StnCld316 Posted June 15, 2020 Share Posted June 15, 2020 33 minutes ago, TBG 150 said: I'm curious if the US Treasury will add these funds to your gross income at the end of the tax year and tax the people on it as income or even unreported income? I would imagine they would have a plan in place at recouping the outgoing benefits of collecting the taxes when Income Taxes are filed. Governments don't toss away Trillions out of the goodness of their health. In Canada they gave a CERB Benefit for workers which they received $2,000 a Month for 4 Months. Whoever received those Benefits would be subject to paying the tax when they file their 2020 Income Tax Returns. The only way they can get away from paying the tax is have income of $15,000 or less. Be at the time when all these funds were doled out I would guess 70% of the workers that received the Benefits will have an income of $15,000 or less. No matter how the funds are doled out the Taxpayers will all get shafted in the end when it's all said and done. They just better hope a Second Wave doesn't come along. If it does you won't be seeing Governments doling out the cash as freely as too much has been doled out already. The Bond Holders will start lowering Countries Credit Ratings, Interest Rates will skyrocket, markets will crash in the end everyone is fucked and stuck in the Greatest Depression of all times for the next 20 Years or longer living on Ration Tokens. Link to comment Share on other sites More sharing options...
StnCld316 Posted June 15, 2020 Share Posted June 15, 2020 33 minutes ago, TBG 150 said: I'm curious if the US Treasury will add these funds to your gross income at the end of the tax year and tax the people on it as income or even unreported income? I would imagine they would have a plan in place at recouping the outgoing benefits of collecting the taxes when Income Taxes are filed. Governments don't toss away Trillions out of the goodness of their health. In Canada they gave a CERB Benefit for workers which they received $2,000 a Month for 4 Months. Whoever received those Benefits would be subject to paying the tax when they file their 2020 Income Tax Returns. The only way they can get away from paying the tax is have income of $15,000 or less. Be at the time when all these funds were doled out I would guess 70% of the workers that received the Benefits will have an income of $15,000 or less. No matter how the funds are doled out the Taxpayers will all get shafted in the end when it's all said and done. They just better hope a Second Wave doesn't come along. If it does you won't be seeing Governments doling out the cash as freely as too much has been doled out already. The Bond Holders will start lowering Countries Credit Ratings, Interest Rates will skyrocket, markets will crash in the end everyone is fucked and stuck in the Greatest Depression of all times for the next 20 Years or longer living on Ration Tokens. Link to comment Share on other sites More sharing options...
EyesOnly Posted June 15, 2020 Share Posted June 15, 2020 1 hour ago, TBG 150 said: I'm curious if the US Treasury will add these funds to your gross income at the end of the tax year and tax the people on it as income or even unreported income? My guess is yes. Especially since no one has said otherwise. If this were tax free money, that would be a big deal that either Trump or the news media would not pass on. 1 Link to comment Share on other sites More sharing options...
EyesOnly Posted June 15, 2020 Share Posted June 15, 2020 1 hour ago, TBG 150 said: I'm curious if the US Treasury will add these funds to your gross income at the end of the tax year and tax the people on it as income or even unreported income? My guess is yes. Especially since no one has said otherwise. If this were tax free money, that would be a big deal that either Trump or the news media would not pass on. Link to comment Share on other sites More sharing options...
EyesOnly Posted June 15, 2020 Share Posted June 15, 2020 1 hour ago, TBG 150 said: I'm curious if the US Treasury will add these funds to your gross income at the end of the tax year and tax the people on it as income or even unreported income? My guess is yes. Especially since no one has said otherwise. If this were tax free money, that would be a big deal that either Trump or the news media would not pass on. Link to comment Share on other sites More sharing options...
Robwin Posted June 15, 2020 Share Posted June 15, 2020 Why post once when you can post the same thing 2 or 3 times 😁👍 1 Link to comment Share on other sites More sharing options...
Ridgerunner Posted June 15, 2020 Share Posted June 15, 2020 5 hours ago, TBG 150 said: I'm curious if the US Treasury will add these funds to your gross income at the end of the tax year and tax the people on it as income or even unreported income? I read an article several weeks ago that said U.S. stimulus payments are not taxable. Link to comment Share on other sites More sharing options...
happyone Posted June 15, 2020 Share Posted June 15, 2020 To answer all the above questions, speculation, and guesses No, the IRS does not consider the stimulus income and you will not owe taxes on it. Will my stimulus payment reduce my tax refund this year? No, the stimulus payment will not reduce a taxpayer’s refund this year. Will my stimulus check affect what I pay in taxes next year? No, your stimulus check will not increase the amount you owe (or decrease the amount you may get as a refund) when you file your 2020 tax return next year. The stimulus payment also will not affect the income amount used to determine eligibility for any federal government assistance or benefit programs. Will I need to report my stimulus payment as income? No, the IRS does not consider the stimulus money as income, so you will not need to report it as income. The stimulus payment (or economic impact payment, in IRS parlance) is essentially an advance on a 2020 tax credit. You’ll need to report it as such when you do file taxes next year, provided you earn enough in 2020 to need to file a tax return—but it should not affect the amount of taxes you owe or the amount of any tax refund you’re due from the IRS next year. Link to comment Share on other sites More sharing options...
Ridgerunner Posted June 16, 2020 Share Posted June 16, 2020 17 hours ago, StnCld316 said: I would imagine they would have a plan in place at recouping the outgoing benefits of collecting the taxes when Income Taxes are filed. Governments don't toss away Trillions out of the goodness of their health. In Canada they gave a CERB Benefit for workers which they received $2,000 a Month for 4 Months. Whoever received those Benefits would be subject to paying the tax when they file their 2020 Income Tax Returns. The only way they can get away from paying the tax is have income of $15,000 or less. Be at the time when all these funds were doled out I would guess 70% of the workers that received the Benefits will have an income of $15,000 or less. No matter how the funds are doled out the Taxpayers will all get shafted in the end when it's all said and done. They just better hope a Second Wave doesn't come along. If it does you won't be seeing Governments doling out the cash as freely as too much has been doled out already. The Bond Holders will start lowering Countries Credit Ratings, Interest Rates will skyrocket, markets will crash in the end everyone is fucked and stuck in the Greatest Depression of all times for the next 20 Years or longer living on Ration Tokens. There will be a second wave of covid-19 in the U.S. even if there is not a second wave because the Democrats need covid-19 to keep the economy shutdown and stop Trump from campaigning. Covid-19 is a part of the Democrats 2020 campaign strategy. Link to comment Share on other sites More sharing options...
jjkopite Posted June 16, 2020 Share Posted June 16, 2020 Emergency use of the anti-malaria drug hydroxychloroquine as a treatment for coronavirus has been withdrawn by the US Food and Drug Administration (FDA). The FDA said that new evidence from clinical trials meant that it was no longer reasonable to believe that the drug would produce an antiviral effect. The drug has also been pulled from the UK's Recovery trial, which is run by the University of Oxford. The findings have been passed on to the World Health Organization. As reported on the BBC World news site 4 hours ago. 1 Link to comment Share on other sites More sharing options...
Robwin Posted June 16, 2020 Share Posted June 16, 2020 It seems the UK government has licensed for use on the NHS a drug called Dexamethasone ( a steroid) which our guys have found to be very successfull in treating many patients alleviating the need for a respirator and gives the lungs chance to self heal. So all good news, all we need now is a vaccine which they are working on and very confident can be ready end of the year. 2 Link to comment Share on other sites More sharing options...
HarleyFatboy Posted June 16, 2020 Share Posted June 16, 2020 I just found out my niece was tested positive for the Corona virus. Sometimes things hit closer to home than you want them to!! 1 Link to comment Share on other sites More sharing options...
Recommended Posts