Stimulus Breakdown

[LuFins Dad]

Stimulus Breakdown

1. Unemployment benefits:
   The package extends the existing $300 weekly unemployment benefit through Sept. 6, as well as provide a tax break on $10,000 in unemployment benefits.

No problem. I would have been fine with them increasing the benefits to $400 even, over Manchin's objection.

2. Stimulus checks: individuals earning $75,000 per year and couples earning $150,000 would still receive the full $1,400-per-person benefit. However, the benefit would disappear for individuals earning more than $80,000 annually and couples earning more than $160,000.

Big problems.
First, what tax year(s?) is (are?) the basis for the decision? Frankly, I think they should use both years. If your income didn't drop from 19 to 20, then no stimulus for you. If it stayed the same, then why in the world are we giving you money? Your income has maintained AND your expenses were likely reduced last year.

Second, why base it on income? There are individuals that were making $100,000 and have lost that income that are suffering big time while there are individuals that were at the median individual income of $31,000 that are still working, making the same amount. They've suffered no losses...

Third, again, they are applying universal numbers across very different areas of the country, economically speaking.

3. Child tax credit: most Americans would receive $3,000 a year for each child ages 6 to 17, and $3,600 for each child under age 6.

I'm okay with it as a one-time deal. I don't get why the number is higher for younger kids and lower for older. I have a toddler and a (last year) 17 year old. Want to guess which one cost me more?

4. Aid to state and local governments:
   The Senate package designates $350 billion for states, cities, tribal governments and U.S. territories.

This is bad due to how it's being managed. I don't mind aiding a few of the states, but as detailed elsewhere, this is a Blu-State bailout. Why is California getting $26B when they are projecting a $15B surplus?

[George K]

You forgot to mention the paid ⅓ of a year off for federal employees if they've had to stay home to take care of the kids.

[jon-nyc]

@lufins-dad said in Stimulus Breakdown:

I'm okay with it as a one-time deal. I don't get why the number is higher for younger kids and lower for older. I have a toddler and a (last year) 17 year old. Want to guess which one cost me more?

I spent far more on my kid during pre-school. Nanny was pricey. I get most people don't hire a full time nanny, but day care is pricey too.

[LuFins Dad]

@george-k said in Stimulus Breakdown:

You forgot to mention the paid ⅓ of a year off for federal employees if they've had to stay home to take care of the kids.

I meant to ask, is that only if they were off work? I’ve read a few things that indicate that you could also make that if working from home.

[LuFins Dad]

@jon-nyc said in Stimulus Breakdown:

@lufins-dad said in Stimulus Breakdown:

I'm okay with it as a one-time deal. I don't get why the number is higher for younger kids and lower for older. I have a toddler and a (last year) 17 year old. Want to guess which one cost me more?

I spent far more on my kid during pre-school. Nanny was pricey. I get most people don't hire a full time nanny, but day care is pricey too.

If they are basing it on expectations of daycare then $600 ain’t jack. Plus, 3 year olds aren’t going to regular school anyway, so if they are being sent to daycare, it’s because parents are still working, so why are they getting stimulus?

[Mik]

@jon-nyc said in Stimulus Breakdown:

@lufins-dad said in Stimulus Breakdown:

I'm okay with it as a one-time deal. I don't get why the number is higher for younger kids and lower for older. I have a toddler and a (last year) 17 year old. Want to guess which one cost me more?

I spent far more on my kid during pre-school. Nanny was pricey. I get most people don't hire a full time nanny, but day care is pricey too.

Not during Covid. No day care, and you would not have let a nanny into your home.