#022 You Are NOT Getting $2000 And How Else The $1.9T Stimulus Bill Fails
Do you care whether your taxes go up? Do you care if the cost of everything in your life increases? Have you read the stimulus bill? We didn’t learn from the first round and this time is worse.
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Summary: So out of this entire mess, we are sacrificing the future of our lives and our childrens’ lives to inflation and out of all of all of this, pretend the number was just $190,000 to spend on COVID, then only approximately $66,100 is going directly to bailing out individuals, helping health care systems, funding the vaccine effort and funding agriculture to keep food on the tables.
Here’s a summary of what is in it since I doubt I’ll get you to read the full 5,000 page report.
Line item #1 – The individual mandate is $1400 checks for individuals making less than $75,000 annually and phases out for people with higher incomes. Married couples can get up to $2800 if they have a combined income of less than $150,000.
Problem: $1,400 is not the $2,000 that Biden and Harris promised. Also, it’s not enough period for people who have been laid off for months and still can’t return to work due to shutdowns. This is not about laziness. This is about the government banning people from working. We should be giving $10,000-$40,000 checks to individuals who are unemployed based on how many weeks they’ve been unemployed.
Problem #2 – Why are we bailing out the millions of people who have been able to keep doing their jobs remotely? They aren’t hurting. This money should be re-routed to those who need it or not used at all. This is going to contribute to inflation as the economy rebounds.
Estimated Cost – This part ONLY takes up $422B of the entire $1.9T bill. That’s less than 23% of the entire bill!!! So what is the rest of the money for
Line item #2 - Expand Child Tax Credit, Child Care Tax Credit, and Earned Income Tax Credit mostly for one year. The plan would raise the $2,000 Child Tax Credit to $3,000, set the credit at $3,600 for parents of children under age 6 and make parents of 17-year-olds eligible. It would also make the credit fully refundable, so low-income households would get the full benefit, no matter how little they earn, according to the Wall Street Journal.
Problem
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If working a 9-5 for 60 years so you can retire with a little money and die a few years later is what you want to do, then this is not the podcast for you.
Stephen is an executive coach that works with executives and entrepreneurs to build the life that they want, personally and professionally.
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