Americans may not receive stimulus financial aid until end of September. Unless deal made by Friday

[TheComebackKid]

Id blame those down playing how deadly the virus was with particular attention to those who collected cheques and then went about acting as if everything is normal.

Of course you would

 

[rambosabeast]

You sure?

My mate has American citizenship but hasn't touched American soil in years and he is being hassled by the irs.

Yeah I'm sure. If you are in the U.S. for 35 days or less during your filing period, your income is tax-exempt. Returns take a little longer sometimes, but most guys I've worked with just opt to keep all of their income and then they ensure that they meet the criteria to avoid penalties. We had a guy get fired from a contracting job in Quebec a month away from meeting his 330 mark. He just stayed in a cheap hotel in Quebec for a month before returning to the States. The rent was cheaper than the alternative in his case.

 

[superpunch]

Yeah I'm sure. If you are in the U.S. for 35 days or less during your filing period, your income is tax-exempt. Returns take a little longer sometimes, but most guys I've worked with just opt to keep all of their income and then they ensure that they meet the criteria to avoid penalties. We had a guy get fired from a contracting job in Quebec a month away from meeting his 330 mark. He just stayed in a cheap hotel in Quebec for a month before returning to the States. The rent was cheaper than the alternative in his case.

That only covers income to ~$100K. And it's also only on income -- not other taxes, I believe. And you still have to file and report bank accounts over I think $10K or you can get in a lot of trouble.

 

[rambosabeast]

That only covers income to ~$100K. And it's also only on income -- not other taxes, I believe. And you still have to file and report bank accounts over I think $10K or you can get in a lot of trouble.

Yes, you are correct on the cap. It increased slightly in 2019 I think but not by much. Still somewhere around $100k.

 

[vengeful]

That only covers income to ~$100K. And it's also only on income -- not other taxes, I believe. And you still have to file and report bank accounts over I think $10K or you can get in a lot of trouble.

This is true, also you can get a foreign tax exemption credit, but you might be better off just using the foreign earned exclusion which is around 105K. You will be taxed on the portion above that at the rate for that amount, and not at a rate of the amount above 105K minus 105K. Doesn't make sense, but that's how the IRS works to get the big tax dollars.

 

[superpunch]

This is true, also you can get a foreign tax exemption credit, but you might be better off just using the foreign earned exclusion which is around 105K. You will be taxed on the portion above that at the rate for that amount, and not at a rate of the amount above 105K minus 105K. Doesn't make sense, but that's how the IRS works to get the big tax dollars.

The foreign tax exemption credit is retarded because you only get deducted the other country's income tax and still have to pay the difference to the IRS, right? Lots of countries have lower income taxes than the US, but other taxes are higher to make up for it, which you still have to pay. And also your job's income amount in those countries is negotiated around that country's income tax, not America's..

America's tax system for people working outside the US is stupid.

 

[kenetics]

Some thoughts:

1). People are gonna freak out at the size of the debt next year and the year after when they realize how low the shutdown made tax revenues. IMO everyone's going to have to be taxed like 30% more for a few years to make up for this.

2) We had a 32% contraction in GDP? China's nominal GDP could reach near parity with us for the first time ever this year if we stay shut down.

Cut money from the military. We spend 10 times more than everyone else I think.

 

[kenetics]

The rich recieved trillions in bailouts as well. No one should be blaming anyone but those who went along with shutdowns to begin with.

I didn't think most people wanted a shutdown . The government shut things down, they are then responsible for the people. Send those checks and help.

 

[badascan]

Good! Get a job you bums!

 

[kenetics]

https://www.google.com/amp/s/www.cn...you-here-are-some-possible-irs-payment-dates/



When could the second stimulus checks go out?

Below is a timeline of the past and likely projections on the future and time it takes to send checks. Etc

Original CARES Act

Date passed by Senate March 25th
Date passed by House March 26th
Date signed March 27th
First checks sent April 15th



HEALS Act

Proposal date July 27th
Negotiations begin July 27th
Negotiation time before deadline 7 to 9 days
Deadline to pass a bill = August 7th






If Senate passes August 6th
If House passes August 7th
If President signs August 10th
First checks could be sent = week of August 24th


If NO AGREEMENT before the recess on the 8th of August. Then new session begins September 8th.

If all went well in September. Aid money could be expected END of September

Ya, who goes on recess during a pandemic? Shouldn't they be actually working ?

 

[vengeful]

The foreign tax exemption credit is retarded because you only get deducted the other country's income tax and still have to pay the difference to the IRS, right? Lots of countries have lower income taxes than the US, but other taxes are higher to make up for it, which you still have to pay..

You don't even get deducted the other country's income tax paid. You get deducted a portion of it.

Like say you made 150K in foreign income and paid taxes on that of 15,000....just making up a number.

You have 105k excluded from taxes on the US system. your taxes would then be [150,000-105,000)/150,000]*15,000 which would give you a 4,500 credit of the 15,000 you paid. This 4500 would be deducted from whatever you would owe the IRS after that 105K exclusion amount. A

 

[superpunch]

Cut money from the military. We spend 10 times more than everyone else I think.

Military spending is only 3.5% of GDP. That's near historical lows. If you cut it, then rival nations will reach parity, at which point we'll have to spend more again -- only, at that point in a more multipolar world, more like historical norms around 6-7% of GDP instead.

 

[Dober4]

Good! Get a job you bums!

Jobs are definitely still out there. I was just randomly applying for jobs on indeed because I wanted an opportunity to make more money.

Currently doing CNC machining but the pay is low and the ceiling is low as well. Took a job doing HVAC work with no experience for a 3$ pay increase from my current salary.

The trades are still booming, these jobs aren’t going away. Plus they pay very well.

 

[Pullmyfinger]

Lots of people live paycheck to paycheck and always have. That's why IMO a sustained shutdown was so crazy. These doctors and policy makers are living in ivory towers.

Lot's of people choose to never see beyond that and make a plan for themselves.

 

[Long Dark Blues]

If this “aid” Money is life or death for you and your family, getting another government check isn’t magically going to save you .

It'll help those that need help, though.

 

[D3THRONED]

Apparently, the EU's GDP is $18.4 trillion. With that 32% contraction, the US might slip to the #2 economy in the world, after the EU, this year. The EU it seems is going to overtake us as the top dog.

You're assuming EU isnt contracting either, they are.

 

[superpunch]

You're assuming EU isnt contracting either, they are.

Not 32%

 

[Kandyland]

I, for one, am looking forward to the first real life Purge.

0 likes

 

[plataoplombo]

This whole thing has been such a shit show. We should have gone hard with a super strict lockdown for a month then reopen with safety measures in place. On top of that we got these politicians introducing so much pork in these bills that have absolutely nothing to do with the virus, not to mention taking recess while your countryman is hurting. On a side note, people should realize they can't always depend on the gov.