THE NEW $1200 STIMULUS CHECK | ALL DETAILS REVEALED
Here is a stimulus check and stimulus package update - what we can expect in the next phase 4 deal - and when the next stimulus checks might be sent out. Enjoy! Add me on Instagram: GPStephan
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First, and what’s probably going to be the most pressing, urgent matter for the Senate to address is the increased unemployment benefit set to expire on July 31st, where the $600 per week “bonus” will discontinue. One proposal that was just brought up is to tie the unemployment benefit to a states unemployment rate…so, the $600 per week would continue “until the state’s three-month average total unemployment level falls below 11%.”
Second, we have another proposal known as the $4000 Explore America Tax Credit.
Here’s how this works: This would allow 50% of your travel related expenses to be deducted from your taxes, up to a maximum of $4000…or, in other words, you can spend up to $8000 in travel and get HALF of that credited back to you. This would apply to things like airfare, hotels, lodging, recreation, restaurants, smashing the like button, and so on…
Third, we have THE NEXT STIMULUS CHECK.
As it is right now, it’s looking like a very real possibility that ANOTHER stimulus check will be in the works - but it’s unclear exactly how, and for what amount. The HEROS Act proposed a second round of stimulus checks going out to everyone who received them previously, meaning you could get another $1200 check if you made under $75,000 last year, or $2400 if you’re married and made under $150,000 last year, with that stimulus check decreasing by $5 for every $100 you make above that threshold.
Fourth, we have a back to work bonus.
Senator Rob Portman proposed that workers should receive a $450 per week BONUS to return back to work, that they’re free to keep in addition to the money they earn from their job. According to him, $450 is an amount that would leave better better off financially than staying on unemployment and it would put more cash in people’s pockets, it would make employers more likely to see their employees return, and it’s slightly cheaper than giving out $600 per week as it stands now.
Fifth: Payroll Tax Cut
Anytime you pay your taxes, you pay a small portion of that into Medicare and Social Security…typically, it’s about 7.65% or so. Any REDUCTION in the tax would just end up as you getting more money left over in your paycheck…and if they cut it out ENTIRELY, it would be like you getting a 7.65% raise on top of what you were already making.
Sixth: Infrastructure Spending
The goal is that the government spends money creating new highways, roads, bridges, rail systems, you name it…and that, in turns, provides jobs and helps our economy. It was said that “you spend a dollar and you get back more than dollar in terms of revenue from the economic benefit.”
As far as a timeline as to when this can all happen.. here’s what we’re looking at.
Right now, the senate is on what’s known as a “Recess,” from July 3rd to July 17th, where they’re not going to be in Washington DC actively negotiating these plans.
From there, it’ll perhaps be a quick turnaround to get SOMETHING approved by the end of July - and that would mean things can begin progressing forward shortly after that.
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