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Baker Boy

Personal income surges 10.5% in April

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Meanwhile, personal income rose 10.5% in April, helped by government payments. Economists had expected a decrease of 2.1%.

The gain in income was driven solely by an 89.6% gain in government transfer payments in April. Wages and salaries fell 8% in April after a 3.5% decline in the prior month.

https://www.marketwatch.com/story/personal-income-surges-105-in-april-on-the-back-of-government-relief-payments-but-spending-lags-2020-05-29
 

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I would note that most of those still working are mostly teleworking, and those tend to be higher paid jobs.....not to discount that people are potentially being given handouts that are bigger than their uneducated and lazy arses can manage

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I'm not teleworking.

Although, at this moment, I'm not really working. :P

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When people file their 2020 taxes next April, all of the money that was given out during this shutdown, should be counted as earned income.  If not, that every penny given out by the government to every individual, should be taken back over then next 5 years.  The government knows exactly who got what, so attach their wages and have the money taken out incrementally over a period of time.

I got $1200.  From 2021 through 2025, I should have 100% of that taken from my paychecks to reimburse the government.

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4 minutes ago, TBayXXXVII said:

When people file their 2020 taxes next April, all of the money that was given out during this shutdown, should be counted as earned income.  If not, that every penny given out by the government to every individual, should be taken back over then next 5 years.  The government knows exactly who got what, so attach their wages and have the money taken out incrementally over a period of time.

I got $1200.  From 2021 through 2025, I should have 100% of that taken from my paychecks to reimburse the government.

I'd be pissed if they just decided to take it back.  If they want to tax it as income then it makes sense to me but to just take it back a year or two later just seems wrong.  I probably would've declined the money if I knew they were randomly going to take it back.

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Just now, Hawkeye21 said:

I'd be pissed if they just decided to take it back.  If they want to tax it as income then it makes sense to me but to just take it back a year or two later just seems wrong.  I probably would've declined the money if I knew they were randomly going to take it back.

Notice, I specifically said FIVE years.  Per $1200, that's only $4.61 per week.  Even if you got $12k, that's only $46 per week.  Pretty sure no one got $12k.

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Just now, TBayXXXVII said:

Notice, I specifically said FIVE years.  Per $1200, that's only $4.61 per week.  Even if you got $12k, that's only $46 per week.  Pretty sure no one got $12k.

A small amount over time would be fine.

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2 minutes ago, lickin_starfish said:

Unemployment is taxed as income as far as I know. I'm not expecting a huge tax return next year. 😆

Yes, but that $600 per week that people were getting on top of that isn't.  Nor was that $1200 stimulus check.

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Just now, Hawkeye21 said:

A small amount over time would be fine.

Yeah, I see no need to gouge people or force hardship on anyone... just as I see no need for people to not have to pay it back.  I think this money being given out should be seen as a 0% interest loan that is to be paid back at a reasonable time frame.

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1 minute ago, TBayXXXVII said:

Yeah, I see no need to gouge people or force hardship on anyone... just as I see no need for people to not have to pay it back.  I think this money being given out should be seen as a 0% interest loan that is to be paid back at a reasonable time frame.

I'm sure it would upset some people but it makes sense to me.  Doesn't make much of a difference to me though.

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1 minute ago, Hawkeye21 said:

I'm sure it would upset some people but it makes sense to me.  Doesn't make much of a difference to me though.

Sure, it'll make all of the Democrats mad because they want free government money.  The problem is that this country added trillions of dollars of money into the economy which will devalue the dollar.  It's bad for the economy.  Democrats love to hammer the Republicans when the debt goes up under Republican control (ignore it though when it goes up under theirs), so they should have a problem with this increase.  They won't though, because it helps their agenda... giving people money for nothing.

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2 minutes ago, TBayXXXVII said:

Sure, it'll make all of the Democrats mad because they want free government money.  The problem is that this country added trillions of dollars of money into the economy which will devalue the dollar.  It's bad for the economy.  Democrats love to hammer the Republicans when the debt goes up under Republican control (ignore it though when it goes up under theirs), so they should have a problem with this increase.  They won't though, because it helps their agenda... giving people money for nothing.

I was thinking more about the people who have lower income would be upset about paying it back.  Anyone that makes a decent amount of money should be fine with it.  Doesn't really have much to do with being a democrat or republican in my opinion.

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54 minutes ago, TBayXXXVII said:

Yes, but that $600 per week that people were getting on top of that isn't.  Nor was that $1200 stimulus check.

How do you know that? Link?

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Just now, Hawkeye21 said:

I was thinking more about the people who have lower income would be upset about paying it back.  Anyone that makes a decent amount of money should be fine with it.  Doesn't really have much to do with being a democrat or republican in my opinion.

Income level shouldn't matter.  Like I said, it's peanuts if spread over 5 years.  Heck, they can just make a set amount.  If they took say, $5 per week from everyone until they money is returned, no one should feel a burden.  For those who get paid every 2 weeks, $10 less in their paycheck shouldn't make a difference. 

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18 minutes ago, Baker Boy said:

How do you know that? Link?

My cousin is an accountant.  He said this money, from what he read, is straight up free.  Now, that info was from way back in the beginning.  It's possible that things have changed... I just haven't talked to him since then about it.

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3 hours ago, TBayXXXVII said:

Yes, but that $600 per week that people were getting on top of that isn't.  Nor was that $1200 stimulus check.

I have been laid off for 9 weeks. I have been receiving state unemployment, and also the $600 Federal per week.

When applying for UI, you can opt to have taxes taken out of it, which I do. It is taxable income. Nothing in this world is free.

https://www.forbes.com/sites/robertfarrington/2020/05/11/yes-your-extra-600-in-unemployment-is-taxable-income/#4c0c4bf4360d

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I have been WFH for over 2 months, I have spent maybe $30 in gas in 70 days, spending 0 on a commuter pass and parking.  Life is good!

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3 hours ago, TBayXXXVII said:

My cousin is an accountant.  He said this money, from what he read, is straight up free.  Now, that info was from way back in the beginning.  It's possible that things have changed... I just haven't talked to him since then about it.

On my 600, I have the option to take out fed taxes on it each time. 

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23 minutes ago, lickin_starfish said:

I have been laid off for 9 weeks. I have been receiving state unemployment, and also the $600 Federal per week.

When applying for UI, you can opt to have taxes taken out of it, which I do. It is taxable income. Nothing in this world is free.

https://www.forbes.com/sites/robertfarrington/2020/05/11/yes-your-extra-600-in-unemployment-is-taxable-income/#4c0c4bf4360d

 

1 minute ago, SUXBNME said:

On my 600, I have the option to take out fed taxes on it each time. 

Ok, cool.  Like I said, it was before everything came out.  I never asked again as it didn't affect me as I was still working.  I'm glad the money was taxed.  I do think the stimulus check should be returned though... over time.

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1 hour ago, TBayXXXVII said:

 

Ok, cool.  Like I said, it was before everything came out.  I never asked again as it didn't affect me as I was still working.  I'm glad the money was taxed.  I do think the stimulus check should be returned though... over time.

I bet that the $1,200 stimulus payment will also have to be claimed as income. Gimme a minute and I'll Google it.

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6 hours ago, TBayXXXVII said:

When people file their 2020 taxes next April, all of the money that was given out during this shutdown, should be counted as earned income.  If not, that every penny given out by the government to every individual, should be taken back over then next 5 years.  The government knows exactly who got what, so attach their wages and have the money taken out incrementally over a period of time.

I got $1200.  From 2021 through 2025, I should have 100% of that taken from my paychecks to reimburse the government.

Tell ya what, you can pay for my $1200 as well.

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5 hours ago, TBayXXXVII said:

My cousin is an accountant.  He said this money, from what he read, is straight up free.  Now, that info was from way back in the beginning.  It's possible that things have changed... I just haven't talked to him since then about it.

The $1200 is 100% tax free. if you want to give yours back, fine. I see no reason to. I'm busy making  more $ with it and will end up pay taxes on that.

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I'm not sure this is much to applaud. 

What people really want is for their June/July/August 2020 personal income to match their November/December/January 2019-20 personal income.

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13 minutes ago, Voltaire said:

I'm not sure this is much to applaud. 

What people really want is for their June/July/August 2020 personal income to match their November/December/January 2019-20 personal income.

:nono: The left wants complete shutdown and many riots at least until November.

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11 hours ago, TBayXXXVII said:

Income level shouldn't matter.  Like I said, it's peanuts if spread over 5 years.  Heck, they can just make a set amount.  If they took say, $5 per week from everyone until they money is returned, no one should feel a burden.  For those who get paid every 2 weeks, $10 less in their paycheck shouldn't make a difference. 

This is pretty much what will happen ... just it will be collected from everyone (including those who did not get payments) and will be in the form of higher taxes.

but don’t worry ... the 1200 is free.  Totally.  No strings attached.

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