Well, the good news. We MAY get an “ADVANCED TAX REFUND” from the government…but let’s first credit the fellow in our Comment Section for finding this buried in the bowels of this Bill:
I am no lawyer but pulled this from a copy of the bill.
Starts on page 144 of 883. Very difficult to read but sounds like they are treating it as a credit for 2020 taxes but making an advanced payment to taxpayers of record from 2018/2019. I may have this all mixed up. Let me know if I am wrong….but gently. haha
ADVANCE REFUND AMOUNT
.—For purposes of paragraph (1), the advance refund amount
is the amount that would have been allowed as a credit under this section for such taxable year if this
section (other than subsection (e) and this sub-section) had applied to such taxable year
DELIVERY OF PAYMENTS
.—Notwithstanding any other provision of law, the Secretary may certify and disburse refunds payable
under this subsection electronically to any account to which the payee authorized, on or after January 1, 2018, the delivery of a refund of taxes under this title or of a Federal payment…”
Great find – and our Thanks!
Now to the discussion of mechanics.
The government is NOT giving you “free money.” Instead, they are assuming you will owe federal income tax (for the current tax year, 2020) and they will put into effect a “tax credit” of the $1,200 or $2,400 (MFJ) amount that has been kicked around.
Of course, this comes with its own set of problems, not the least of which is how people who have changed accounts and banks will be dealt with.
Now let’s talk about the tax rates for 2020 and see how they compared to 2019:
Let’s take the married filing jointly couple with $100,000. In tax year (TY) 2019 they would pay 22% and the same holds next year. There’s a small impact from “indexing” due to inflation.
So where comes the money, right?
But, come next year at Tax Time (April 15,2021) and you expect to get a tax credit for the provisions in the bill passed last night? You will (again as we’re trying to understand the hidden bill) expect to see money land in the account you used (if filing and receiving an electronic refund) in however long it takes for this to work its way through the paperwork processes in D.C.
Thanks to all who contributed to the research…still not impressed with the public policy wonks on this. One reason to do it this way? Makes it look like what it really is: “Advanced Refund.” Instead of a simper “handout.”
Effectively, it’s a tax break. Sheesh!
Now/…why all the other PORK in this thing? No bill to read means no phone calls. And the Adventures of the Deep State continue.
Advance Refund? Horrible.
Yes, I arrived at about the same conclusion, which is if you Pay Taxes (make money) your will receive some $$ in some fashion. BUT, if your tax bill is at $0 then you receive zero, zip, nada which will affect low income retirees. Prices will rise and the Old Folks will be sucking hind tit – -again.
Oh well, I still have some sipping quality rum! Cheers.
Not to mention the to poor to survive..
Or worse… they WILL give the money to us who owe no taxes… and then expect us to give it all back when we file our taxes next year! Like what happened the last time we got ‘stimulus’ money!
Does’nt [enter tax filing service name here] provide IRS tax refund loans? How do you expect to get any sort of refund for payroll taxes if you are out of a job? This wont end well…
The PTB have pulled the plug on the whole world . People all out of work here, banks drive thru only, Stores almost out of supplies,Freezers,washing machines all sold out say they can’t get any more. It is the end game, best video I have found on youtube explaining everything worth your time to watch It’s called Quarantiranny (We’re living in 12 monkeys) https://www.youtube.com/watch?v=5CCVUc5ZMZo
i was just driving.. six tanker trucks.. and one panel truck delivering supplies.. where in normal traffic you will see a panel truck every half mile or closer.. no traffic..
Yep it sure strange the son stop at Dollar Store to pick up a couple of things,see the local PD walking back and forth across the parking space,ask a clerk inside what he knew about the P.D. casing the parking area, she said people were stealing things out of other people carts as they were going to their cars.Guess its just a sign of the times or the down fall of sociality if that’s what you want to call it.!!!!
I live near I65 in Ky. and truck traffic is normal, heavy at times. We are in quarantine for the last 2 weeks, but have no trouble getting deliveries from fed x. I have been told the stores are well stocked. I know people who are going shopping whenever they need supplies. I live on a farm and plan to quarantine until there is a vaccine. I saw this coming and supplied before the rush. Unless we have a emergency we are here for the long haul.
https://gisanddata.maps.arcgis.com/apps/opsdashboard/index.html#/bda7594740fd40299423467b48e9ecf6
http://hisz.rsoe.hu/alertmap/index2.php
https://www.who.int/emergencies/diseases/novel-coronavirus-2019
I have been predicting The Second American Civil War for a long time. I think I got it wrong.
Some personal observations yesterday and some recent public comments by politicians made me realize that what is coming is The Second Revolution.
“The supporting common people will rise up… the way realms will have been weakened by those of the Orient…”
https://theageofdesolation.com/nostradamus/index.php/2020/03/25/let-them-eat-coronavirus/
Stu, you’re right, on terminology (I hope you’re wrong on your translation, but I fear you’re not.) Consider many British history books still call our “Revolutionary War,” a “civil war” or “the War of the Revolt.”
A “civil war,” by definition, IS a revolt…
G. A. Stewart – Don’t give up too soon on your Civil War II. It might still come first. This topic was discussed in Feb 2009 and B-HO’s first real staff meeting (without media, etc). His goals and plans were obviously going to crash the US economically, and when his Cabinet pointed out to him a crash would most likely trigger a Revolution, B-HO’s reply was “then give me a plan to neutralize the Revolution.
Historically the only way to neutralize a Revolution is to start a Civil War. Which was the Plan presented to B-HO, and seems to have been set in motion. If you’ll note the “divide and conquer” strategy has been on steroids since 2008. Society has been sliced and diced to the point where LGB turned into LGBT-QPB and we’ve acquired several dozen gender identities. That’s just one example, but even now we are headed for cascading levels of entitlements, such as: a minority, handicapped, transgender, illegal immigrant who is pregnant and escaped from forced gender reassignment surgery and caught aids from the doctor — will get the closest parking spot to the front door.
The point is we don’t have a segment of society that is big enough or strong enough to challenge the authority of the government. No doubt we’ll have civil unrest, food riots, rebellions, etc., but who has the horsepower to rise up?
It won’t be all that difficult to transform the Corona Virus and subsequent economic collapse-triggered-a-famine into another Narrative that blames the “haves” for the “have not’s” hunger and misery. I kind of expected that to start next month when the grocery stores start to run bare to the point of food riots.
Actually, that would be quite easy relative to the dial a yield features in the Corona Virus. One tiny mutation and it suddenly changes its affinity for something much more skin color related. I’ll shut up here though, as I don’t want to make it too easy!
Deeper thinking on what’s coming after next week still brings to mind more oppressive controls and travel restrictions in April and beyond. Then Civil War. Then a Big War, and then Revolution. With a heavy dose of earthquakes and meteor storms and weather extremes sprinkled in for good measure. LoL – that’s my optimistic perspective!
My biggest point of all is that Corona Virus is a “CoA.” That means Course of Action in a strategic plan that involves a dozen or more phases. This was just the opening phase of a plan to install a one-world government and global banking system. Predicted and Prophesied from many sources over the years. Including the Horse’s Mouth!
If you haven’t perused Mr. Stewart’s site yet, I highly recommend it. I’ve had a fascination with Nostradamus and Cayce for quite some time. I honestly believe he’s done more to advance the understanding of Nostradamus’ writings than anybody in the last 50 years. Even bought the book, and I NEVER do that sort of thing off these sort of websites.
Just Sayin’
Hi, Stu, thanks for all you do. I documented my dream with George on Thanksgiving day, 2009 where China and Russia would drop the dollar as the world reserve currency. I introduced you both via email. I wrote it up in George’s dream site also, but his site went down and lost the clearest details. I had a very strange dream about 5 years ago. All American Airlines flights were grounded and facing ine direction, only one plane faced the opposite direction.
Even up here in the middle of no where Canada, a huge number of our business is closed. Grocery stores are out of many staples. Signs are out front as you enter to list what is not available.
Meat, rice, salt (yes salt) and other essentials are being rationed. If you needed toilet paper, bleach and the like, you are sweet out of luck. There is none to be found and they don’t seem to be getting any new shipments. Those of us who stocked up over the years are fine. Others are not. The worst part is government telling people that things needed to be shut for a 14 day period and then it would be looked at again. People believe that it will be fixed that quick and
didn’t take this seriously. When they find out it will be months, I’m not sure what will happen.
Courtesy of the porkers in congress, Trump will be the recycled Hoover. These people couldn’t see past the dollar signs for whatever pet projects they have in the piplines to help the bottom feeders, whom I might add are the ones who keep it all going. Politicians aren’t the heartbeat of the US economy, all those little guys without the cushy retirement and special health plans are. The Senate has lost all concept of who they really work for, don’t have a clue what it’s like to be at the bottom, and are out of touch & out of their minds. I can’t put my finger on if this is actually a replay of the Depression or the French Revolution, tbh.
If the retired that don’t get any part of the loot. We contact all the low and no income people to not vote for anyone in office at this time, .The percentage of those against the incumbents may be great enough to get a few out on the street
It’s been a little while since my tax classes, but I as I remember, a tax credit means they treat it as taxes you’ve paid. (For contrast, a tax deduction, lowers your taxable income by the amount of the deduction; so a tax credit is worth the exact amount of the credit in tax savings, while a deduction is worth the amount of the deduction * your marginal tax rate.) So when you are filing and have a tax credit, like EITC for example, it’s treated as money you’ve already paid in taxes, and since you didn’t owe it (unless you had something else that created an additional lax liability for which nothing was withheld), they send it to you in the refund. I think this is really just how they are structuring it, not some nefarious liability they are putting on you for taking it. They call it a tax credit for 2020, and rather than wait for you to file your taxes to send it to you in a refund, they send it now.
Good point.
The way I read it, and I’m not lawyer nor did I stay at a Holiday Inn Express last night, was that it would be an “advance” on your next year’s tax refund. Again, I’m probably wrong since I don’t speak legalize at all.
Just Sayin, yes, it is an advance on next year’s refund in that the legislation is written affecting the current tax year, but it is an advance on the refund with the newly created tax credit that should have no other impact on your final refund for FY 2020. Making it a tax credit means it’s *not* taxable income, it means it *shouldn’t* affect your final taxable income for 2020. Unless there is something else screwy in there, some “clawback” provision that hasn’t been discussed, by making it a newly created tax credit for 2020, it is *not* an advance on your normal tax refund when you file in 2021. It’s just the way they write these things. I went to school for accounting, while tax law often seems stupid for a layperson, there is usually a reason it’s written the way it is.
If I don’t get any free cash, I will be EVEN-STEVEN, my life story, so it can’t be all bad. Money put in one hand, & then taken back by the other hand. $2,400 – $2,400 = EVEN STEVEN.
PS: EVEN STEVEN is the meaty part of the BELL CURVE.
Hahah “the meaty part of the bell curve”
ROFL
EVEN STEVEN FOR YOU….MILLIONS FOR EACH POLITICIAN
I don’t want to start a run on Teter Hangups, but…
ISTM the actual mechanism by which COVID-19 kills is it drowns its victim, via a flood of phlegm and blood in the lungs, caused essentially by a cytokine storm.
Would adding a mucolytic agent to a drug regimen, PLUS hanging partially (or fully) inverted, make one’s lungs drain faster than they fill, thus mitigating the risk of drowning and seriously cutting the mortality rate…?
As an aside, I searched “Usnea” on Amazon last night. I generally pay about $12/oz or make my own (it is a common tree lichen, and yes, it’s in my stock.) I saw prices from ~$27oz to over $160oz, but what was really interesting to me was, as I was watching the search results page, the tincture bottles were going from {whatever the listed price was} to “out of stock” nearly as fast as I could scroll down and refresh (and yes, that includes the $161 bottle.)
–Simply amazing!
So no money until next year at tax time?
If they send you the money now, you won’t get the deduction as a tax credit next year.
Looking at the J-H map, I notice a serious lack of infections in Russia and Central Australia, but not really anywhere else (yes, there are places in South America and Africa where infections are several hundred miles apart.)
What I infer from this is: Where people travel, people become infected; where they don’t, they don’t…
Agreed, but America is not based on the ‘stay in your village’ model. I just came back from Publix here in FL, and that place was worse then a pre-hurricane here in FL! Looked like Old Mother Hubbard’s empty shelves. The supply chains are breaking down, and we don’t have months. I will say that I am healthy, have always been healthy, and will always be healthy. I am not going to let Dr. Fauchi or some other goon from NIH scare me into wanting to shut down an economy. Yes, older and immunocompromised people will die, as they always have, and the healthy will survive, as we always have (I am in my 60’s).
There is something surreal about watching the Dow rally 1200 points on a day and then seeing empty shelves in grocery story about an hour ago. In psychology, this is called Cognative Dissonance.
The Force grows darker and the lines between “us” and “them” grow more defined.
These “goons” are trying to save lives, not make money. Enjoy your health, family, and friends while you still have them.
And where there is public transport for the masses, there are mass Covid-19 casualties.
“Subtitle B–Rebates andOther Individual ProvisionsSection 2201.
2020 recovery rebates for individualsAll U.S. residents with adjusted gross income up to $75,000 ($150,000 married), who are not a dependent of another taxpayer and have a work eligible social security number, are eligible for the full $1,200 ($2,400 married) rebate. In addition, they are eligible for an additional $500 per child. This is true even for those who have no income, as well as those whose income comes entirely from non-taxable means-tested benefit programs, such as SSI benefits. ”
https://www.help.senate.gov/imo/media/doc/CARES%20Section-by-Section%20FINAL.PDF
But to get that $1,200, which barely helps with anything when you think about it…. you have to make less than $75,000 per person. This isn’t for everyone. The middle to upper middle class gets kind of screwed. And depending on where you live, that $75k isn’t a lot of money. Big market residents are the biggest losers in this. Oh…and guess where all the anti-Trumpers live…Top 10-15 markets. Coincidence?
But…Boeing gets $17 billion…They wanted $60 billion…They are saying Boeing falls into the too big to fail category…Here we go again. Airlines get $58 Billion. They will blow through that fast as travelers are going to be a bit wary of getting on planes for a while.
Hunger is a strong motivator. Hopefully the payments will be EFT and not paper checks. Otherwise, many people will be breaking the quarantine looking for open banks to convert the checks to cash, and then driving around supermarket to supermarket looking for food. My wife and I are working at home and getting paid. We won’t be getting the rebates. We will, at some point, need to go food shopping, as well. Damned if we do, damned if we don’t.
Looking a little farther, I wonder who the next Roosevelt is going to be…
“you have to make less than $75,000 per person. This isn’t for everyone. The middle to upper middle class gets kind of screwed”
an the lower class gets the same thing.. if your retired and don’t file.. you get nothing.. if your to poor or homeless you get nothing.. the ones that get the big stuff is and always has been the upper one.. just watch.. you will see the fifty million dollar bunuses going to some hidden account in the caymens..and what is being given out.. ( well it isn’t given.. they have to and will be the ones to pay for it) will be only given crumbs.. given to the ones that will spend it the most..
My biggest concern.. isn’t the crumbs that are being tossed out..
its the infrastructure.. the manufacturing for the future.. and the farm crisis..
Many small farmers are just mom and pop operations.. granted they make more than the average worker but.. to plant a small farm is quite expensive.. the parts for the tractors and the equipment is quite expensive and if the manufacturers have shut down in china won’t be available.. the seeds.. since we get 76% of our food from another country.. yup even the canned stuff.. how does the farmer get the seeds he needs.. the govt. can and will if necessary walk in and say hey this year you grow pumpkins or squash and for another you grow lettuce.. etc..
this is where some serious studies on.. oh boy this will open a can of worms.. NORTH KOREA will be needed.. Ole Kim since we have been stopping the sale of goods to NK has become one of the leading research area’s on hydroponic gardneing.. and mass production of food without resources.. then the crop pestilence going on..
https://www.theguardian.com/world/2020/feb/10/food-fears-grow-as-swarms-of-locusts-reach-uganda-and-tanzania
among all the other things that are happening.. this issue needs to be addressed and hopefully before the spring planting season.. in some area’s it is already here..and if they dinky doodle around and play grab azz while on recess for some lobbyists group it will be to late for the winter.. of course that is just my opinion..
Mark, I realize $1200 is next to nothing in the Bay Area. One of my neighbors works there and commutes back to the Midwest, saving (according to him) thousands per month.
$1200 here ($3000 for a family of 4) with a mandated moratorium on most taxes, rents, mortgages, and utilities, is a solid middle-class remuneration. Where I live, tenured teachers and seasoned cops are at the top of the annual pay scale. at ~$62k. Skilled trades make much more (currently between $99-$128/hr) but work many fewer hours. When I was doing computer consulting, I was pulling ~$225/hr on most jobs, but there were a lot of months where I worked 20-30 hours.
$1200 sux, if’fn yer livin’ in one of dem popleation or tech meccas. Out here in da flyover boonies, I know a lot of folks who’z livin’ on less.
With the forced moratoriums, they’ll be damn’ near UMC…
They closed down Orlando Florida Today, Micky Mouse is screwed, Hope he gets his check in the mail Soon
https://clark.com/personal-finance-credit/coronavirus-stimulus-checks/
Great article! Thanks for posting the link. I sent it to everyone I know. This should take care of all the questions on this blog.
THIS VIRUS HAS CAUSED A ….FOOD CRISIS…..demand and on time supply do not work….as is being shown……..people right NOW have food ,,,BUT re-supply not coming fast enough..and EVEN here in Florida where we are 2 months away from Hurricane season…ALL the stores are emptied of basics and not 1 has any idea of WHEN they will get back to normal….and THIS state KNOWS about EMPTY FOOD STORES….from its HISTORY…..a rotten smell comes from the storage warehouses….which should be filled but are not……that rotten smell is called FEMA CAMPS ….which we will see
… is where YOU will be allowed to get some grub….. IF you check in….this is what a LOCK DOWN is preparing the masses for…..F’M all…..
d I don’t know where in Florida you live. I live in the South Florida “epicenter” close to Boca Raton. Went to our local Costco yesterday. No panic. Sanitation procedures were EXCELLENT in my opinion (I was in Healthcare for 35 years). Meat, cheese, eggs, bread, produce were all on the shelves in good amounts. Only rationing I saw was a limit of one package of frozen roasted chicken breast meat.
True, there was no toilet paper and such. Sign said “No Returns” of those items so I guess that those who bought extreme amounts with intent to sell for profit will have no choice but to do so. The local grocery store had some TP but I am not going to say where.
Hope your area looks better the next time you go out.
I think it depends on where your at JW… I go in one direction and it is a scene out of a horror movie.. Yet I go in the opposite direction to a local chain and you see a sign in the window that says be a good neighbor.. buy what you need and leave the rest for everyone else.. and then in the door.. it looks normal.. everything is on the shelf.. want hamburger you can buy it.. tp.. or bleach.. they did put a limit on some items.. but it was great….I bought what we needed and then got my normal yogurt and tea to snack on on the way home and left.. no worries.. I will go back there..
food for thought: they are infecting us,,,cut and paste below
Majestic 12
@TS_SCI_MAJIC12
·
8m
Nobody ever said taking down a 6,000 year old death cult that eats, rapes, and murders children would be easy.
ask Moses
HAWAII TOTAL CASES NOW 106 (up 11) No new cases on my Big Island (5 in isolation). Urban Honolulu has 77 cases, up 8.
Hawaii now on full incoming quarantine for 14 days. Returning residents quarantined at home for 14 days. Incoming visitors must provide own transport and quarantine quarters for 14 days and all must prove this at airport incoming screening. Airlines are flying a lot of empty jets here because they must position the planes for return trips. Most are empty incoming, or 1 or 2 returning residents. Tourist business non-existent now. Most Waikiki hotels are closed with staff laid off. One or two hotels may be providing incoming quarantine services for 14 days or longer.
Most business is closed. We are on a 14 day lockdown except for essential stuff. Hawaii’s economy has been hugely dependent upon tourism, and it all just hit the wall. Unemployment claims are now off the charts. UC only pays about half of what you ‘used to’ make. A stimulus check of $1200 will not even pay a month’s rent here. Tourism will not recover in a long, long time… if ever. I’m quite sure the Hawaii economy will never recover in my lifetime. Welcome to the greater depression.
https://youtu.be/XMTSbSrvcRg
just reflecting on a memory……
Just Sayin, yes, it is an advance on next year’s refund in that the legislation is written affecting the current tax year, but it is an advance on the refund with the newly created tax credit that should have no other impact on your final refund for FY 2020. Making it a tax credit means it’s *not* taxable income, it means it *shouldn’t* affect your final taxable income for 2020. Unless there is something else screwy in there, some “clawback” provision that hasn’t been discussed, by making it a newly created tax credit for 2020, it is *not* an advance on your normal tax refund when you file in 2021. It’s just the way they write these things. I went to school for accounting, while tax law often seems stupid for a layperson, there is usually a reason it’s written the way it is.