Latest Info on New Stimulis Payment Amounts?

[Chowdahead]

I'm getting questions from nearly every client regarding the latest stimulus package and how much stimulus payments will be this time. The only thing I read on the latest package is that it will cost almost $900 billion, and includes a whole bunch of money for controversial programs.

But as anyone here been able to ascertain how much they are proposing actual stimulus payments to each person to be (i.e. $600 for individuals? $300 per dependent?) Is there any info on these amounts so I can give clients an idea?

Or are they not going to do direct payments this time? A month ago I heard that they were considering cutting the federal income tax withheld from paychecks instead.

[JohnH]

The two things nobody wants to see being made are sausage and laws

Nobody knows what's going to be in the final legislation, and you'd be making a mistake to speculate.

Tell them to keep their eye on the news reports just like you are doing.

[Bart]

The two things nobody wants to see being made are sausage and laws

Nobody knows what's going to be in the final legislation

Nobody knows what goes into sausage either.

[Virtual Managed Solutions]

They are so good that I do not want to know. I have a general idea and that is good enough for me!

[JohnH]

True, but you can look at most sausage and pretty much determine what went into the product when it was being made (if you care to do so).

Not so with most legislation - by intention it's a great mystery.

[Virtual Managed Solutions]

Legislation = "We Do What We Want, Because We Can!"

Even though we question it, there's nothing as a country we can do about it. It's a big mystery and that's how it'll stay.

[Cathy]

I'm getting questions from nearly every client regarding the latest stimulus package and how much stimulus payments will be this time. The only thing I read on the latest package is that it will cost almost $900 billion, and includes a whole bunch of money for controversial programs.

But as anyone here been able to ascertain how much they are proposing actual stimulus payments to each person to be (i.e. $600 for individuals? $300 per dependent?) Is there any info on these amounts so I can give clients an idea?

Or are they not going to do direct payments this time? A month ago I heard that they were considering cutting the federal income tax withheld from paychecks instead.

Chowdahead,

I'm telling my clients that in watching the news so far, it seems that both Democrats and Republicans agree that individual assistance will come through the lowering of the payroll deduction for Federal withholding taxes. "They" say that the money will get into the hands of taxpayers sooner, rather than having to wait on checks to arrive. Also, the general consensus of the outcome of the stimulus checks sent out last year were that taxpayers paid off old debt rather than buying new items. Irregardless, I believe February 13th is the target date that is tenatively set for the new legislation to be ready to be signed.....just have to wait and see how it all goes down.

Cathy