Super-short column this morning because I have been trying to find the text of what the Senate passed last night. What I found so far?
NO CASH PAYMENTS: At TAX CREDIT A YEAR FROM NEXT MONTH!!!
(Ever hear the term “absolute horse-shit???)
Here’s the problem: When I read through the “big-deal bill” passed by the Senate last night, I didn’t find the Direct Payment to taxpayers part. (Still reading – hope to be wrong…).
All I was able to find (so far) is in Sec. 2201. and that does nothing more than issue a tax credit on your 2020 tax filing.
IF THAT’S ALL THERE IS — and I’m still reading – THEN WE JUST GOT SCAMMED.
I expect to be wrong – I don’t want to think that PEOPLE WHO NEED HELP NOW might have to wait a full f*cking year and then get a TAX CREDIT next year, but this is what was in Mitch McConnell’s senate bill, too!
The happy-talk and hype is about “direct payment” to taxpayers? I searched the bill here and the term “direct payment” only occurred twice – once relating to funds for local governments and once related to paying money.
Where the word rebate appears it is in the context of
“…individual, there shall be allowed as a credit against the tax
imposed by subtitle A for the first taxable year beginning
in 2020 an amount equal to the sum of—…”
While NPR is hyping READ: $2 Trillion Coronavirus Relief Bill “ What no one seems to be mentioning is I don’t see where the money is coming from before tax time NEXT YEAR.
I’m still reading – ergo the short report – but I’ll be pissed as hell if I can’t find something that sernds ,money to people RIGHT FREAKING NOW…not as a jerk-off tax credit.
Because I guarantee you here’s what will happen: The Deep State (which I suspect is behind this whole virus thing ANYWAY) will claim that in order to balance the books, they will do more hornswoggling and will just increase taxes in other areas to pay for this “tax credit next beginning with the 2020 tax year…”
Bullshit. A “direct payment” means money NOW…a tax credit is a whole different animal.
But, I’m still reading and hopeful that Ure got it wrong and the me-too press got it right. But there’s the doc, there’s the vote, and where in the bill lies the “getting money out right away” that’s all the gush?
It’s a nightmare mash-up and I challenge ANY SITTING SENATOR to stand up and say they read this thing before the railroad last night!
Jerry McGuire quote is in play loudly: ‘SHOW ME THE MONEY!” And failing to do so, what I think Trump ought to do is veto it. Plain and simple.
Because if he doesn’t, we’ll all be getting “Bernie’d.”
If you find the direct payments NOW text, send me the cite.
Virus Impact Showing?
Balance of Trade is declining. Why? Down turn in goods from Asia:
Advance International Trade in Goods The international trade deficit was $59.9 billion in February, down $6.0 billion from $65.9 billion in January. Exports of goods for February were $136.5 billion, $0.7 billion more than January exports. Imports of goods for February were $196.4 billion, $5.3 billion less than January imports.
Advance Wholesale Inventories Wholesale inventories for February, adjusted for seasonal variations but not for price changes, were estimated at an end?of-month level of $657.3 billion, down 0.5 percent (±0.2 percent) from January 2020, and were down 1.0 percent (±1.1 percent)* from February 2019. The December 2019 to January 2020 percentage change was revised from down 0.4 percent (±0.4 percent)* to down 0.5 percent (±0.5 percent)*.
Advance Retail Inventories Retail inventories for February, adjusted for seasonal variations but not for price changes, were estimated at an end?of?month level of $657.4 billion, down 0.3 percent (±0.2 percent) from January 2020, and were down 0.6 percent (±0.7 percent)* from February 2019. The December 2019 to January 2020 percentage change was revised from virtually unchanged (±0.2 percent)* to down 0.1 percent (±0.2 percent)*.
So people are still spending.
New GDP Numbers
“Real gross domestic product (GDP) increased 2.1 percent in the fourth quarter of 2019, according to the “third” estimate released by the Bureau of Economic Analysis. The growth rate is the same as in the “second” estimate released in February. In the third quarter, real GDP also increased 2.1 percent.”
And with this the stock market isn’t pleased. Dow futures are down a bit. That is, if -185 is a “bit.” $6,624 on BTCs for tulip investors who don’t see the net coming down next… patience….
OK…back to search for where any payments to people before next year.
Otherwise, be seriously pissed. Turn off your radio and television inputs…they are being used to control us…kinda like the virus.
Write when you find it.