Stimulus checks

[crazy2medic]

Stimulus check arrived in my account this morning!

[carlson1]

I NEED a honest CPA that I can ask three questions to. It seems Google in my area is no help. Don’t mind pay just not much for three questions. If any one knows one PM me please.

[aero10]

Stimulus check arrived in my account this morning!

Mine did too.

[Vol Texan]

You sound bitter. If you make more, you should pay more. That is how it works. I don't know what you make but I do know that by coincidence, those who are in higher income categories are also the ones who can work from home and not take any hit at all on income. The stimulus money is actually meant to help all those who are sitting at home with no income. Sitting at home while you earn money working from your computer is not called roughing it.

Interesting perspective. My wife does pretty well with her jewelry store. She has a lot of face-to-face time with her customers designing custom engagement rings, etc.

And yet now her store is shut down by edict, and she has zero income potential.

Oh yeah, she can apply for the SBA PPP loan, but that will (at best) cover wages for her employees and rent. Her margin is down to zero.

Perhaps your absolute assumption about all people in the higher bracket can work from home and keep their income is too inclusive?

[chamberc]

I have been thinking about what to do with the stimulus check we are supposed to get. For sure I won't spend it til I get it in hand.
I hope everyone spends theirs local and in the small businesses of your county or the State of Texas.
First I will pay the tax on it.
After that I am buying 2 holsters. Both from Tucker Gun Leather. Both I really need.
Then I am buying a pair of shoes from a local Lufkin small business owner that I am friends with. I don't really NEED another pair right now but will have it when I need them and he will need the $$s for sure.
Then I am buying 2 Belts. One each from 2 young guys that have started leather work shop here in Angelina County.
If this goes over whatever I get I will still make up the rest.
These things will be my reminder of what our God has brought us through.
If I have some left over I will find a local place to spend it.

How bout you. Any plans on arms or gear???

Many of us won't get one, which basically means they're taking money from us and giving it to everyone who is getting one.

Agree with 03lightning above. If I get one and dont know for sure if I will but I pd in all yr + self employment tax as a Pastor. They are just giving me back only some of what they took

And giving none of what they took from many of us who contribute more.

You sound bitter. If you make more, you should pay more. That is how it works. I don't know what you make but I do know that by coincidence, those who are in higher income categories are also the ones who can work from home and not take any hit at all on income. The stimulus money is actually meant to help all those who are sitting at home with no income. Sitting at home while you earn money working from your computer is not called roughing it.

I think I would be careful assuming those at the top of the income range somehow are all able to work from home. Many doctors (yes, healthcare providing doctors) are making nothing as clinics that are "non-essential" have been shut down and most others are being hit because no one wants to go in. Some can do Telemedicine, but the guy who injects your back to make your pain go away for 6 months or the gal who checks your heart murmur can't do that over the computer. And yeah, I think we have a right to be a little bitter given many are getting stimulus checks who are making zero income, which in many cases means, they were living off the system just fine without the stimulus check. I can live with a somewhat progressive system, but perhaps you should do a little more research on how much that ends up being for some of us before judging. Some pay more than half what they make into taxes, which seems like more than many would be okay with Uncle Sam taking.

I was not judging anyone. Your post reminds me of CNN. The top tax rate is 37% so even if you used no deductions you won't pay half.

Income tax is not the only tax in the land. Many of us pay half.

[chamberc]

Income tax is not the only tax in the land. Many of us pay half.

The bottom line is, if you're not paying the top amount, you're living off those who are.

[oljames3]

Income tax is not the only tax in the land. Many of us pay half.

The bottom line is, if you're not paying the top amount, you're living off those who are.

Retired Army Vietnam Era, 70% disabled, drawing Social Security. I thank you for your support.

[parabelum]

The only stimulus I got was when I accidentally touched the electrical wire once

[PriestTheRunner]

I don't want to be mean guys, but if someone is on Social Security, and has no job- Why do they need a stimulus check? The SS income is exactly the same as it was before and you haven't lost income from lost work?

Somebody break it down for me, because all I can smell is a redistribution of wealth from future generations.

[03Lightningrocks]

[KC5AV]

I don't want to be mean guys, but if someone is on Social Security, and has no job- Why do they need a stimulus check? The SS income is exactly the same as it was before and you haven't lost income from lost work?

Somebody break it down for me, because all I can smell is a redistribution of wealth from future generations.

The argument is that the check is to stimulate the economy, so even those who aren’t making an income get the check so they can help stimulate said economy.

[chamberc]

Income tax is not the only tax in the land. Many of us pay half.

The bottom line is, if you're not paying the top amount, you're living off those who are.

Retired Army Vietnam Era, 70% disabled, drawing Social Security. I thank you for your support. ;-)

As does everyone on traditional welfare.

[chamberc]

I don't want to be mean guys, but if someone is on Social Security, and has no job- Why do they need a stimulus check? The SS income is exactly the same as it was before and you haven't lost income from lost work?

Somebody break it down for me, because all I can smell is a redistribution of wealth from future generations.

That's all it is... taking from some to give to others.

[03Lightningrocks]

Much like MSNBC, you didn't check your facts. Medicare tax, plus both sides of the payroll tax (employee and employer) plus other related state taxes depending on your area of work could easily make it over 50%, even with deductions especially if you are in a low overhead field. Might be worth checking the facts next time before comparing someone to the news

As for crying about it, I don't see any tears, but unless we all were transported to North Korea when I wasn't looking, I didn't lose my right to state I disagreed with the system.

We were talking about income taxes. Now you want to cry about other forms of taxes? Just like the fake news. Shift the topic when you are wrong.

Longtooth simply asked how folks were spending their stimulus checks. He did not ask what everyone thought of them. Maybe it is time to allow it to get back on topic.

[03Lightningrocks]

Much like MSNBC, you didn't check your facts. Medicare tax, plus both sides of the payroll tax (employee and employer) plus other related state taxes depending on your area of work could easily make it over 50%, even with deductions especially if you are in a low overhead field. Might be worth checking the facts next time before comparing someone to the news

As for crying about it, I don't see any tears, but unless we all were transported to North Korea when I wasn't looking, I didn't lose my right to state I disagreed with the system.

We were talking about income taxes. Now you want to cry about other forms of taxes? Just like the fake news. Shift the topic when you are wrong.

Longtooth simply asked how folks were spending their stimulus checks. He did not ask what everyone thought of them. Maybe it is time to allow it to get back on topic.

Apparently you don't understand that the Medicare and Payroll taxes are an "income tax" (you pay them based on your income). If you haven't run your own business, this is understandable, as your employer was covering part of it. When you are self employed, you cover it all. Again, might be worth a fact check on your part before assuming you are right .

Back to the OP, if I got a stimulus check, I would be trying to spend it on the local businesses, even some of the restaurants if possible for take out. We have already had a couple close that stated they won't be coming back due to length of closure which is sad as they were all mom and pop places with good original food.

I own a business that has averaged 2 million a year in revenue for the past 25 years. I pay more in taxes every year than you likely earned for an income.

I am moving this post to the other thread if you would like to continue it there.