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ABC Plan: Automatic Boost to Communities
$2000 up front then $1000 a month
Payment would be made on a BOOST debit card
Needs a more specific end date. Currently end 1 year AFTER COVID-19 Pandemic
Fraud – Risk of cards being stolen/abused
Needs Whole new system for PIN numbers, accessing money etc…
Payments for ANY bills
Free Rent and Mortgage:
Renters and homeowners who made payments during April 2020 would be reimbursed for their payments. Labor department would have a fund for landlords and mortgage holders to be reimbursed. There would also be additional funds to create additional, affordable housing.
I think the intentions here are pure. Housing is expensive and people need help.
However it’s a Logistical nightmare
Many People who don’t have their names on leases or have a verbal agreement for rent and this wouldn’t help them
Rent isn’t always the issue. Someone may have cheap rent but are drowning in a car payment
Bottom line it’s too complicated, usually the most simple answer is the best one.
$2000 a Month Stimulus:
Monthly cash payments that would continue until the employment to population ratio for people ages 16 and older is greater than 60%. The employment to population ratio is the number of
working age people currently employed divided by the number of total working age people.
Specific deadline I like that
The monthly cash payments would not count as income and would not be taxable
Earning more from these programs will not disqualify you from other programs.
Very inclusive, most people will receive payment.
Very expensive. If 200 million people are eligible this would cost $400 billion per month. If it only lasted 6 months that would be 2.4 trillion dollars.
Would be a payment to be used on anything
Additional $12/hr through May, June, and July for a total payment of $1920 per month.
One quarter of the pay would be paid by the employer and 3 quarters would be paid through a refundable tax credit.
Good intentions to help out those who are working
However employers have to foot the bill up front and Wages could easily be 50%-80% higher even if it will be later refunded. Cash flows are already so low for most businesses so this could cause a lot of problems.
It is opt-in so businesses would be able to choose whether they could afford it but most wouldn’t
And it’s good that payments can be used for ANY bills
Employer Tax Credit Idea:
President Trump is a big fan of cutting employer and employee taxes as a form of stimulus leaving additional money to spend elsewhere.
Payroll taxes include:
Social Security, which takes out 6.2% of your income up to $132,900,
and Medicare, which takes out 1.45% of your income. (Married couples filing jointly who make $250,000 or more, and people who make over $200,000, pay an additional 0.9%.)
Employers also pay payroll taxes:
They pay 6.2% of your income, so the government gets 12.4% of your total income, and they pay 1.45% of your income toward Medicare as well.
So employers and employees would retain around $75 each for every $1000 paid out or earned. Which means the average worker would get a “stimulus” of around $280 a month.
I like this because it’s simple and no additional systems would be needed
Not quite enough funds in my opinion. I’d personally rather see another one time payment over this
This also does nothing to help out those who are unemployed
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This presentation does not constitute legal or tax advice. It is provided solely for informational and educational purposes and does not fully address the complexity of the issues or all the steps businesses must take under
applicable laws. You should consult your professional advisers regarding your individual situation. Max Maher undertakes no obligation to update the information in this presentation, and no representations are made that
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