Maybe for some. It’s a simple math equation either way. If you owe $600 in back bills and you pay them off with this money then the next $600 you get can be spent on something else. The $600 payment puts hundreds of billions of extra dollars into the economy that wouldn’t otherwise be there otherwise. It’s how a stimulus works.
It depends where you live. In LA, that will cover maybe a third of monthly rent.
This time around your friends will get the full $600 when they file their 2020 taxes. The $600 is an advance on a tax credit for your 2020 tax return so if you don’t qualify due to your 2019 return you will be able to apply for the credit with your 2020 return. Not getting the money now when needed but it’s coming eventually.
$600 is $600. If they didn’t do it you would have $600 less to spend. The intent isn’t to pay your rent for months or years at a time.
Just remember where this $600 came from, the government just prints money out of thin air backed by nothing adding to our monstrous debt we can never repay. The house of cards will eventually fall so enjoy your $600 bucks while you can.
I don’t think you would unless you no longer qualify for the credit.Ah. And then someone like me who is getting roughly $300, will I be expected to pay that back when I file for 2020?
They can just keep it!
It’s $200B. There are several components of the last tax cut which will add 5X that to the national debt in the next 10 years without any actual need. A few of those provisions reversed out will easily pay for this. Many of the windfalls from that tax cut added nothing to the economy.
I just can't find any way to justify $600 being good news. There is too much suffering occurring right now, much of it is due to the government's failures. We can agree to disagree on this one.
I expect you said the same when millionaires got their massive tax breaks, right?
I don't see why not...many other countries managed to do that for their people.
There are other provisions in the bill for rent assistance for people in need, an extension of the moratorium on evictions, the extra $300 a week for Federal unemployment and extra money for SNAP to make sure people don‘t go hungry. The $600 checks are intended to stimulate the economy not make every person whole for all of their issues. The government can’t just cut checks large enough to pay everyone’s rent or mortgage for a year. 115 million households received checks last round. Not all of them need rent assistance or help from the government. Probably less than half.
The government can, they just choose not to help people that desperately need it. They prefer to help out (
) their millionaire friends.
The $1,200 stimulus checks from the Spring and the $600 additional checks being issued next week are really advances on a 2020 refundable tax credit. When you file your 2020 taxes there will be a section for this tax credit and most people will show they are eligible and received the advance so a net zero impact on their tax return. If you are eligible based on 2020 earnings but didn’t receive the checks because you didn’t qualify based on 2018 or 2019 earnings you will get the money when you file your 2020 tax return. This is a refundable tax credit so even if you earned zero in 2020 you would still get the $1,800 as a refund. It’s unfortunate that the timing worked out that some people needed the money sooner but they will at least be made whole once they file their taxes.
Correct, but if you are on the verge of losing your house, your electricity is about to be turned off, there are no Christmas presents for your kids and/or you don't know how you're going to feed your kids tomorrow, you don't give a rip that it's a tax credit. People needed help months ago and $600 is a slap in the face.