[OG68]

Originally Posted by 68lemans462

Going to pay my taxes with it if we get anything!

Me too.

[goats2quick]

ames performance.

[77 TRASHCAN]

David, careful holding that check in your surgically repaired right shoulder!!!

[455Grandville]

Originally Posted by Firedup6975

Our Dealerships are all closed. Only online buying, you pick it out online, they deliver it, they do the paperwork curbside, you test it out, keep it or they come take it back. No showroom visits allowed.

They’re still open here but the salesmen keep distant and didn’t come with us on the test drive. I’ve heard people gripe that 5.3s aren’t powerful enough and get the bigger engine (6.2) but this 5.3 is 355 horses and has plenty of punch for a soccer mom.

[bdk1976]

Won't get the full amount, but anything i do get I will invest in a tax advantaged account and let it ride for 10+ years!

[U47]

Originally Posted by 64speed

If congress keeps torpedoing each other there will be no money

What is 2 trillion added to the 23 and 3/4 trillion debt. And you say no money. There already is no money. Wait till inflation really kicks in. Penny on the dollar at best. The more you print the harder it will get.

[FrankieT/A]

Originally Posted by 455Grandville

They’re still open here but the salesmen keep distant and didn’t come with us on the test drive. I’ve heard people gripe that 5.3s aren’t powerful enough and get the bigger engine (6.2) but this 5.3 is 355 horses and has plenty of punch for a soccer mom.

My 6.2 gets 17-19 MPG on the highway. The extra power is worth every penny! The down side is it really likes 93 octane 91 being the minimum.

[77 TRASHCAN]

I already have 2 twelve packs of toilet paper, had one, bought one today...

We have a young woman at my church, had emergency open heart surgery Feb 2nd. Has been in hospital since. She has something called Turner syndrome. It’s a chromosome defect that drastically affects the persons health. I plan to give it all to her cause. Much has been given to her, already, but she will need more. Miracles after miracles, have allowed her to still be alive today. Praying for more...

[carcrazy]

Won't be seeing any money. Trying to support the small businesses we frequent. I own my a business that will likely be impacted to some degree but fortunately I can make sure my employees get paid first.

[455Grandville]

Originally Posted by FrankieT/A

My 6.2 gets 17-19 MPG on the highway. The extra power is worth every penny! The down side is it really likes 93 octane 91 being the minimum.

Drove a friends 6.2, it was a powerhouse and felt like it could pull a heavy trailer pretty well. In the end the dealer didn’t want to give us what I wanted on her 2 year old Subaru and I’m relieved they didn’t as I think this economy is gonna get worse and we decided we don’t need a $66,000 vehicle now.

[njsteve]

Paying my 2019 taxes with it. :-(

[Formulabruce]

Originally Posted by hobbygto65

I probably won't get it. Between my wife and me are Social Security isn't enough to file taxes and there going by the 2018 tax filings.

Below the 75k means you get it. My income is low too, I was told to expect it, and expect to pay taxes on it

[Formulabruce]

I will buy a dash cap for my firebird. The rest invest in UVC lighting companies

[fyrffytr1]

I will probably end up giving it to my son. He has work until May 21 but, he works at a river rafting operation in the Grand Canyon and they have pretty much written off this season. Hopefully some people will visit when this thing is over.

[Jack Gifford]

Originally Posted by Formulabruce

... I was told to expect it, and expect to pay taxes on it...

My understanding is that this one-time payment is not taxable.

[tigergto]

Originally Posted by Formulabruce

Below the 75k means you get it. My income is low too, I was told to expect it, and expect to pay taxes on it

You only have to pay taxes on it if in 2020 you go above the threshold of 75,000 for single filers and 150,000 for joint. It goes at a reduced rate of 99,000 for single and 175,000 for joint.

[Formulabruce]

If you make Zero,or do Not make enough to file taxes) and that was on your taxes last year, you get a check.
This money is NOT Taxed.

[OG68]

Received this brief synopsis from Edward Jones

The CARES (Coronavirus Aid, Relief and Economic Security) Act was signed by President Trump to help provide financial stability and relief for individuals and businesses affected by COVID-19. While the bill is very broad and addresses a number of areas and industries, and many of the specific details will still need to be analyzed, we believe the following are important to highlight for individuals and their families.

Cash Payments and Unemployment Assistance
* 2020 Recovery Payment: All U.S. residents with adjusted gross income up to $75,000 ($150,000 joint filers) are eligible for a $1,200 ($2,400) payment, as well as an additional $500 per child (under age 17).
* There are no minimum income requirements for the payment. Individuals with little or no income are eligible provided they are not a dependent of another taxpayer and have a work-eligible Social Security number.
* This amount is reduced by $5 for every $100 over the income limit above, so it would be fully phased out for those with incomes over $99,000 (single) and $198,000 (joint filers) with no children.
* Increased Unemployment Assistance: Provides an additional $600/week payment to each recipient of unemployment insurance for up to four months.
* Provides an additional 13 weeks of unemployment benefits through Dec. 31, 2020, for those who remain unemployed after state unemployment benefits are no longer available.
* Delay in Tax-filing Requirements: Individuals now have until July 15, 2020, to file their 2019 tax returns instead of April 15.
* The Treasury Department has also postponed the deadline for making IRA contributions until the date taxpayers file their 2019 tax return during the extended filing period.

Retirement Account Changes
The following apply to qualifying individuals including those who are diagnosed with COVID-19, have a spouse or dependent who is diagnosed with COVID-19 or experience adverse financial consequences as a result of COVID-19, including quarantines, layoffs, business closures or child care responsibilities.
* Elimination of Early Withdrawal Penalty: Waives the 10% early withdrawal penalty for withdrawals up to $100,000 from qualified retirement accounts for retirement plan participants who qualify for COVID-19 relief. Income tax on the distribution would still be owed but could be paid over a three-year period. Individuals could "recontribute" the funds to the plan within three years without regard to contribution limits. While the law allows for these types of penalty-free distributions, individual plans can set more restrictive policies.
* Increase in the Retirement Plan Loan Amount: Increases the amount that can be taken as a loan from a qualified retirement plan from $50,000 to $100,000 for 2020.
* Temporary Waiver of RMDs for 2020 for All Retirement Savers: Waives the required minimum distribution (RMD) requirement for retirement plans and IRAs in 2020. This provision also applies to RMDs due in 2020, but attributable to 2019. Individuals do not need to meet COVID-19 qualifying criteria to temporarily waive RMDs for 2020.
* Items for Consideration:
* In general, we recommend exhausting some of the other provisions associated with the CARES Act first, such as mortgage and student loan relief, or using the recovery payment to bridge the gap on current expenses before taking a distribution or loan from your retirement accounts.
* For any withdrawal or loan, we recommend working with your financial advisor to consider developing strategies to recontribute/pay back these funds over time to reduce any long-term impact to your retirement goals.

Enhanced Tax Benefits for Charitable Gifts
* $300 Deduction of Cash Contributions: Ability to deduct up to $300 of cash contributions to charities, regardless of whether the individual itemizes deductions.
* Changes to Limits on Charitable Contributions:
* Individuals: For those who itemize their deductions for charitable giving, the 50% of adjusted gross income limit is suspended for 2020.
* Corporations: The 10% limit on charitable contributions is increased to 25% of taxable income.

Mortgages
* Mortgage Relief for Homeowners: Requires the servicers of federally backed mortgages to postpone mortgage payments at the request of the borrower, provided the borrower affirms financial hardship due to COVID-19. The postponement must be granted for up to 180 days and extended for an additional period of up to 180 days at the request of the borrower.
* Foreclosure Moratorium: Prevents the servicer of a federally backed mortgage loan to initiate any foreclosure process for at least 60 days beginning on March 18, 2020.
* Eviction Relief for Renters: For 120 days after the CARES Act date of enactment, landlords with mortgages backed by the U.S. Department of Housing and Urban Development (HUD), Fannie Mae, Freddie Mac, and other federal entities cannot pursue eviction for their tenants. Landlords also can't charge any fees or penalties related to nonpayment of rent.

Student Loans/Education
* Loan Payment Suspension: Suspends payments automatically for federal student loans through Sept. 30, 2020, with no interest accruing or penalties during the period of suspension.
* Additional Provisions: Contains a variety of other emergency-relief provisions related to education, and specifically the impact of many students being sent home mid-semester. For example, it allows universities to make payments to students who were unable to complete work-study programs.

Small-Business Owners
* Small-Business Loans: Many small businesses are now eligible for disaster relief loans from the Small Business Administration. Additionally, the CARES Act provides conditions for when loan payments may be deferred, and loan amounts forgiven.
* Other Provisions: There are additional tax and accounting provisions such as:
* An employee retention tax credit for employers subject to full or partial suspension of business due to COVID-19
* The ability to delay payment of employer payroll taxes
* Modifications for rules around net operating losses
* Modifications for rules around corporate AMT (alternative minimum tax) credits
* A temporary increase in the limitation on interest deductions imposed by the Tax Cuts and Jobs Act

[U47]

And here is where the pork is;

Report post
Posted 1 hour ago



Has anyone read what was passed in the COVID relief bill???? Will make you wonder how it relates to the virus and the people and businesses that are hurting.


I

Keep in mind this is a condensed version of the pork that says simply what it is and how much money. It's mind blowing and disappointing that some are trying to capitalize a tragedy for us all and add to a already 23 trillion debt plus want more bills to come. So here you go;
• No voter ID to get a ballot, & anonymous “ballot harvesting” pg 650
• $300,000,000 for Migrant and Refugee Assistance pg 147
• $10,000 per person for student loan bailout
•
$100,000,000 to NASA, because, who knows why, maybe they hope they’ll find aliens to help us?
• $20,000,000,000 to the USPS, because why the hell not, maybe they worried about mailing a virus?
• $300,000,000 to the Endowment for the Arts / because you need better entertainment in quarantine?
•
$300,000,000 for the Endowment for the Humanities/ because no one even knew that was a thing
• $15,000,000 for Veterans Employment Training / for when the GI Bill isn't enough
• $435,000,000 for mental health support / that's a lot of suicide hotlines
• $30,000,000,000 for the Department of Education stabilization fund/ because that will keep people employed
• $200,000,000 to Safe Schools Emergency Response to Violence Program/ in case people read the bill?
• $300,000,000 to Public Broadcasting /
• $500,000,000 to Museums and Libraries / Who the hell knows why, maybe to look up the black plague?
• $720,000,000 to Social Security Admin / but get this only 200K is to help people. The rest is for admin costs
• $25,000,000 for Cleaning supplies for the Capitol Building / I kid you not it's on page 136
• $7,500,000 to the Smithsonian for additional salaries
• $35,000,000 to the JFK Center for performing Arts/we can’t go now….but, someday...
• $25,000,000 for additional salary for House of Representatives/ you knew they would slip in something for themselves!!!!!
• $3,000,000,000 upgrade to the IT department at the VA/ get, but now?
• $315,000,000 for State Department Diplomatic Programs/ they can do an awesome newsletter with that
• $95,000,000 for the Agency of International Development/ to help people who have a government that is broken
• $300,000,000 for International Disaster Assistance/ we have a disaster here folks….hello
• $90,000,000 for the Peace Corp pg 148
• $13,000,000 to Howard University pg 121
• 9,000,000 Misc Senate Expenses pg 134
• $100,000,000 to Essential Air carriers pg 162 This of note because the Airlines are going to need billions in
loans to keep them afloat. $100,000,000 is chump change
• $40,000,000,000 goes to the Take Responsibility to Workers and Families Act. This sounds like it's direct payments for workers. Pg 164
• $1,000,000,000 Airlines Recycle and Save Program pg 163
• $25,000,000 to the FAA for administrative costs pg 165
• $492,000,000 to National Railroad Passenger Corporation (Amtrak) pg 167
• $526,000,000 Grants to Amtrak to remain available if needed through 2021 pg 168 (what are the odds that doesn't go unused)
Hidden on page 174 the Secretary has 7 days to allocate the funds & notify Congress
• $25,000,000,000 for Transit Infrastructure pg 169
• $3,000,000 Maritime Administration pg 172
• $5,000,000 Salaries and Expensive Office of the Inspector General pg 172
• $2,500,000 Public and Indian Housing pg 175
• $5,000,000 Community Planning and Development pg 175
• $2,500,000 Office of Housing

[njsteve]

Did you actually read it and compile this list or just repost what is being copied and pasted from hundreds of twitter and facebook forwarders?

(feel free to highlight any portion of the above list, right click your mouse and hit your "search Google" option)