STIMULUS CHECK IS NOT TAXABLE
Greetings my People,
Hey Remember in March 2020 congress passed the first Corona Virus Stimulus Package of $2 trillion Dollars. 2 Bills and one Stimulus Check
$192 Billion not Taxed
The IRS issued 160 million checks of $1,200 by August 2020. Notably, that is $192 Billion Dollars, nonetheless, First things First, the Stimulus check IS NOT TAXABLE. There are many misconceptions that the $1200 is taxable. That is Misinformation.
The Stimulus check is Not Taxable
When you report it on your 2020 tax return it will not be taxed because it is NOT TAXABLE INCOME. Where is the definitive answer?
The Stimulus Money
The government injects money to stimulate the economy. Remember money like a drug is sometimes injected directly by the dealer to keep the consumers’ loyalty. Consequently, It would make no dollars or cents for them to turn and tax that very same money.
How The Government gets Its Money
The U.S. Government collects money from us all the time in the form of taxes. The IRS and Corporate america in cahoots collects and delivers those taxes to the US government. What taxes? Income Taxes, FICA taxes, Sales Taxes, Property Taxes, Excise Taxes, Utility Taxes, Payroll Taxes, Estate Taxes, Corporate Taxes, Interest and fees. There is no shortage of tax revenues.
The Federal Government couples with the Federal Reserve Central Bank when the economy shrinks. The FED increases the bank reserves, which increases the money supply. The stimulus the money went directly to the people in this instance.
Nancy Pelosi to the resue
As usual, the Democrats and Republicans refuse to agree. If there is another stimulus the qualifications will likely be the same. As reported by Cnet.com. You pretty much Qualify if you are a U.S. citizen and you are
SINGLE with INCOME LESS THAN $99K
HEAD OF HOUSEHOLD with INCOME LESS THAN $146K
MARRIED FILING JOINTLY with INCOME LESS THAN $198K
RETIREES AND THOSE WHO EARN TO LITTLE TO FILE TAX RETURN WILL QUALIFY
THE PAYMENT WILL LIKELY BE THE SAME $1200
This information is confirmed by CNET.com
Stay Tuned as I will continue to update you on whats important to You.
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