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Senate Reaches Historic Deal On $2T Coronavirus Economic Rescue Package
03-25-2020, 06:55 AM
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#1
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jan 2008
Location: NC
Posts: 21,202
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Senate Reaches Historic Deal On $2T Coronavirus Economic Rescue Package
Looking forward to more detail, but finally!
Quote:
The plan marks the largest rescue package in American history. The legislation covers an array of programs, including direct payments to Americans, an aggressive expansion of unemployment insurance, billions in aid to large and small businesses and a new wave of significant funding for the healthcare industry.
The Senate is slated to vote on the package later Wednesday. House leaders have signaled an interest to approve the plan quickly, but had yet to react to the overnight developments early Wednesday. Many members are relying on highlights from the plan, and the legislative text of the bill has yet to be released to the public.
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https://www.npr.org/2020/03/25/81888...rescue-package
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No one agrees with other people's opinions; they merely agree with their own opinions -- expressed by somebody else. Sydney Tremayne
Retired Jun 2011 at age 57
Target AA: 50% equity funds / 45% bonds / 5% cash
Target WR: Approx 1.5% Approx 20% SI (secure income, SS only)
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03-25-2020, 07:04 AM
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#2
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Thinks s/he gets paid by the post
Join Date: Aug 2010
Location: Back woods of Fennario
Posts: 1,170
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Quote:
Originally Posted by Midpack
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From the great beyond, Everett Dirksen quietly changed the letter "B" to "Tr"....
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"Time wounds all heels...." - Groucho Marx
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03-25-2020, 09:52 AM
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#3
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Thinks s/he gets paid by the post
Join Date: Aug 2014
Location: Chicago West Burbs
Posts: 2,998
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Fool me once, shame on you. Fool me twice...…. I've heard this before. I'll believe it when the Senate votes on it and the House approves it and it is then signed into law, which it may very well be. I hate to be a naysayer, but things can and do change. Having the Senate agree is encouraging though.
edit: My comments were not intended to be against you, Midpack.
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03-25-2020, 10:07 AM
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#4
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jul 2014
Location: Spending the Kids Inheritance and living in Chicago
Posts: 17,010
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I'm looking forward to finding out the details once it's nailed down and signed.
So many things have been said, and the devil is in the details, it's too uncertain for me right now.
Besides I don't get a vote.
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Fortune favors the prepared mind. ... Louis Pasteur
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03-25-2020, 10:12 AM
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#5
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jan 2008
Location: NC
Posts: 21,202
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Quote:
Originally Posted by CRLLS
Fool me once, shame on you. Fool me twice...…. I've heard this before. I'll believe it when the Senate votes on it and the House approves it and it is then signed into law, which it may very well be. I hate to be a naysayer, but things can and do change. Having the Senate agree is encouraging though.
edit: My comments were not intended to be against you, Midpack.
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I understand. I’m being (uncharacteristically) optimistic...
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No one agrees with other people's opinions; they merely agree with their own opinions -- expressed by somebody else. Sydney Tremayne
Retired Jun 2011 at age 57
Target AA: 50% equity funds / 45% bonds / 5% cash
Target WR: Approx 1.5% Approx 20% SI (secure income, SS only)
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03-25-2020, 10:28 AM
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#6
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Moderator Emeritus
Join Date: Jan 2007
Location: New Orleans
Posts: 47,472
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Quote:
Originally Posted by Midpack
I understand. I’m being (uncharacteristically) optimistic...
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Well, there's something to be said for optimism. It's doggone hard to be optimistic about anything related to this pandemic.
I'm 100% pessimistic about the pandemic (and all these bills) but I am just in wait-and-see mode. I'm playing my video game for pure escapism and hoping for the best. We need optimists here on the forum to balance all us pessimists.
I sure hope that somehow, some temporary help can be provided to those individuals and businesses that need it.
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Already we are boldly launched upon the deep; but soon we shall be lost in its unshored, harbourless immensities. - - H. Melville, 1851.
Happily retired since 2009, at age 61. Best years of my life by far!
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03-25-2020, 10:44 AM
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#7
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Confused about dryer sheets
Join Date: Oct 2018
Posts: 7
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I don't think early retirees will receive a check, because it requires minimum $2500 earned income to qualify (i.e. wages, self employed) ... at least according to the GOP proposal.
https://www.finance.senate.gov/imo/m...20Measures.pdf
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03-25-2020, 10:49 AM
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#8
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Thinks s/he gets paid by the post
Join Date: Aug 2014
Location: Chicago West Burbs
Posts: 2,998
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Quote:
Originally Posted by Midpack
I understand. I’m being (uncharacteristically) optimistic...
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Maybe, just maybe, if we concentrate all of our optimism together, we can get this done. Something similar worked in Ghostbusters II, didn't it?
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03-25-2020, 10:50 AM
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#9
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Thinks s/he gets paid by the post
Join Date: Apr 2008
Posts: 2,006
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I'm hearing the House adjourned for the day without voting on the stimulus package. Has anyone heard otherwise?
EDIT: The bill needs to be passed by the entire Senate first before going to the House. Sounds like even if the Senates passes it early enough in the day, the House won't take up the bill until tomorrow.
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03-25-2020, 11:01 AM
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#10
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Apr 2012
Posts: 6,129
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Quote:
Originally Posted by mkedst
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Interesting, it is based on 2018 tax returns. For those who retired in 2018 (such as myself), that may impact what (if any) you are eligible for.
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FIREd date: June 26, 2018 - "This Happy Feeling, Going Round and Round!" (GQ)
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03-25-2020, 11:05 AM
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#11
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Thinks s/he gets paid by the post
Join Date: Apr 2008
Posts: 2,006
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Quote:
Originally Posted by jollystomper
Interesting, it is based on 2018 tax returns. For those who retired in 2018 (such as myself), that may impact what (if any) you are eligible for.
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Saw that too. Our income from the 2018 tax year is too high to qualify because of the taxable capital gains on a house sale. As it is, one of us is drawing SS and the other a pension. I really don't think we're supposed to be the individuals who require the immediate help.
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03-25-2020, 11:11 AM
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#12
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jul 2014
Location: Spending the Kids Inheritance and living in Chicago
Posts: 17,010
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__________________
Fortune favors the prepared mind. ... Louis Pasteur
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03-25-2020, 11:11 AM
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#13
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Nov 2009
Posts: 6,682
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Quote:
Originally Posted by mkedst
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If this is part of the final bill, then I agree that many of us here, including me, will get nothing, even if we meet any income $$ requirements. Interesting how SS and certain veterans benefits do count toward the $2,500 minimum income.
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Retired in late 2008 at age 45. Cashed in company stock, bought a lot of shares in a big bond fund and am living nicely off its dividends. IRA, SS, and a pension await me at age 60 and later. No kids, no debts.
"I want my money working for me instead of me working for my money!"
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03-25-2020, 11:13 AM
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#14
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Apr 2012
Posts: 6,129
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Quote:
Originally Posted by statsman
Saw that too. Our income from the 2018 tax year is too high to qualify because of the taxable capital gains on a house sale. As it is, one of us is drawing SS and the other a pension. I really don't think we're supposed to be the individuals who require the immediate help.
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I agree. DW and I had been discussing adding anything we would potentially have gotten to our charity/gift giving. If this helps move the markets towards recovery that will be better for us than getting money.
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FIREd date: June 26, 2018 - "This Happy Feeling, Going Round and Round!" (GQ)
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03-25-2020, 11:13 AM
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#15
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Moderator
Join Date: Nov 2015
Posts: 13,879
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qualified income includes SS income according to the text of the bill.
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03-25-2020, 11:15 AM
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#16
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Moderator
Join Date: Oct 2010
Posts: 10,656
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03-25-2020, 11:18 AM
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#17
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Confused about dryer sheets
Join Date: Oct 2018
Posts: 7
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SS recipients qualify, I'm referring to early retirees, assuming ages below SS qualification.
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03-25-2020, 11:18 AM
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#18
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Confused about dryer sheets
Join Date: Apr 2014
Location: Rogue River
Posts: 7
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There appears to be a provision in the relief package that allows RMD's to be deferred. However, some sites are saying it applies to people starting under the new law at age 72 this year. Other sites seem to provide other conflicting information. I'd like to know if current RMD's will become optional, and thus can be discontinued for this year, under the provisions of the new bill. If you have a good source of information, please post. Thanks.
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03-25-2020, 11:19 AM
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#19
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Sep 2012
Location: Seattle
Posts: 6,006
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The real question is what happens to people who had high income in 2018 but much lower income in 2019 (and 2020 is looking pretty bear).
They get the shaft or will things get trued up at tax time in 2021?
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03-25-2020, 11:20 AM
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#20
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Thinks s/he gets paid by the post
Join Date: Mar 2013
Location: Coronado
Posts: 3,672
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Quote:
Originally Posted by mkedst
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According to news reports, the requirements at the lower end have been removed in the final bill, which is not yet available online.
Also, the original bill ( here) had the stimulus payment coming as an advance payment of a one-time credit that will be included on your 2020 tax return. It looks like they were just using 2018 tax returns to figure out who would probably be eligible for the 2020 credit so they could distribute the money early. I'm guessing that hasn't changed in the final bill, so if you're entitled to the credit in 2020, then even if you don't receive it in advance because you were in a different situation in 2018, you should still be able to claim it when you file next year.
I wonder what will happen for taxpayers who died in 2019 and for whom final returns haven't yet been filed...
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