View Full Version : The “American Rescue Plan”
There seem to be cracks emerging here between the progressive and moderate wing of the Democrats here, especially concerning extending increased unemployment benefits and the $15 minimum wage. And now we are in a “vote-a-Rama” phase that will highlight some of the items many would prefer passed unnoticed, such as pension bailouts, money for more paid time off for federal employees, etc.
Will we see more of this when we get to the “election reform” package in the pipeline? There doesn’t seem to be much sentiment for compromise within the party, much less for the sort of bipartisan stuff people like Romney and Cotton are proposing.
Who exactly should they be compromising with? If the Obama years taught us anything it’s that republicans don’t negotiate in good faith.
Who exactly should they be compromising with? If the Obama years taught us anything it’s that republicans don’t negotiate in good faith.
They’re not compromising with each other. The GOP doesn’t seem to be the major factor here.
GeorgeParker
3-6-21, 12:56pm
Who exactly should they be compromising with? If the Obama years taught us anything it’s that republicans don’t negotiate in good faith.And the Trump years have taught us that most Republicans are too scared to vote against whatever the Senate Republican Leader says, because if they do, the Tea Party and Trumpists will mount a massive campaign against them in the next primary and the National Republican Party will fund the challenger instead of them. IOW block vote with the party or your career is over. So compromise and persuasion are impossible.
They’re not compromising with each other. The GOP doesn’t seem to be the major factor here.
True, although they will likely manage to get there. No party has all it's members going together in lockstep all the time. And that's probably a good thing. Heck, even the republicans don't always all agree. Only roughly half of republican house members were supportive of overthrowing the election results and installing a permanent dictator.
GeorgeParker
3-6-21, 1:36pm
Heck, even the republicans don't always all agree. Only roughly half of republican house members were supportive of overthrowing the election results and installing a permanent dictator.And Republicans who voted to let the impeachment trial proceed instead of calling it unconstitutional have been censured or criticized by the national Republican party and their local Republican Party for not being sufficiently loyal: https://www.politico.com/news/2021/02/13/republican-senators-convicted-trump-backlash-469008
They’re not compromising with each other. The GOP doesn’t seem to be the major factor here.
I think this sort of negotiation and hog-trading is what "compromise" generally looks like.
gimmethesimplelife
3-6-21, 3:20pm
It passed!!! So so so grateful. For smart victins of the coronavirus economy, this will stave off hunger for awhile. Rob
I think this sort of negotiation and hog-trading is what "compromise" generally looks like.
I don’t think the left wing of the Democratic Party feels all that happy with the results. I hear some of AOC’s staffers are setting up a PAC to wreak vengeance on Sen Sinema and her thumb.
I suppose the next big test will be that elections bill coming up.
I hear some of AOC’s staffers are setting up a PAC to wreak vengeance on Sen Sinema and her thumb.
To paraphrase Lloyd Bentsen, "Senator, you're no John McCain."
I don’t appear to be getting anything. Cashed out my 401K from the old job when I was laid off. It put me over $90K in income for 2020. I’m single. I was able to cash it out without early withdrawal penalty due to being affected by covid, per the CARES Act from last March. I already filed my tax return for 2020.
I don’t appear to be getting anything.
The asset re-arrangement required by my divorce settlement alas put me over the limit on "income", even though I have none.
Neither of us will be getting the $1400 either. But we don’t need it so I’m ok with that. I know a few people who will and they are seriously hurting so I’m glad for them. The people I know work in the hospitality industry (bars).
This part of the whole process made me laugh. After Ron Johnson’s time waster of reading the whole Bill to a mostly empty room all the republicans went home and a democrat made a motion to shorten debate from 20 hours to 3. With no republicans there he succeeded.
iris lilies
3-7-21, 9:43am
What’s the income ceiling for this? Is the grift $1400 per person?
Processing this latest stimulus will be another excuse for the IRS to not process my 2020 return and issue me my refund. My new computer was not set up and the old one had probable malware so I filed by paper.
What’s the income ceiling for this? Is the grift $1400 per person?
For a couple, you get the full $1400 each up to 150K and it phases out between 150K and 160K. CNN claims that’s about 90% of the country. So take that, Jeff Bezos!
Processing this latest stimulus will be another excuse for the IRS to not process my 2020 return and issue me my refund.
I'm still waiting for my 2019 return to be processed, and it was mailed in late March of last year.
iris lilies
3-7-21, 10:35am
For a couple, you get the full $1400 each up to 150K and it phases out between 150K and 160K. CNN claims that’s about 90% of the country. So take that, Jeff Bezos!
Sweet mother Jesus! God I love living in a country that’s so rich it can give money away to millionaires.
In my household I will have to watch carefully for it to come. The first stimulus money came in a weird envelope attached to a card and we didn’t know what it was and it looked like junk mail. The second stim money, a much smaller amount, came and I didn’t know when it came and DH is now apparently hiding this from me because I want to give it away. I gave away the first batch of money to our dog rescue group. So I will have to wrestle it out of his hands to give to the park Conservancy.
IL, sign up for Informed Delivery from the PO and you can see scans online of your mail before it comes that day.
iris lilies
3-7-21, 10:48am
IL, sign up for Informed Delivery from the PO and you can see scans online of your mail before it comes that day.
That Service was a pain in my ass and I got out of it. It gave me an indication of what things were coming my way but never when.
Although you are right that would solve the immediate problem of me knowing that Stim money is on its way. But I need to have a firm discussion with my comptroller so that he understands when money comes in my name I get to know about it
happystuff
3-7-21, 10:58am
Well, we definitely fall well below the max income, so I guess we will be receiving it.
Edited to add: but we really are doing okay financially, especially compared to a lot of other people so I'm not sure how I feel about receiving it. Of course, I'm no idiot and will take it! but still.....
The second stim money, a much smaller amount, came and I didn’t know when it came and DH is now apparently hiding this from me because I want to give it away.
Try this: when you get such generous impulses login to Amazon.com until they go away.
Try this: when you get such generous impulses login to Amazon.com until they go away.
Yes, go to Amazon and buy a gift card for your favorite bulldog rescue. :) Nothing wrong with generosity when you can afford it.
If we get a stimulus check, which I think we will, I'm recycling it back to my estimated tax fund, as always. The government giveth, and the government taketh away.
Yes, like Catherine, I will save mine to pay my taxes.
If not needed for that, I will use it to pay for healthcare costs this year, which will be going up for me. Maybe I'll even buy my unaffordable medicine with it!
For a couple, you get the full $1400 each up to 150K and it phases out between 150K and 160K. CNN claims that’s about 90% of the country. So take that, Jeff Bezos!
When ours arrives, we will donate it to a local cause as we did before. We've incurred no loss of income. I wish there was a timely manner in which to evaluate this before so much $ goes out to so many who are in the same boat we are. Other's need more!
Teacher Terry
3-7-21, 12:38pm
It’s unfortunate that there’s no quick and efficient way to get the money to people that have suffered financially from the pandemic. My income is cut in half from the divorce so it’s welcome here but not a necessity. We received the most recent 600 each on our tax refund last week.
We get ours by direct deposit. Probably because I collect Social Security for myself, for my child who is under age 18 and for my wife who cares for my child who is under 18. We’ll get three COVID payments we don’t need with no effort on my part whatsoever. I don’t even need to cash any checks. I’m getting more comfortable with being a parasite.
We will probably spend it all on selfish pleasures or vinyl siding. Thanks grandkids!
GeorgeParker
3-7-21, 3:40pm
I'm still waiting for my 2019 return to be processed, and it was mailed in late March of last year.There's no way your 2019 return hasn't been processed. Better follow up on it and send the IRS proof you filed it if they really didn't process it yet. Otherwise, 3 years from now you'll get a letter from them demanding you file that return and pay them penalties and interest. I know because I've been there and done that. Didn't file one year when I was busy and quickie calculation showed I was only going to get $5-$10 refund. When they demanded I file because they thought I'd owe them money, I did file and they owed me $8 (and $8 wasn't worth the time it took me to fill out a 1040 long form and file it).
There's no way your 2019 return hasn't been processed.
Of course you know more about my return than I do. I've used the on line tool and they clearly have it in queue. They owe me thousands. They did send me a letter in November saying I was missing a form which was promptly sent and increased our refund.
Of course you know more about my return than I do. I've used the on line tool and they clearly have it in queue. They owe me thousands. They did send me a letter in November saying I was missing a form which was promptly sent and increased our refund.
Yup. The new guy knows everything. Seriously, I think this is a new incarnation of a past member.
There's no way your 2019 return hasn't been processed. Better follow up on it and send the IRS proof you filed it if they really didn't process it yet. Otherwise, 3 years from now you'll get a letter from them demanding you file that return and pay them penalties and interest. I know because I've been there and done that. Didn't file one year when I was busy and quickie calculation showed I was only going to get $5-$10 refund. When they demanded I file because they thought I'd owe them money, I did file and they owed me $8 (and $8 wasn't worth the time it took me to fill out a 1040 long form and file it).
There are trailerloads of unprocessed returns because there is no room for them in IRS buildings. They shut down for covid. Because of sensitive information on returns employees were not allowed to work from home.
Some returns were processed so late the IRS paid interest on them, and woe to the person who did not know that interest was taxable when filing their 2020 taxes.
My return for 2020, which I mailed in January, should have led to my refund already being direct deposited but does not even show as received so I resent it yesterday certified mail return receipt and marked all over it copy. You are not supposed to file twice, or you can be accused of trying to defraud the government, otherwise I would love to file electronically now.
So I have proof I filed if the IRS accepts the certified mail. Some IRS sites refuse to.
Last year the IRS sent many notices to people telling them they were in violation for not filing taxes while they sat on these trailerloads of unopened mail. They did this until Congress ordered them to stop sending out these notices.
It is a major cluster.
I filed my 2020 Federal and State returns electronically on March 1st and my small Federal return was electronically deposited into my bank account on the 5th. My matching small payment to the state was deducted from the same account on the same day.
Electronic filing is the way I am going in all future years.
I would have loved to file electronically but due to inadequacies in Turbo Tax, we were unable to. For 2019, we had an issue with multiple state returns- I worked in one state and lived in another. For 2020, we had to file an obscure form when you purchase gold (even if you don't sell it that year) that Turbo Tax does not have.
GeorgeParker
3-7-21, 5:56pm
Of course you know more about my return than I do. I've used the on line tool and they clearly have it in queue. They owe me thousands. They did send me a letter in November saying I was missing a form which was promptly sent and increased our refund.I know nothing about your return except what you tell me. And since they sent you a letter saying you need to send them an additional form, your return actually has been processed. Now you're waiting for them to reprocess it and sometimes that does indeed take a while.
Sorry about the bad luck some people had because of Covid. I did forget to factor that in.
I'll sharpen my pencil and start on my taxes any day now. It's generally an easy task, and I'll need the refund to help pay my obscene property taxes.
I asked my question about the 401K cashout on Terry Savage's website. She's on the local radio station (WGN) a lot. She actually asked the IRS!
https://www.terrysavage.com/ask-terry/401k-cashout-makes-me-ineligible-for-1400-stimulus/
Answer:
I have a happy answer for you! You can spread out recognition — and taxes — on this income over three years! Maybe that will put you under the stimulus level.
Here’s what the IRS sent me when I asked:
Attach Form 8915-E and show the entire amount listed on the 1099-R. If no rollover, one-third of that amount is carried to the 2020 return and is taxable.
Though not relevant in this context, a person has the option on the 8915-E to elect out of the spread and show all of it as taxable income in 2020. If this election is not made, one-third is taxable in 2020, with another third taxable in 2021 and the rest in 2022.
If any of it is rolled back to that 401 (k) or a similar plan, the reporting is different, as explained on the form. If the rollover occurs before timely-filing the 2020 return, there is, effectively, no taxable income recognized in 2020. See instructions for details.
ApatheticNoMore
3-8-21, 3:40pm
File a 2020 return, lol no way until it's due, earned more than in 2019.
happystuff
3-9-21, 11:01am
File a 2020 return, lol no way until it's due, earned more than in 2019.
Same here. All those automatic and un-taxed unemployment "bonuses". Waiting on a few more documents that I hope will push us into the black.
iris lilies
3-9-21, 10:52pm
Our alderman said tonight that I said he’s going to get $400 million so that’s great. Yay for us.There’s also untold dollars available for rent relief and mortgage payments so people need to screw over to apply because apparently that money sitting unused.
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