Has everyone figured out how much their check from the govment is going to be?

[CaptainDave]

$200K for a family is not rich by any means. Sure, they may have a few more toys than families that make less; but many of these people save a lot too. Some don't have more toys, just less debt.

It's also convenient to forget, a family making $200K per year probably pays close to $50K in income taxes; which is a heck of a lot more than many people that pay little to almost nothing. These folks also pay up to the cap for social security and no cap on Medicare wages.

If looking at taxes as a percentage of income, the current tax code is terrible for families that make in the $200K range.

[jshouse]

fun read

[Bowshark]

Please remember the government is not giving you anything.....It was your money to start with.

[RJK70]

Please remember the government is not giving you anything.....It was your money to start with.

True unless you pay less than that in income taxes. And a big chunk of the people receiving these checks fall into that category


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[hpdrifter]

8%?

My company’s business model is to net about 2.5% and that’s within the norm for my industry.


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That isn't very good.

Heck, a major oil company I worked for re-organized because ROC was below 13%

[ecallarman]

that is a horrible profit margin.
Lol

lol...

I will take an 8% Net profit all day in my line of business.

[Hooverfb]

$200K for a family is not rich by any means. Sure, they may have a few more toys than families that make less; but many of these people save a lot too. Some don't have more toys, just less debt.

It's also convenient to forget, a family making $200K per year probably pays close to $50K in income taxes; which is a heck of a lot more than many people that pay little to almost nothing. These folks also pay up to the cap for social security and no cap on Medicare wages.

If looking at taxes as a percentage of income, the current tax code is terrible for families that make in the $200K range.

It ain't rich necessarily if you've got a family, but sure ain't hurting unless they shot themself in the foot.

[muzzlebrake]

Retired on SS since 2011 and also a 90% disabled veteran. Haven't filed income tax in several years. SS check is not enough to require filing and VA benefit is not taxable income. I wonder if I will be getting a stimulus?

[mrc]

All this is is a loan of your money that you loaned the government, those that work and pay taxes will pay this back plus interest again.

[RattlesnakeDan]

Please remember the government is not giving you anything.....It was your money to start with.

Just to clarify....I have been self employed most of my life and have paid my fair share in taxes and I do not condone how it is always spent by any means.
That being said, what we do get is pretty darn amazing, for the most part good to great public schools that are clean and well taken care of ( I have no children for the record) amazing roads and highways that allow us to virtually go anywhere we want, If a street light goes out nobody calls me to come replace it, we take care of the needy very well, people who lose their jobs can often collect unemployment to help them through. We have done so much and given so much to those in need it is beyond comprehension. I still grumble when it comes to taxes but I do try to remind myself what it would be like without it.

[Casey]

Being rich is not a product of income at all. Probably more related to outgo than income.

[rtp]

After reading some of the comments I now understand why the screen is green.

[Landrover]

I was wondering when this thread would hit the GREENSCREEN and more interested to see how folks would interpret this "plan!" We only pay into the government scheme and dont ever expect to see a dime come out of it......not even social security (which is fine by us, but don't get further in DEBT) as it is already virtually bankrupt as the lock-box concept was decimated right in front of our eyes. It will be very interesting to see what the final scheme (plan) turns out to be over the next few days, how it is administered, how much PORK is tied to the emergency act, who gets what, and what economists determine to be the repercussions of such a ploy. I can only pray for our countries quick healing on this serious event in our history but that does not mean I have to fall in line with poor economic decisions.

How much will you pay in income tax on it next year. And how much will taxes be raised to cover this free money.

You beat me to it!

I would rather spend all that money on research and prep for the next pandemic.

God yes! Get the infrastructure in place. The worlds population was expected to explode and all indications is that the rise is on track to meet those numbers. More people = more pandemic in the coming years!

so by saying you aren’t getting a dime on a public forum it’s kind of like bragging on your income without really bragging �� I don’t like the idea of government handouts and this is no different. Ultimately the govt is handing out money they don’t really have. For those of you making over $199k as a household congrats, you have done well and should be just fine without the free money.

Bingeaux! No way around it, cant sugar coat it...….just a fact!

where do I send my check?

Yep, my accountant filed our sales tax earlier this week to the state (not due until today) and they readily accepted it. LOL......but they care about the small business owners.....yea right! We have already seen our preliminary number for our IRS bill and will send it straight into the abyss known as the federal government when business filings are due. I don't expect any favors, leniency, payments or support.

What about Unemployment, (the existing program that already comes out of your check)? Shouldn't that be drained before more "stimulus" & debt is put on the backs of the taxpayers?

Is this a one time payment? Is it taxed? Hasn't this $$ already taxed once, in order for the government to get their hands on it? Well it be deducted from future tax returns?

Hush now!!! You are asking questions that nobody can answer (or even consider) in or government or on this greenscreen!!! I wonder if we actually have to borrow this money? From whom? Oops...…..that could get really crazy!

What about retires people that “made” money in the stock market in 2019 but lost 5x that in 2020?

It’s socialism pure and simple. Take from those that work and earn and give to those who don’t

Shhhhhh………..., that is not acceptable when the nation is panicked! At this time it is about the good of the collective (collectivism) and we must all agree to send dollars the treasury does not have far & wide across the fruited plains!

Oh man this is the best thread of the year so far! Welcome to Socialism...haha!
People arguing over some free money they haven't got and haven't earned and everyone wants it to be "Fair" for them. Very Funny!!!

Pretty much!

Ain't nothing FREE, if you pay taxes!

Lotta truth in that sir! With our current treasury we don't pay enough to even pay the interest back...….and now this!

$200K for a family is not rich by any means. Sure, they may have a few more toys than families that make less; but many of these people save a lot too. Some don't have more toys, just less debt.

It's also convenient to forget, a family making $200K per year probably pays close to $50K in income taxes; which is a heck of a lot more than many people that pay little to almost nothing. These folks also pay up to the cap for social security and no cap on Medicare wages.

If looking at taxes as a percentage of income, the current tax code is terrible for families that make in the $200K range.

From a tax code perspective the middle class has carried he lions share for decades now. The upper middle class (percentage wise) has taken a bath in a cesspool. Thanks for posting what most don't know to care about or find convenient to forget!

[Landrover]

Just to clarify....I have been self employed most of my life and have paid my fair share in taxes and I do not condone how it is always spent by any means.
That being said, what we do get is pretty darn amazing, for the most part good to great public schools that are clean and well taken care of ( I have no children for the record) amazing roads and highways that allow us to virtually go anywhere we want, If a street light goes out nobody calls me to come replace it, we take care of the needy very well, people who lose their jobs can often collect unemployment to help them through. We have done so much and given so much to those in need it is beyond comprehension. I still grumble when it comes to taxes but I do try to remind myself what it would be like without it.

I like your post and understand it fully. Taxes are an integral part of the process of building a successful society. When taxes are used outside of the premise of items you listed and others it is now...……….something else altogether.

Being rich is not a product of income at all. Probably more related to outgo than income.

Dave Ramsey could not have said it better!

[Charles]

I'll bet most of the money will be spent on essential stuff like fancier phone & TV or beer and weed.