I’m loving me some Cocaine Mitch.
‘Experts from across the political spectrum agree that our colleague from Vermont is dead wrong on this,’ McConnell said, aiming the comments at Sen. Bernie Sanders. ‘Socialism for rich people is a terrible way to help the American families that are actually struggling.’
Mitch is wrong on this.
Yes, a few quote unquote, rich people might get the $2000 per person, but there are millions out there that could use the money.
And some of the money will be returned to the treasury through income tax of small business, factories, transportation companies etc..
And the Turtle complains about socialism but then what about the waste given to special interest groups? Different government agencies? Different government contracts?
The Turtle is brain dead on this issue.
What McConnell is saying is he hasn’t figured out a way to personally profit from this. Yet.
I can condense McConnell’s comments into 5 words and be no less accurate – “Socialism is a terrible way.”
Mar, how much will existing income taxes recover? Business will have large rights off this year due to losses from the government’s pandemic response.
KJANZ, I believe the write offs will be less than if there was a smaller or no stimulus.
And some of that money will also go to employees who will pay income taxes.
In the meantime, much of the damage has been caused by the government with their tyranical lockdowns, restrictions, shutdowns, limitations etc.
Mar, I don’t claim to be a tax expert but this Barron’s article states the checks don’t impact income tax. There’s the potential states could benefit from increased sales tax revenues from spending of said checks.
Link to article
https://www.barrons.com/articles/is-my-stimulus-check-taxable-income-will-it-reduce-my-tax-return-what-to-know-51609255520
I do agree that individual taxpayers will not be putting much in the treasury, unless there are some people will be hired because of the extra money. But $600 really isn’t that much to help.
But businesses may increase their incomes and then more increase in tax revenue or fewer deductions.