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Impact of COVID19 on your Personal Life - GOV Stimulus

Alexander Lau

Sr. Refresher
Feb 11, 2015
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Mars, PA
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Alex
A bit of good news and my best attempt at being a Pollyanna. The stimulus bill was approved last night. While details aren’t fully out, it appears that each household adult will get $1200 and each child $500. So a family of four would get $3400. The checks will probably be mailed in the next two weeks – going to whatever your 2018 tax address was. If you moved since then I would suggest filling out the following: https://www.irs.gov/forms-pubs/about-form-8822

Now I know there are probably a lot of questions. Some potential questions:
  • I have 22 children, will I receive $11,000? If you claimed them as dependents on your taxes, yes – and congrats on the payout and be nice to the kids as retirement should be easy when they all start working.
  • I have 5 spouses (trying to be politically correct and non-denominational), will they each get a check? Most polygamist I know only claim one, so the answer there is – sadly no. And to you I say – good for you or OMG I have just one I want to kill, do you want “them” they come with their own $1200 check???
In all seriousness, this is good news as they will be putting enough money into the economy that things will go back to normal.
 
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Alexander Lau

Sr. Refresher
Feb 11, 2015
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Mars, PA
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Alex
Uh oh... I spoke too soon. There's a caveat and I would presume, for the 2018 tax year, that most of us wouldn't qualify highly for the entire amounts aforementioned.


People filing individually


People who file their taxes as individuals are eligible for payments up to $1,200, but that decreases for people who earn an adjusted gross income of more than $75,000 a year. The bill says that the payment is reduced by five percent of every dollar above that mark, or $50 for every $1,000 above $75,000.

What that ultimately means is that for people who make more than $75,000 the payment is less the higher their earnings are, with it being reduced to zero for those who make $99,000 or more.

People filing jointly

Couples who file a joint tax return are eligible for a payment of up to $2,400, plus and additional $500 per child. However, that amount decreases for couples whose adjusted gross income is more than $150,000 in a year at the same rate of 5 percent of every dollar above that mark.

This translates to less money the more people make, with it being reduced to zero for joint filers without children who earn $198,000 or more.

People filing as heads of households

People who file as heads of households are eligible for payments of up to $1,200, but that amount is increased by $500 per child. That amount is reduced for people who earn an adjusted gross income of more than $112,000 a year. The extent to which it is decreased, of course, depends on how many children they have, as illustrated by the chart above.

The following chart, courtesy of the Tax Foundation, illustrates how it all works.

 

Alexander Lau

Sr. Refresher
Feb 11, 2015
2,411
720
113
Mars, PA
First Name
Alex
They broke the economy for this???

https://uk.reuters.com/video/watch/fauci-warns-us-could-face-200000-coronav-id705058451

200,000??? WTF??? These numbers do NOT add up.

US Population = 329,453,250
80% infection rate = 263,562,600
1% mortality = 2,635,626

US Population = 329,453,250
80% infection rate = 263,562,600
0.1% mortality = 263,562

US Population = 329,453,250
6% infection rate = 19,767,195
1% mortality = 197,672

200K deaths??? I thought maybe he meant daily - but no. Checked multiple sources and they all just say 'While endorsing Mr. Trump's decision to prolong the economic pain to slow the disease, the nation's top epidemiologist Dr. Anthony Fauci says COVID-19 could still claim between 100,000 and 200,000 American lives.'

There were @ 80K simple ol' flu deaths in 2018-19 season...something doesn't add up!

http://web.archive.org/web/20200313...-expert-panel-march-10-dr-jordan-shlain-m-d-/ these cats figure 40-70% of 'muricans will be infected...I LOVE such large margins of error.

same scenario as prior
US pop = 329,453,250
70% infection rate = 230,617,275
1% mortality = 2,306,173

US pop = 329,453,250
40% infection rate = 131,781,300
1% mortality = 1,317,813

SO, if Fauci believes his 100-200K the rest of the math just doesn't work.
 
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Reactions: Jacques de Molay

Jeff Kershner

Founder
May 1, 2005
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Maryland
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Jeff
Maryland just announced a full lock-in starting this evening at 8pm

Maryland and Virginia governors issue stay-at-home orders

Maryland Gov. Larry Hogan issued a stay-at-home order that prohibits residents from leaving home, except for trips considered essential, such as venturing out for food and medicine.


 

Alexander Lau

Sr. Refresher
Feb 11, 2015
2,411
720
113
Mars, PA
First Name
Alex
Maryland just announced a full lock-in starting this evening at 8pm

Maryland and Virginia governors issue stay-at-home orders

Maryland Gov. Larry Hogan issued a stay-at-home order that prohibits residents from leaving home, except for trips considered essential, such as venturing out for food and medicine.


Yeah, that had to have been coming if you look at NY, NJ and PA with lock-ins. Sucks!
 
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Reactions: Jacques de Molay

Alexander Lau

Sr. Refresher
Feb 11, 2015
2,411
720
113
Mars, PA
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Alex

Limits

Noob
Sep 3, 2019
5
1
1
First Name
Jeremiah
I saw words "22 children" and my mind immediately went blank.