The [US Economy] thread--still NOT the COVID-19/US Politics thread

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  • HakkekageHakkekage Space Whore Academy summa cum laudeRegistered User regular
    Hakkekage wrote: »
    Bhow wrote: »
    Hakkekage wrote: »
    Senate passed the bill 96-0. Looking now at the "slush fund" language / oversight mechanisms (seems to be Title IV), just noting some things that jump out at me
    • SecTreas CAN WAIVE any of these terms "upon a determination that such waiver is necessary to protect the interests of the Federal Government" (ugh, vague discretionary grants of authority, is this an "intelligible principle") but if he does so he MUST submit to hearing before the House & Senate Banking Committees

    Does this give those committees any veto or corrective power, or can SecTreas show up (or not), spout racist conspiracies and claim exec priviledge?

    No. That would be unconstitutional (see INS v. Chadha)

    Standard congressional mechanisms control (subpoenas, information oversight / doc prod, discretionary use of contempt authority)

    Things we've established no longer matter

    SCOTUS has diligently worked at disarming congressional authority to overrule the discretionary acts it delegates to the administrative arms of the executive branch over the last 50 years, so unfortunately there's not really a lot more than can be done without blatantly violating separation of powers

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  • HamHamJHamHamJ Registered User regular
    Sleep wrote: »
    Also, if you're smart there's no actual reason this overnight cultural shift has to totally fuck everything up for you. We just have to do a few things and you can actually still turn profits and make working products. The big first one is you just have to rip the bandaid off, stop denying reality, and admit, "okay all of this is happening, and we're not going back to the before times", and then make a fuckin plan for the new normal. Figure out solutions to your new problems and act on them rather than insisting those problems will just magically go away and you won't have to change your operation. There's actually a bunch of potential here so long as you stop not responding to the crisis and the changes it forces directly.

    It's not a new normal. Society, at a basic level, just cannot function like this in the long term. So over investing in structural changes is a bad idea, you just need to keep things going well enough for a couple to a half dozen months.

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  • a5ehrena5ehren AtlantaRegistered User regular
    Eddy wrote: »
    Aioua wrote: »
    Disrupter wrote: »
    So I just read that the senate passed it but it says it raised the maximum UI by 600 not that it was adding 600

    Did Dems cave in this or was it just poorly worded?

    tbh that would make sense?

    UI that exceeded your previous income would be highly unusual... I really wouldn't expect the Republicans to pass that as some kind of backdoor stimulus.

    It's a flat $600 increase (Section 2014)

    More thots on relevant sections: 2101, 2104, 2107 (ctrl+f these numbers for easy reference)

    - Your UI is extended even if it has been exhausted (all the way back to until before July 1st 2019).
    - States cannot lower their base calculations for UI (that is, states can't cheat and lower UI to like $1 and just pay people the $600); this is the "non-reduction rule" that's in like every section
    - This $600 increase is not factored into Medicaid and CHIP levels, which is a relief because otherwise there could've been a good chunk of households in the dreaded Medicaid expansion gap
    - No waiting week; applicants will get money for that first week (usually there's a waiting period just in case you quickly move on to another job or something; NY has already waived this)

    I recommend other people read and double-check that because it's 2am and having to repeatedly read the non-reduction rule has made me remember why I hated law school

    Section 2201 starts the $1,200 check details

    I read 2201 and can't figure out how/if they will handle my 2020 baby.

    She hasn't been on an IRS tax form yet, so I assume that I won't get anything for her? But who knows. Maybe she'll get caught in the SSA round later on.

  • HefflingHeffling No Pic EverRegistered User regular
    Hakkekage wrote: »
    Senate passed the bill 96-0. Looking now at the "slush fund" language / oversight mechanisms (seems to be Title IV), just noting some things that jump out at me
    • $25bn loans set aside for airlines
    • SecTreas given discretion to set Loans terms & rates
    • Any business receiving loans is prohibited from stock buybacks or paying dividends for a year after, and has to maintain employees as of March 24 at least until Sept. 30 (they can reduce up to 10%; some wiggle room; the late start date also doesn't super help the millions laid off in the two weeks prior to March 24, but this is the big corp loan bucket)
    • SecTreas CAN WAIVE any of these terms "upon a determination that such waiver is necessary to protect the interests of the Federal Government" (ugh, vague discretionary grants of authority, is this an "intelligible principle") but if he does so he MUST submit to hearing before the House & Senate Banking Committees
    • Loans are available to mid-sized businesses (incl nonprofits) who will maintain at least 90% employment & restore workforce all the way back to Feb 1, also until Sept 30 (that's p good); restrictions on stock buybacks & dividends, and also not offshoring jobs or messing with collective bargaining/union agreements for 2 yrs after the loan is repaid
    • Loan forgiveness is prohibited (can't turn the loan into a gift)
    • Cap on highly-paid execs getting paid/severance
    • Special Inspector General for Pandemic Recovery created within the Treasury Dept., appointed by Pres + Senate Confirmation, some restrictions on expertise * nonpartisan affiliation, standard IG removal restrictions,
    • SIG Supervises loans & tracks SecTreas' loan activities, including in report a justification for each loan/decision made.
    • SIG is entitled to any information demanded from any agency (limited to extent practicable); if refused, SIG must report the refusal to Congress right away
    • SIG will make regular quarterly reports to Congress and gets $25m to set up the office. SIG in place for 5 years
    • Conflict of Interest provision: No business where a member of the Pres' family (or VP, Exec officer, or congresscritter; extends to spouses, children, and daughter/son-in-laws, KUSHNER) owns >20% stock eligible for any of the loans
    • Congressional Oversight Commission: Will make regular reports of SecTreas' activities. Made up of 5 members, 4 appointed by maj/min leaders of House & Senate, and one that McConnell and Pelosi agree on, fucking somehow. Exists for 5 years. Can demand any info from any agency "as necessary" to do its job.

    That's as far as I got, I got other things to do. It's not much of a "stick" incentive to not just give $$ away to your best corporate friends, but the two layers of oversight (Congress, SIG) obligated to make regular reports is...something. unfortunately don't think there is any constitutional way to avoid the SIG needing to be appointed by & approved by he Senate, so the biggest danger is that, in keeping with the President's venality, he appoints a hack. Dems don't control the Senate so that's bad, but even worse is, what if the Senate can't MEET or VOTE on the SIG's confirmation because there is no remote voting and they all just fled DC??

    Thanks for the review and summary! It's a huge help.

    If a movement doesn't have someone that can sit down opposite those in a position of power and strike a deal, how can that movement achieve success?
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  • PhillisherePhillishere Registered User regular
    HamHamJ wrote: »
    Sleep wrote: »
    Also, if you're smart there's no actual reason this overnight cultural shift has to totally fuck everything up for you. We just have to do a few things and you can actually still turn profits and make working products. The big first one is you just have to rip the bandaid off, stop denying reality, and admit, "okay all of this is happening, and we're not going back to the before times", and then make a fuckin plan for the new normal. Figure out solutions to your new problems and act on them rather than insisting those problems will just magically go away and you won't have to change your operation. There's actually a bunch of potential here so long as you stop not responding to the crisis and the changes it forces directly.

    It's not a new normal. Society, at a basic level, just cannot function like this in the long term. So over investing in structural changes is a bad idea, you just need to keep things going well enough for a couple to a half dozen months.

    It's absolutely a new normal. We are all soft-pedaling this now, but an increase in epidemics has been in the forecast for climate change since at least the '90s. We are going to have multiple waves like this, and we are going to have to reconfigure our society to deal with them.

    That doesn't mean turning into Mad Max. You just have to look at Southeast Asia, where this has been their new normal for a couple decades now.

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  • MazzyxMazzyx Comedy Gold Registered User regular
    Calculate how much you’ll get from the $1,200 (or more) coronavirus checks

    For folks curious on how much you will get. Remember it is per person. In a joint filling I would estimate at half of your filing since it is $150,000 for joint filers.

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    zepherin
  • enc0reenc0re Registered User regular
    Mazzyx wrote: »
    Calculate how much you’ll get from the $1,200 (or more) coronavirus checks

    For folks curious on how much you will get. Remember it is per person. In a joint filling I would estimate at half of your filing since it is $150,000 for joint filers.

    The calculator actually has an option for "married" etc, so it's safe to just use that. Look at line 7 of your 2018 tax return for your AGI. Do we know how they are going to send them out? Using 2018 tax return mailing addresses might lead to people having to chase down their checks. I would assume there will be some kind of form to update your address if it has changed since last year.

  • HacksawHacksaw J. Duggan Esq. Wrestler at LawRegistered User regular
    I'm noticing a lot of stocks belonging to tech companies who provide or facilitate WFM software are way up this week. Not to suggest that the market is coming back, but uhhhhh this feels like one hell of a bump right now.

    And also maybe a good time to dump my portfolio while it's back in the green...

  • MazzyxMazzyx Comedy Gold Registered User regular
    enc0re wrote: »
    Mazzyx wrote: »
    Calculate how much you’ll get from the $1,200 (or more) coronavirus checks

    For folks curious on how much you will get. Remember it is per person. In a joint filling I would estimate at half of your filing since it is $150,000 for joint filers.

    The calculator actually has an option for "married" etc, so it's safe to just use that. Look at line 7 of your 2018 tax return for your AGI. Do we know how they are going to send them out? Using 2018 tax return mailing addresses might lead to people having to chase down their checks. I would assume there will be some kind of form to update your address if it has changed since last year.

    A few weeks. If you have filed for 2019 they will use that address. They only use 2018 if you have not filed your taxes yet.

    03x29di.png
    moniker
  • monikermoniker Registered User regular
    Mazzyx wrote: »
    enc0re wrote: »
    Mazzyx wrote: »
    Calculate how much you’ll get from the $1,200 (or more) coronavirus checks

    For folks curious on how much you will get. Remember it is per person. In a joint filling I would estimate at half of your filing since it is $150,000 for joint filers.

    The calculator actually has an option for "married" etc, so it's safe to just use that. Look at line 7 of your 2018 tax return for your AGI. Do we know how they are going to send them out? Using 2018 tax return mailing addresses might lead to people having to chase down their checks. I would assume there will be some kind of form to update your address if it has changed since last year.

    A few weeks. If you have filed for 2019 they will use that address. They only use 2018 if you have not filed your taxes yet.

    Also, direct deposit.

    MazzyxHakkekageFencingsax
  • The Dude With HerpesThe Dude With Herpes Registered User regular
    Sorry if this has been asked/answered, but in an earlier draft of the bill, before Democrats were allowed to participate, the "stimulus" checks were basically tax refund advances. I.E. money you'll get now, but will lose later by reducing next years return. Like the "stimulus" check Bush sent out way back when.

    Did that change? Is it now just an actual stimulus, or is it still just a forward on money that's already yours?

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  • MazzyxMazzyx Comedy Gold Registered User regular
    Sorry if this has been asked/answered, but in an earlier draft of the bill, before Democrats were allowed to participate, the "stimulus" checks were basically tax refund advances. I.E. money you'll get now, but will lose later by reducing next years return. Like the "stimulus" check Bush sent out way back when.

    Did that change? Is it now just an actual stimulus, or is it still just a forward on money that's already yours?

    Everything I have read it is a straight stimulus check.

    03x29di.png
    monikerDuke 2.0EncMoridin889
  • XaquinXaquin Right behind you!Registered User regular
    Sorry if this has been asked/answered, but in an earlier draft of the bill, before Democrats were allowed to participate, the "stimulus" checks were basically tax refund advances. I.E. money you'll get now, but will lose later by reducing next years return. Like the "stimulus" check Bush sent out way back when.

    Did that change? Is it now just an actual stimulus, or is it still just a forward on money that's already yours?

    I'd imagine since they're sending it to people who have already filed it's an actual stimulus

  • enc0reenc0re Registered User regular
    moniker wrote: »
    Mazzyx wrote: »
    enc0re wrote: »
    Mazzyx wrote: »
    Calculate how much you’ll get from the $1,200 (or more) coronavirus checks

    For folks curious on how much you will get. Remember it is per person. In a joint filling I would estimate at half of your filing since it is $150,000 for joint filers.

    The calculator actually has an option for "married" etc, so it's safe to just use that. Look at line 7 of your 2018 tax return for your AGI. Do we know how they are going to send them out? Using 2018 tax return mailing addresses might lead to people having to chase down their checks. I would assume there will be some kind of form to update your address if it has changed since last year.

    A few weeks. If you have filed for 2019 they will use that address. They only use 2018 if you have not filed your taxes yet.

    Also, direct deposit.

    Are they considering direct deposit? I fully expect checks only.

  • MazzyxMazzyx Comedy Gold Registered User regular
    edited March 26
    enc0re wrote: »
    moniker wrote: »
    Mazzyx wrote: »
    enc0re wrote: »
    Mazzyx wrote: »
    Calculate how much you’ll get from the $1,200 (or more) coronavirus checks

    For folks curious on how much you will get. Remember it is per person. In a joint filling I would estimate at half of your filing since it is $150,000 for joint filers.

    The calculator actually has an option for "married" etc, so it's safe to just use that. Look at line 7 of your 2018 tax return for your AGI. Do we know how they are going to send them out? Using 2018 tax return mailing addresses might lead to people having to chase down their checks. I would assume there will be some kind of form to update your address if it has changed since last year.

    A few weeks. If you have filed for 2019 they will use that address. They only use 2018 if you have not filed your taxes yet.

    Also, direct deposit.

    Are they considering direct deposit? I fully expect checks only.

    They said it will be sent the same way your last return was sent basically. So if you have direct deposit it will be direct deposit to that account.

    Edit:

    From the WashPo calculator above.
    Bipartisan legislation passed by the Senate on Wednesday evening — which still must be passed by the House — would provide $1,200 payments to adults with annual incomes up to $75,000, plus another $500 per child. Some Americans earning more over $75,000 would also receive money if they meet certain qualifications outlined below. For most Americans, the money is likely to arrive in April via direct deposit. Mailed checks may take longer.

    Mazzyx on
    03x29di.png
    BlackDragon480HakkekagemonikerEnc
  • HakkekageHakkekage Space Whore Academy summa cum laudeRegistered User regular
    Mazzyx wrote: »
    enc0re wrote: »
    moniker wrote: »
    Mazzyx wrote: »
    enc0re wrote: »
    Mazzyx wrote: »
    Calculate how much you’ll get from the $1,200 (or more) coronavirus checks

    For folks curious on how much you will get. Remember it is per person. In a joint filling I would estimate at half of your filing since it is $150,000 for joint filers.

    The calculator actually has an option for "married" etc, so it's safe to just use that. Look at line 7 of your 2018 tax return for your AGI. Do we know how they are going to send them out? Using 2018 tax return mailing addresses might lead to people having to chase down their checks. I would assume there will be some kind of form to update your address if it has changed since last year.

    A few weeks. If you have filed for 2019 they will use that address. They only use 2018 if you have not filed your taxes yet.

    Also, direct deposit.

    Are they considering direct deposit? I fully expect checks only.

    They said it will be sent the same way your last return was sent basically. So if you have direct deposit it will be direct deposit to that account.

    Edit:

    From the WashPo calculator above.
    Bipartisan legislation passed by the Senate on Wednesday evening — which still must be passed by the House — would provide $1,200 payments to adults with annual incomes up to $75,000, plus another $500 per child. Some Americans earning more over $75,000 would also receive money if they meet certain qualifications outlined below. For most Americans, the money is likely to arrive in April via direct deposit. Mailed checks may take longer.

    If you haven't filed for 2019 yet file so the IRS has your direct deposit info and delays are minimized

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  • So It GoesSo It Goes We keep moving...Registered User regular
    Hakkekage wrote: »
    SIG could still be appointed so all is not yet lost folks

    IN PLACE OF A DARK LORD YOU SHALL HAVE A QUEEN
    1da16bd68321f5ae7c8681fb49826c94efbf5121.jpg


    I mean uh yeah I'll totally be fair

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  • HydropoloHydropolo Registered User regular
    So, things I've read (including the bill) indicate that the payments are tax credits against 2020 taxes? Does that mean if I'm prone to decent sized returns I'm possibly going to see reduced returns (And thus should do everything I can early on to reduce my return?) or is it just a clever way to say it's not 'technically' a handout?

  • monikermoniker Registered User regular
    Mazzyx wrote: »
    Sorry if this has been asked/answered, but in an earlier draft of the bill, before Democrats were allowed to participate, the "stimulus" checks were basically tax refund advances. I.E. money you'll get now, but will lose later by reducing next years return. Like the "stimulus" check Bush sent out way back when.

    Did that change? Is it now just an actual stimulus, or is it still just a forward on money that's already yours?

    Everything I have read it is a straight stimulus check.

    Yeah, I haven't seen any reporting saying otherwise. It would still count as income, so you might wind up getting ~15% of it clawed back in taxes next year, but that's still $2k for a married couple.

    Gnome-InterruptusMartini_Philosopher
  • Styrofoam SammichStyrofoam Sammich WANT. 5386-8443-8937Registered User regular
    Making it taxable is suitably insane.

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  • enc0reenc0re Registered User regular
    Hakkekage wrote: »
    Mazzyx wrote: »
    enc0re wrote: »
    moniker wrote: »
    Mazzyx wrote: »
    enc0re wrote: »
    Mazzyx wrote: »
    Calculate how much you’ll get from the $1,200 (or more) coronavirus checks

    For folks curious on how much you will get. Remember it is per person. In a joint filling I would estimate at half of your filing since it is $150,000 for joint filers.

    The calculator actually has an option for "married" etc, so it's safe to just use that. Look at line 7 of your 2018 tax return for your AGI. Do we know how they are going to send them out? Using 2018 tax return mailing addresses might lead to people having to chase down their checks. I would assume there will be some kind of form to update your address if it has changed since last year.

    A few weeks. If you have filed for 2019 they will use that address. They only use 2018 if you have not filed your taxes yet.

    Also, direct deposit.

    Are they considering direct deposit? I fully expect checks only.

    They said it will be sent the same way your last return was sent basically. So if you have direct deposit it will be direct deposit to that account.

    Edit:

    From the WashPo calculator above.
    Bipartisan legislation passed by the Senate on Wednesday evening — which still must be passed by the House — would provide $1,200 payments to adults with annual incomes up to $75,000, plus another $500 per child. Some Americans earning more over $75,000 would also receive money if they meet certain qualifications outlined below. For most Americans, the money is likely to arrive in April via direct deposit. Mailed checks may take longer.

    If you haven't filed for 2019 yet file so the IRS has your direct deposit info and delays are minimized

    I’m glad I haven’t filed yet! Check would be smaller if they used our 2019 AGI.

  • GundiGundi Serious Bismuth Registered User regular
    I feel like the whole economic lockdown would be a good indicator that maybe an economy where large swaths of the population live constantly in a situation where they're merely days or at most weeks away from becoming insolvent is a bad thing. Or how corporations and financial who determine the economic prosperity of the majority of the populace are infuriatingly cavalier in using other people's money to fuel short "growth" while doing all they can insulate themselves and place all the financial risk and hardship on the people least responsible. And how that's a bad thing.

    Republicans: "But no actually."

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  • Captain InertiaCaptain Inertia Registered User regular
    Why limit who gets it if you’re going to make it taxable

  • monikermoniker Registered User regular
    Making it taxable is suitably insane.

    To be clear I don't know for sure if it is, but I wouldn't be surprised.

  • JavenJaven Registered User regular
    The ‘refund advance’ thing was a holdover from the original Senate version of the bill. Originally the phase out was ‘everyone gets a payment, but if you make over X then Y is treated as a refund advance and taken out of next years returns.

  • HeirHeir Registered User regular
    Hacksaw wrote: »
    I'm noticing a lot of stocks belonging to tech companies who provide or facilitate WFM software are way up this week. Not to suggest that the market is coming back, but uhhhhh this feels like one hell of a bump right now.

    And also maybe a good time to dump my portfolio while it's back in the green...

    So a fun little anecdote related to this.

    Zoom Video Communications, Inc. (ZM) is a video conferencing tool. They've done quite well throughout this ordeal, more than doubling in stock price YTD.

    Zoom Technologies (Zoom) is a largely defunct company that had its heyday during the dotcom bubble. Since people are confusing the two companies, investors, thinking they were buying Zoom Video Communications would search for the "zoom" ticker symbol and buy buy buy. Which lead to a basically dead company to have a stock price increase 20x for a bit. Thankfully the SEC halted trading in Zoom Technologies.. Always check your stock symbol folks!

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  • MorganVMorganV Registered User regular
    Gundi wrote: »
    I feel like the whole economic lockdown would be a good indicator that maybe an economy where large swaths of the population live constantly in a situation where they're merely days or at most weeks away from becoming insolvent is a bad thing. Or how corporations and financial who determine the economic prosperity of the majority of the populace are infuriatingly cavalier in using other people's money to fuel short "growth" while doing all they can insulate themselves and place all the financial risk and hardship on the people least responsible. And how that's a bad thing.

    Republicans: "But no actually."

    Because if people could just up and tell their boss to go fuck themselves when they're treated poorly, knowing that they've got a strong safety net, and some decent nest egg capital, then they might not want to work for pennies on the dollar regarding their productivity.

    It's the reason why despite several periods of near no unemployment, wages haven't risen. Same argument for keeping healthcare chained to employment.

    Keeping the masses chained to their desks by the threat of poverty as the other alternative, is a feature of the current corporate capitalist worldview.

    Don't get me wrong, I'm no socialist/communist. But I do believe it's the government's responsibility to regulate businesses in a way that keeps the economy moving, but doesn't completely screw the electorate.

    L Ron HowardGiggles_FunsworthIncenjucarTuminTicaldfjamDuke 2.0Commander ZoomNobeardGnome-InterruptusGimthatassemblyguyBullheadMatevLord_AsmodeusForarSmrtnikMrVyngaardMoridin889HefflingJaysonFourLucedesemp123
  • IncenjucarIncenjucar Audio Game Developer Seattle, WARegistered User regular
    Heir wrote: »
    Hacksaw wrote: »
    I'm noticing a lot of stocks belonging to tech companies who provide or facilitate WFM software are way up this week. Not to suggest that the market is coming back, but uhhhhh this feels like one hell of a bump right now.

    And also maybe a good time to dump my portfolio while it's back in the green...

    So a fun little anecdote related to this.

    Zoom Video Communications, Inc. (ZM) is a video conferencing tool. They've done quite well throughout this ordeal, more than doubling in stock price YTD.

    Zoom Technologies (Zoom) is a largely defunct company that had its heyday during the dotcom bubble. Since people are confusing the two companies, investors, thinking they were buying Zoom Video Communications would search for the "zoom" ticker symbol and buy buy buy. Which lead to a basically dead company to have a stock price increase 20x for a bit. Thankfully the SEC halted trading in Zoom Technologies.. Always check your stock symbol folks!

    Everything about the stock market is just so dumb. :(

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  • shrykeshryke Member of the Beast Registered User regular
    edited March 26
    MorganV wrote: »
    Gundi wrote: »
    I feel like the whole economic lockdown would be a good indicator that maybe an economy where large swaths of the population live constantly in a situation where they're merely days or at most weeks away from becoming insolvent is a bad thing. Or how corporations and financial who determine the economic prosperity of the majority of the populace are infuriatingly cavalier in using other people's money to fuel short "growth" while doing all they can insulate themselves and place all the financial risk and hardship on the people least responsible. And how that's a bad thing.

    Republicans: "But no actually."

    Because if people could just up and tell their boss to go fuck themselves when they're treated poorly, knowing that they've got a strong safety net, and some decent nest egg capital, then they might not want to work for pennies on the dollar regarding their productivity.

    It's the reason why despite several periods of near no unemployment, wages haven't risen. Same argument for keeping healthcare chained to employment.

    Keeping the masses chained to their desks by the threat of poverty as the other alternative, is a feature of the current corporate capitalist worldview.

    Don't get me wrong, I'm no socialist/communist. But I do believe it's the government's responsibility to regulate businesses in a way that keeps the economy moving, but doesn't completely screw the electorate.

    Mostly they just don't want to raise wages because that would mean paying out more money. And that lack of rising wages, along with the rise in two-income or single-parent households and various other factors like that, lead to a lack of any sort of savings to deal with these kind of issues as a consequence they just couldn't give a shit about.

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  • MillMill Registered User regular
    Quick question, did they make sure the fucking ghouls under DeVos in Dept. of Education, can't have the treasury deny people part or all the money, if they have outstanding student loans? Does this also cover people that were unemployed before the pandemic?

    JaysonFour
  • HozHoz Cool Cat Registered User regular
    What is the timing of these unemployment benefits? Is there a window for the coverage? Like, if I lose my job three months from now will I get less overall benefits than if I lose it now?

  • Metzger MeisterMetzger Meister Registered User regular
    They extended this year's tax filing date, correct? Would I still be able to file and get my new address information in to the IRS?

  • MazzyxMazzyx Comedy Gold Registered User regular
    They extended this year's tax filing date, correct? Would I still be able to file and get my new address information in to the IRS?

    If you file now it is based on that filing. The extended the file day but you can file early. I filed in February.

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  • HacksawHacksaw J. Duggan Esq. Wrestler at LawRegistered User regular
    Incenjucar wrote: »
    Heir wrote: »
    Hacksaw wrote: »
    I'm noticing a lot of stocks belonging to tech companies who provide or facilitate WFM software are way up this week. Not to suggest that the market is coming back, but uhhhhh this feels like one hell of a bump right now.

    And also maybe a good time to dump my portfolio while it's back in the green...

    So a fun little anecdote related to this.

    Zoom Video Communications, Inc. (ZM) is a video conferencing tool. They've done quite well throughout this ordeal, more than doubling in stock price YTD.

    Zoom Technologies (Zoom) is a largely defunct company that had its heyday during the dotcom bubble. Since people are confusing the two companies, investors, thinking they were buying Zoom Video Communications would search for the "zoom" ticker symbol and buy buy buy. Which lead to a basically dead company to have a stock price increase 20x for a bit. Thankfully the SEC halted trading in Zoom Technologies.. Always check your stock symbol folks!

    Everything about the stock market is just so dumb. :(

    I dumped all my stocks that were back up to or near pre-crash levels; I have a feeling this is only a temporary market boost in the face of a downward trend.

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  • XaquinXaquin Right behind you!Registered User regular
    did we ever find out if the $1200 is an actual stimulus or just a loan put against next years taxes?

  • OghulkOghulk biggest externality low-energy economistRegistered User regular
    It makes sense to have the stimulus check be taxable if there's the expectation that by next year things will be back to normal (including the economy). I doubt that.

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  • XaquinXaquin Right behind you!Registered User regular
    edited March 26
    Oghulk wrote: »
    It makes sense to have the stimulus check be taxable if there's the expectation that by next year things will be back to normal (including the economy). I doubt that.

    I said that wrong I think

    I mean say I get $2,000 back on taxes for year 2020. Will I only get $800 now because they're fronting me $1200?

    Xaquin on
  • ElJeffeElJeffe Moderator, ClubPA mod
    I'm curious what happens if your previous year's taxes were submitted via direct deposit to a bank account you've since closed.

    I imagine something like the deposit can't go through and they stick you in a queue and I'll receive a check sometime in 2021.

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  • Metzger MeisterMetzger Meister Registered User regular
    Mazzyx wrote: »
    They extended this year's tax filing date, correct? Would I still be able to file and get my new address information in to the IRS?

    If you file now it is based on that filing. The extended the file day but you can file early. I filed in February.

    I knoooowww I kept meaning to but it just kinda slipped my mind. Still, better get that done. Luckily I can do the IRS like EZ file thing or whatever so there's that at least.

  • OghulkOghulk biggest externality low-energy economistRegistered User regular
    Xaquin wrote: »
    Oghulk wrote: »
    It makes sense to have the stimulus check be taxable if there's the expectation that by next year things will be back to normal (including the economy). I doubt that.

    I said that wrong I think

    I mean say I get $2,000 back on taxes for year 2020. Will I only get $800 now because they're fronting me $1200?

    No. The $1,200 will count as taxable income. Next year (2021) when you file taxes for 2020 if you were to receive $2,000 back on taxes you would receive something <$2,000 but not $1,200 less. Say you're in the bracket where you don't owe anything (<$13,000 or so) and that $1,200 is added you'd probably still not owe anything, and if you did it would be miniscule. Running through my tax liability I would've owed an additional $20 bucks or so on the additional income, so my tax return would've been $20 less.

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