the Juvenile Diabetes Research Foundation

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I have a question for people who know the details in the bill.

 

I saw something about how this bill is increasing the size of the Earned Income Tax Credit from something like 500 to 1500. Is that right? But we won't see that until next year's filing?

 

And if this is true, is this bill running that through the next 10 years, or is it a one time thing?

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16 minutes ago, Chairslinger said:

I have a question for people who know the details in the bill.

 

I saw something about how this bill is increasing the size of the Earned Income Tax Credit from something like 500 to 1500. Is that right? But we won't see that until next year's filing?

 

And if this is true, is this bill running that through the next 10 years, or is it a one time thing?

 

This is the whole act: 

 

opengraph1200by630.jpg
WWW.CONGRESS.GOV

Text for H.R.1319 - 117th Congress (2021-2022): American Rescue Plan Act of 2021

 

It looks like it increases the income and phaseout amounts to be eligible and decreases the eligible age to 19:

 

“(4) INCREASE IN EARNED INCOME AND PHASEOUT AMOUNTS.—

“(A) IN GENERAL.—The table contained in subsection (b)(2)(A) shall be applied—

“(i) by substituting ‘$9,820’ for ‘$4,220’, and

“(ii) by substituting ‘$11,610’ for ‘$5,280’.

 

The provisions are temporary (1 year).

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26 minutes ago, sblfilms said:

My income tripled 2019 to 2020, and is on pace to do the same thing this year. I shouldn’t get a dime but because they use 2019 returns, I barely fall under the threshold for the full amount. 


I’ll be donating my Biden Bucks to the Juvenile Diabetes Research Foundation

Invest my money so I don’t gamble it way. 

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1 hour ago, sblfilms said:

My income tripled 2019 to 2020, and is on pace to do the same thing this year. I shouldn’t get a dime but because they use 2019 returns, I barely fall under the threshold for the full amount. 


I’ll be donating my Biden Bucks to the Juvenile Diabetes Research Foundation


If you tack on an extra $200 I’ll consider your debt settled (for now). 

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2 hours ago, sblfilms said:

My income tripled 2019 to 2020, and is on pace to do the same thing this year. I shouldn’t get a dime but because they use 2019 returns, I barely fall under the threshold for the full amount. 


I’ll be donating my Biden Bucks to the Juvenile Diabetes Research Foundation


send it to me, I’ll donate it for you 

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2 hours ago, Greatoneshere said:

So, in order to rush out the checks, apparently Biden's name won't be on it. I'm happy but not happy. :p Apparently they are planning a Biden campaign blitz on it though.

 

Might as well create a new department for future benefits.  People will be so happy to receive their money with checks that say "Bank of Biden" on it.

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