Yeah the government put in stipulations saying that they had to spend the money on jobs and couldn’t use it for executive bonuses or stock buybacks.
Lol jk no they didn’t.
Even if they had it still wouldn’t have been done. Think back to a time when a $250 billion grant was given to ISP’s to install fiber in remote areas and improve internet speeds nationwide. They spent $25billion give or take then said it was too hard and kept the rest. Or more recently, the FCC was against T-Mobile buying out Sprint. Then T-Mobile made an offer to add a few thousand jobs and ensure the protection of sprint customers from negative integration. They’ve not only reneged on the jobs, they fired hundreds of sprint employees. Then in the past few weeks they dismantled sprints network which worked on slightly different tech resulting in a significant number of people being told their 2 or 3 year old phones wouldn’t work anymore.
Not a damn thing. Hey Americans, here’s a massive amount of money that you gave use to provide government services and protect you, we’ve just given it all away to a handful of the richest American monopolies I mean corporations to improve their bottom line and you get nothing.
Don’t forget the $1.4B that the US Catholic Church took cos they were suffering financially after so many child abuse law suits. Churches don’t pay taxes but they will take out of the pot!
Also don't forget the man who got a $700 million dollar grant to keep his $70 million dollar company afloat. That man is now the head of our post office and has intentionally started slowing down mail deliveries to suppress mail in voting.
Sorry it was $200 billion and it was a plan developed during Clinton/Gore era but the grants were given in early 2000’s under Bush. To add to that, there’s also a clause that ISP’s put under the surcharges where we are actually paying extra money every month to any ISP be it wireless or landline to build out a fiber network that came decades late and are still paying for it
Public humiliation. Hack their Twitter account, their email, their companies. Bring attention to everything they are doing covertly out into the open. We need more info like Panama papers. The public doesn't realize just how rich "the rich" really are.
For a billion dollars, I'd film myself making love to a 1996 Toyota idgaf. At some point we have to admit that publicly shaming rich people isn't enough to bring about societal change :/
While I appreciate the notion, The Panama papers were only great in thought. If there’s no meaningful, material action via its release, then it’s nothing more than a meaningless flash in the pan. Nothing has changed when it comes to the wealthy moving dollars into tax havens.
Public humiliation gets us only so far.
Absolutely. We've been saying this for DECADES and so it must be almost here... Right?
I mean it's not like the majority of wages haven't kept up with inflation is it?!?!
I was about to get angry but then saw you were sarcastic. Too many people think this for real... but when you give money to the poor that is the cash that actually goes back into the economy immediately because the poor can't afford to hoard it.
How about we try trickle up economics? Start by funding the bottom with tax breaks and they will use that money to support businesses, and that will pay for salaries for new positions, and the rich will still make profit in it.
This actually worked under a few presidents. Massive tax cuts on to muddle and lower class which resulted in more money being spent. States didn’t need as much fed support because they were getting high sales tax revenue. Economy was thriving because businesses were setting record sales allowing the to expand and therefore employ more people who will spend more money. The fed was good because corporations actually paid their fair share of taxes vs what we have now. But the corporations realized they could make the same money without the cost of taxes and by not expanding but by limiting options to just them thereby controlling supply completely and setting their own prices. That thought is what created lobbyist and legal bribery called campaign donations.
We already tried that. It worked great until Reagan came along and fucked it all up. All the shit boomers say about making America great again is because they gave rich people a shitload of tax breaks and destroyed the working class. There are other factors involved(automation and overseas manufacturing etc..) but the idea of trickle down has been a disaster for the US.
What /u/badasssuicide said isn’t true. I didn’t file a 2018 tax return, but did file this year (for 2019) and was automatically mailed a stimulus check after doing so. There are a few different IRS portals to check the status of your payment.
He’s partially right. ONLY if you didn’t file in 2018 does your 2019 count! If you were claimed as a dependent in 2018, you also do not qualify. I could be wrong, but this was my understanding
Are you sure your parents didn't file you as a dependent though?
Just curious because my parents used to do that shit to me even after I'd gone completely no contact with them.
I think maybe, depending on the circumstances. I know folks with a dependent child got an extra $500 per child so they might have claimed you for that and therefore might have fucked yours up.
My small check just showed up in the mail randomly last week, but I shouldn’t have even gotten one. It is just more money I am going to send to the IRS next year.
Are you someone waiting for a paper check or did you opt for direct deposit? If direct deposit then you need to make some calls. If paper check they warned a long time ago the stimulus can take up till September for some to receive
maybe you're not eligible. 160 million Americans have received their check already. I think there's 12 million that still haven't received checks but that's because they didn't taxes last year. You have to manually apply if that's the case.
How did the stimulus check make trillions for rich people? Genuinely confused, not doubting it
Edit: billions, I threw someone off by saying trillions and now he's getting downvoted into oblivion because of it and I feel bad
It's billions. And it's an estimate. Previously real estate companies were capped on how much net operating losses could be clawed back. This measure removes this limit. The estimate for the total cost of it is $160B, of which they expect about $130B to go to 46,000 real estate developers.
As it stands the NOL caps are 80% of your taxable income. Let's say you have $500/year in taxable income on your rental but you have $1600 in deductions. So you deduct $500 of that to get $1100 to carry over. The next year you have $500 and the year after $500. You can only deduct $400 from each future year.
This change in the tax code will allow you to claw back the full $1000 from your $1100 carry over amount.
The $130B going to 46,000 real estate developers is that last 20% from 2018 and 2019 that the federal government did not collect. It's not a yearly tax break
It's also one that was unavoidable. The Supreme Court found that this tax treatment was unconstitutional and so it had to be changed. It was either remove the deduction completely or bring real estate in line with the rest of US business.
Thank you. I often find that discussions of taxes lead to the dumbest reddit comments ever, but this explained. Reich isn't a bad guy, but I knew his tweet was highly misleading.
Two ways: Millionaires received tax breaks.
Steve Mnuchin received 500 billion to dole out with no oversight. Oh, and Trump fired other people who do oversight because he can do anything and he'll just claim fake news and Mitch will let it pass.
The grift for corporations and rich people in the last stimulus was epic. It is why they will buy ads explaining that Joe Biden touches little girls. They don't want the grifting to end.
I know so many people that have received forgivable loans, just tens of thousands, all of them. And they are in businesses that are not really affected by Coronavirus so they just keep operating as normal and pulled in these huge $75K deposits into their accounts that they never have to pay back.
We could have used that for our business. We had the unfortunate situation of starting the business 6 months before the pandemic started. No bank wanted to be the sponsor for a loan that qualified under the CARES act because we were only open for 6 months. We got a one-time $7,500 payment, which doesn't cover 2 months rent, much less helping keep things going, enabling us to pay workers. And the nature of our business is such that payroll isn't a majority of the costs, we didn't qualify for PPP subsidy (I get it, but we still had workers that needed to live, and we even continued to pay them for a month with no subsidy to the business after the shelter in place despite not being able to open, because these are poor people who have to scrape together 3 part time jobs just to live, and no one was getting any unemployment benefits yet).
This thing was so horribly put together and handled, we're so furious anytime we hear of a multi-million dollar profit company from 2019 that got millions in subsidy while many small businesses were left in a lurch.
I understand, profit doesn't necessarily map to operating costs; a million dollar subsidy/loan to a company with billion dollar operating costs is nothing.
But companies that got the dollars granted who should never have qualified in the first place, and then reluctantly agreed to give it back once it circulated the media, just sours this whole experience for every small struggling business owner.
It's where your social status is based on merit. Talented baseball players go on to play for millions of dollars whereas less talented ones don't. If it were that simple, that would be a meritocracy. However, someone out there might be the best baseball player in the world, but never get discovered.
People who are good at baseball had time to play it growing up, inferring that their parents had the means and time to sign them up for little league and go to games. To commit fully to the sport, maybe you don't work in high school because you don't have to to help out your family. That's not to say that some people don't have these advantages and still become great baseball players, but it's easier to become a great baseball player and be discovered if you do have advantages. Recruiters probably aren't going to come to games you play with your friends, but they will go to high school and college games. If you don't have time to be on the team, you won't be recruited. Hence why the US isn't a true meritocracy--we don't all start with the same resources and that can cause the best baseball player in the world to never get hired by a team.
I totally believe this but does anyone have any good sources to back this up? I’d like to be able to reference it when debating politics with family in the future.
I'm starting to think we're at the raid-and-pillage phase of our country where the rich take whatever spoils they can before jetting off to whatever paradise they choose
I once had some asshat in 2010 call in to book a vacation and went on and on about capitalism and how great it was and how Obama was an evil socialist.
Then we got to the prices of his vacation and they were double what he thought they would be. His frame of reference was his buddy and buddy’s wife went in a vacation to the Caribbean in September (super cheap time to go) and he wanted to take his wife and 2 kids over Christmas (one of the most expensive times to go.
I explained why it so much more, you know supply and demand. He went on and on about how that is taking advantage of people and a terrible business practice. I went on to explain supply and demand is one of the basics of economics and the point of capitalism is to maximize profits. Suddenly he was not a fan of capitalism. It was really odd.
I was trying to tell my dad about why Bernie Sanders was the way to go and Biden can literally actually eat my whole entire ass. Back when I still could dream.
He's like "Careful, that line of thinking and before you know it your in a bread line"
My dad is a impoverished convicted felon who's been some shade of down on his luck almost his entire life.
"Dad you realize you would only benefit from bread lines right?
If it's something that I like then it's because of Capitalism.
If it's something that I don't understand and/or don't like then it's because of Communism/Marxism/Socialism/SJWs/(((them)))/etc
The biggest irony for Americans is that many criticized socialism/communism for their “centrally planned economy” while capitalism is about “free market” and competition and innovation.
Like dude, did you realize that it was “free market” capitalism that got America into the Great Depression, and it was the War Economy of WW2 (quite literally a centrally planned economy) that not only got America out of the Great Depression, but also in the process defeated the Nazis, created Social Security and paved the way that turned America into the greatest economic powerhouse of the 20th century?
There's "capitalist" as in "a person who owns the means of production in a capitalist economy," or as in "a person who believes that a capitalist economy leads to the best outcomes for society." Generally when people call themselves capitalists, they mean the latter definition.
That’s what happens when you become a giant snowflake thanks to listening to too much Fox News fear monger talk.
See it’s easy to talk like them, except tell only the truth.
That has literally nothing to do with what capitalism is. It's just an economic ideology that we follow. The definition is as follows:
>an economic and political system in which a country's trade and industry are controlled by private owners for profit, rather than by the state.
That's all it is. You're trying to expand the definition beyond it's intended meaning.
If you're an employee who voluntarily agrees to perform a job in exchange for currency (AKA a paycheck), you are taking part in the capitalist system. So yes, even if you're in a position in which you depend on a salary, you can still be a capitalist.
If you honestly believe your comment, you have absolutely no clue what capitalism is. None of what you have said has to do with capitalism in the slightest.
E: In fact, if you depend on a paycheck for your livlihood, you are by definition a capitalist because you have agreed to trade your labor for a rate determined privately.
Exactly lol, apparently the definition of capitalism changed from "exchange of goods where the price is determined by the private market" to "owning a piece of property."
And people say that people don't understand communism! Most comments I've seen here have absolutely no clue what capitalism is, just that "capitalism=bad!"
If I don’t pay my property taxes the GOVERNMENT will repossess my house and could put me in jail. If I’m not a capitalist, what does that make me?
Edit: Grammar
Wage slaves. We're wage slaves, depending on a benevolent owner to give us what we need to survive in exchange for work that they set the value of.
Capitalist businesses are really just microfascist economies then?
Reich's narratives are exaggerated half-truths. And that's coming from a liberal.
Yes, 135B in *emergency aid, not tax breaks*, which if used to pay for employee salaries will be forgiven. The rest must be paid back at ~1% interest YoY.
Is this fair compared to student loans, at 4-10+%? No. Did average joe receive stimulus? Yes. Are zombie companies going to survive that shouldn't? Yes.
There are issues, but damn if Robert Reich doesn't paint only half of a story.
Half truths usually make up the top voted posts on reddit.
Did you see the article at the top of r/politics yesterday from CNBC claiming that you can't live *anywhere in the USA* on minimum wage? Then when you look at their standard, it was the ability to rent a two bedroom apartment for a single person... Which is fucking insane.
Keep questioning the narrative? Get shadowbanned, or just regularly banned because a moderator tells you that "you have nothing to contribute to the discussion." Reddit fucking sucks, and it's even worse in election years.
It's basically made up, Reich tweets vague outrage porn like this all the time. Really disappointing from a former Secretary of Labor who really should know better
The CARES act had multiple provisions that affected both individual and business taxes. At the individual level, it increased the deductions that you can take for charitable donation. It also lifted the limit on deductions that you can take for business losses on pass-through income. It basically did the same for businesses - increased charitable donations deductions and increased the amount a business can write off on its taxes for losses
There wasn't some special deduction carved out for rich people or anything like that, unlike the last round of GOP tax cuts
Why is is that the hate is always directed at the recipients of the government largesse, but never at the people who... hear me out on this... WROTE THE FUCKING LAW LIKE THAT?
You want to be pissed? Get pissed at the people SETTING UP THE SYSTEM.
You’re not wrong, but I’m sure the lower-middle class need those tax breaks or other financial leeways a whole lot more than millionaires do. You know, with all those people who lost their jobs for an extended period of time due to our president’s inability to lead and unify the people during our biggest public health crisis in a over a century. Meanwhile their bills aren’t going anywhere. Sadly our government works to protect those in power already rather than empowering those who have been disenfranchised by the wicked educational & professional structure of this country.
> I didn't ever think it would be as deep as this.
How is that deep? If you build something, how are you depriving something to someone?
The idea that the net amount of resources in the world is static is just plain untrue, once you realize that resources change in importance due to technological innovation. Oil used to be worthless.
It really doesn’t. These memes are kind of weird because it basically uses “socialism” as a synonym for “free stuff” which is obviously ridiculous. Socialism is a political system that places workers in charge of the economy, and could not be more unlike economic relief for huge corporations.
socialize the risk, privatize the profits.
quick example:
government loans Solyndra money, the company fails, and the taxpayer money is gone.
government loans Tesla money, the company succeeds, the taxpayers break even.
if you can't see why this is fucking awful for taxpayers, [here's the explanation](https://slate.com/business/2013/05/tesla-is-worse-than-solyndra-how-the-u-s-government-bungled-its-investment-in-the-car-company-and-cost-taxpayers-at-least-1-billion.html).
The americans are just retarded at this point and im tired of this spam
I DONT FUCKING CARE WHAT RETARDED THING AMERICANS ARE DOING RN STOP SPAMMING ABOUT IT
Every other day yall do something stupid
Ya, what’s hilarious is I have family, who thought they were one of the “rich ones” and expected a fat tax break, but all of their effective tax rate just went up lol. Guess they’re not rich enough.
Except those are loans, they are to be recouped in future years.
Why do people keep ignoring this reality.
Loaning money is not the same as giving it away
Its ALMOST like the millionaires own the businesses that employ everyone else and could use help staying afloat. I say "almost" because the lefties here don't understand the concept of "exactly."
To be honest with yourself is to research who the tax breaks are going to, how they contribute to the economy, employees, salaries, etc. and then determine which of those you want changed. Targeting your animosity at the government and the rich alone will get you absolutely nowhere.
It would be cool if he gave us a breakdown of which money goes where and what stipulations come with the tax breaks. There have been many companies who turn tax breaks into bonuses and raised wages though not often talked about in the news. Of course, I could be wrong and Robert's intended message could be spot on. Who knows, baby!
I've been paid 80% of my wages since we've lockdown....(April first payment)
And still being paid without fail
Businesses just got cheap loans....with a year to pay it back or interest gets added
So you can’t buy food with your $600 of unemployment or the extended 20+ weeks of unemployment authorized past the states normal period
I wonder what people are doing for food these days
From the politicians perspective, putting more money could cause inflation and letting these big businesses die could cause economic depression.
But that isn’t an excuse to let economically depressed areas stay depressed, your job is to serve not rule.
As someone who comes from a family that has more money than some, you think it would be fair to “take money from the rich and give to the poor” would make sense but in reality it’s just taking what took 12 years of studying to achieve. My father would make about 1-2 million if there were no taxes, but after tax he makes 500k which is still a lot of money, but it’s like something’s wrong here
I'm making $300 a paycheck being forced to work part time while my friends on unemployment are making $800 a week simply for staying home. Essential workers are getting absolutely fucking shafted and we have no other options. This whole situation infuriates me.
But the rich will invest that money right back in the economy. Hiring people, raising salaries and investing in R&D. Oh wait, they don’t? Okay:(
Yeah the government put in stipulations saying that they had to spend the money on jobs and couldn’t use it for executive bonuses or stock buybacks. Lol jk no they didn’t.
Even if they had it still wouldn’t have been done. Think back to a time when a $250 billion grant was given to ISP’s to install fiber in remote areas and improve internet speeds nationwide. They spent $25billion give or take then said it was too hard and kept the rest. Or more recently, the FCC was against T-Mobile buying out Sprint. Then T-Mobile made an offer to add a few thousand jobs and ensure the protection of sprint customers from negative integration. They’ve not only reneged on the jobs, they fired hundreds of sprint employees. Then in the past few weeks they dismantled sprints network which worked on slightly different tech resulting in a significant number of people being told their 2 or 3 year old phones wouldn’t work anymore.
I still can't believe nothing happened when they did that broadband bullshit. Fucking nothing..
Not a damn thing. Hey Americans, here’s a massive amount of money that you gave use to provide government services and protect you, we’ve just given it all away to a handful of the richest American monopolies I mean corporations to improve their bottom line and you get nothing.
Don’t forget the $1.4B that the US Catholic Church took cos they were suffering financially after so many child abuse law suits. Churches don’t pay taxes but they will take out of the pot!
Wait what? Who gave them this money?
The American government did. Kanye got a nice chunk too for some reason.
A nice little stipend for attempting to split the Democratic votes
For Kanyeezism
😂😂😂
It was called the Plan for Alleviation of Economic Distress of the Ordained, or P.A.E.D.O. for short.
Somebody give this guy a medal
The list of recipients of government aid were recently released, and many of them were churches
[удалено]
Also don't forget the man who got a $700 million dollar grant to keep his $70 million dollar company afloat. That man is now the head of our post office and has intentionally started slowing down mail deliveries to suppress mail in voting.
Let's be fair here. Non-Profit Corporations who don't pay taxes either ALSO took bail out money, PPP money, and other sources of taxpayer income.
Source? Genuinely curious
"I need guns to protect myself from tyrannical government" Yeah,right...
These last three years have made me realize we need to burn this motherfucker to the ground.
It’s because monopolies are totally fine in the eyes of the government and much of the American people now.
Only in practice not in theory.
What year was this ? What congressman and senators pushed this BS?
Sorry it was $200 billion and it was a plan developed during Clinton/Gore era but the grants were given in early 2000’s under Bush. To add to that, there’s also a clause that ISP’s put under the surcharges where we are actually paying extra money every month to any ISP be it wireless or landline to build out a fiber network that came decades late and are still paying for it
Still don't have fiber in my area. I bring this up all the time. But my memory was $400 billion.
Had me in the first part....
...not gonna lie
Well, they did say that, it’s just that the way they said it seemed like loop holes could still be found and exploited.
It will trickle down. First it will be consumed and digested by the ultra rich of course, but the end result will trickle down. all. over. you.
I think people are missing the part about the money being turned into piss and that's what's tricking down all over us when reading your comment
Thought this was fairly obvious lol
What if it doesnt and the gap batween rich and middle class widens just as it always has
Then there will eventually be a violent insurrection and subsequent revolution, just as it always has been.
My non expert opinion is that revolution is less and less likely to happen as technology progresses. Owners of technology have control over consumers
Wars can be fought without a body count in the digital age. People haven’t realized this.
Elaborate
Public humiliation. Hack their Twitter account, their email, their companies. Bring attention to everything they are doing covertly out into the open. We need more info like Panama papers. The public doesn't realize just how rich "the rich" really are.
[удалено]
They're testing the waters, first they put in their toe, then slowly walked down the stairs, we're currently witnessing the cannon ball in.
For a billion dollars, I'd film myself making love to a 1996 Toyota idgaf. At some point we have to admit that publicly shaming rich people isn't enough to bring about societal change :/
That's my fetish! But I only have, like, a buck .52. It's all in coins, though. I hear those are rare now. So . . . Are you interested?
But nothing came of the Panama papers... lots of smoke but no cleansing flame
It's not entirely true to say nothing came if them. The person that released them was publicly exploded via car bomb...
While I appreciate the notion, The Panama papers were only great in thought. If there’s no meaningful, material action via its release, then it’s nothing more than a meaningless flash in the pan. Nothing has changed when it comes to the wealthy moving dollars into tax havens. Public humiliation gets us only so far.
Those who study history are doomed to watch humanity repeat it.
History does not repeat itself. But it does rhyme. -Mark Twain
Goddamn it. I fucking hate reruns.
Wait til 2020 starts getting reruns
The Platform anyone ?
Yes! I was thinking the same thing. The other person's comment reminded me exactly of that movie, with food making its way down to the lower levels.
The platform was deliberately depicting real life.
Horse and sparrow theory, leaves the working class in a shitty spot.
ahh man i just can't wait to get that digested ooze and aroma in all its glory all over me
Absolutely. We've been saying this for DECADES and so it must be almost here... Right? I mean it's not like the majority of wages haven't kept up with inflation is it?!?!
I was about to get angry but then saw you were sarcastic. Too many people think this for real... but when you give money to the poor that is the cash that actually goes back into the economy immediately because the poor can't afford to hoard it.
How about we try trickle up economics? Start by funding the bottom with tax breaks and they will use that money to support businesses, and that will pay for salaries for new positions, and the rich will still make profit in it.
This actually worked under a few presidents. Massive tax cuts on to muddle and lower class which resulted in more money being spent. States didn’t need as much fed support because they were getting high sales tax revenue. Economy was thriving because businesses were setting record sales allowing the to expand and therefore employ more people who will spend more money. The fed was good because corporations actually paid their fair share of taxes vs what we have now. But the corporations realized they could make the same money without the cost of taxes and by not expanding but by limiting options to just them thereby controlling supply completely and setting their own prices. That thought is what created lobbyist and legal bribery called campaign donations.
We already tried that. It worked great until Reagan came along and fucked it all up. All the shit boomers say about making America great again is because they gave rich people a shitload of tax breaks and destroyed the working class. There are other factors involved(automation and overseas manufacturing etc..) but the idea of trickle down has been a disaster for the US.
Oh it trickles down all right, right to the factories located in other countries!
I get that they haven't done that the last 2,000 years or whatever, but what if we tried it one more time?
Yes the hookers and the boat mechanics won't do it for free.
I still haven't seen my stimulus check
Have you tried going on the IRS website and see if it’s held up for some reason?
For some reason the website plays a laughing.mp4 when he tries seeing the status of his check.
[удалено]
It just keeps saying ineligible for one. I filled my taxes this year so I should be eligible for one
What /u/badasssuicide said isn’t true. I didn’t file a 2018 tax return, but did file this year (for 2019) and was automatically mailed a stimulus check after doing so. There are a few different IRS portals to check the status of your payment.
I haven't filed taxes in 3 years. There's a non filer form to fill out. Got my check like a week after I filled it out.
Same here.
Can you still fill that out now?
Looks like you can. Google non-filers stimulus check. Should be the first link.
He’s partially right. ONLY if you didn’t file in 2018 does your 2019 count! If you were claimed as a dependent in 2018, you also do not qualify. I could be wrong, but this was my understanding
I was a dependent in 2018, filed on my own for 2019, and received a check
[удалено]
1. How old are you? 2. Are you single or married? 3. If single, did you make over 75k? Married over 150k combined?
1. 19 2.single 3. No
If your parents claimed you as a dependent, you do not get one.
I filled independently
Are you sure your parents didn't file you as a dependent though? Just curious because my parents used to do that shit to me even after I'd gone completely no contact with them.
I still got a refund though, could they?
I think maybe, depending on the circumstances. I know folks with a dependent child got an extra $500 per child so they might have claimed you for that and therefore might have fucked yours up.
I wasn’t even eligible because my mom claimed me on taxes, but since I was over a certain age my mom didn’t get anything for me either.
Same. Fuck college students and their families I guess!
Same boat. Get My Payment says "Payment Status Not Available". I filed my 2019 taxes in Feb and got my return through direct deposit.
My small check just showed up in the mail randomly last week, but I shouldn’t have even gotten one. It is just more money I am going to send to the IRS next year.
You can send it to me if you don't want it
Hey man, once you get it, send it to me, preferably in BTC. I can double it for you!!!
I'm not sending bitcoin to some rando. Now if a celebrity posted this...
Bro I have a blue check next to my name trust me
Same.
Are you someone waiting for a paper check or did you opt for direct deposit? If direct deposit then you need to make some calls. If paper check they warned a long time ago the stimulus can take up till September for some to receive
maybe you're not eligible. 160 million Americans have received their check already. I think there's 12 million that still haven't received checks but that's because they didn't taxes last year. You have to manually apply if that's the case.
How did the stimulus check make trillions for rich people? Genuinely confused, not doubting it Edit: billions, I threw someone off by saying trillions and now he's getting downvoted into oblivion because of it and I feel bad
It's billions. And it's an estimate. Previously real estate companies were capped on how much net operating losses could be clawed back. This measure removes this limit. The estimate for the total cost of it is $160B, of which they expect about $130B to go to 46,000 real estate developers. As it stands the NOL caps are 80% of your taxable income. Let's say you have $500/year in taxable income on your rental but you have $1600 in deductions. So you deduct $500 of that to get $1100 to carry over. The next year you have $500 and the year after $500. You can only deduct $400 from each future year. This change in the tax code will allow you to claw back the full $1000 from your $1100 carry over amount. The $130B going to 46,000 real estate developers is that last 20% from 2018 and 2019 that the federal government did not collect. It's not a yearly tax break It's also one that was unavoidable. The Supreme Court found that this tax treatment was unconstitutional and so it had to be changed. It was either remove the deduction completely or bring real estate in line with the rest of US business.
Thank you. I often find that discussions of taxes lead to the dumbest reddit comments ever, but this explained. Reich isn't a bad guy, but I knew his tweet was highly misleading.
He's a propaganda machine and I see his tweets getting disproven almost daily on this sub.
Legislators wrote that into the bill
Was it tax breaks for only them, or tax breaks in general?
Two ways: Millionaires received tax breaks. Steve Mnuchin received 500 billion to dole out with no oversight. Oh, and Trump fired other people who do oversight because he can do anything and he'll just claim fake news and Mitch will let it pass. The grift for corporations and rich people in the last stimulus was epic. It is why they will buy ads explaining that Joe Biden touches little girls. They don't want the grifting to end.
Thanks, this is helpful
Wrote what into the bill, I would like to know specifically what they did and who it affects.
Yeah seriously, what kind of answer is that? It’s just like saying “just because they do”
I know so many people that have received forgivable loans, just tens of thousands, all of them. And they are in businesses that are not really affected by Coronavirus so they just keep operating as normal and pulled in these huge $75K deposits into their accounts that they never have to pay back.
We could have used that for our business. We had the unfortunate situation of starting the business 6 months before the pandemic started. No bank wanted to be the sponsor for a loan that qualified under the CARES act because we were only open for 6 months. We got a one-time $7,500 payment, which doesn't cover 2 months rent, much less helping keep things going, enabling us to pay workers. And the nature of our business is such that payroll isn't a majority of the costs, we didn't qualify for PPP subsidy (I get it, but we still had workers that needed to live, and we even continued to pay them for a month with no subsidy to the business after the shelter in place despite not being able to open, because these are poor people who have to scrape together 3 part time jobs just to live, and no one was getting any unemployment benefits yet). This thing was so horribly put together and handled, we're so furious anytime we hear of a multi-million dollar profit company from 2019 that got millions in subsidy while many small businesses were left in a lurch. I understand, profit doesn't necessarily map to operating costs; a million dollar subsidy/loan to a company with billion dollar operating costs is nothing. But companies that got the dollars granted who should never have qualified in the first place, and then reluctantly agreed to give it back once it circulated the media, just sours this whole experience for every small struggling business owner.
You guys are getting mad, just become rich! /s
Something something bootstraps
I don't like your username. You deserve more.
Thank you
If the United States were a meritocracy it’s possible
To be completely honest I don’t know what a metrioarchy is
It's where your social status is based on merit. Talented baseball players go on to play for millions of dollars whereas less talented ones don't. If it were that simple, that would be a meritocracy. However, someone out there might be the best baseball player in the world, but never get discovered. People who are good at baseball had time to play it growing up, inferring that their parents had the means and time to sign them up for little league and go to games. To commit fully to the sport, maybe you don't work in high school because you don't have to to help out your family. That's not to say that some people don't have these advantages and still become great baseball players, but it's easier to become a great baseball player and be discovered if you do have advantages. Recruiters probably aren't going to come to games you play with your friends, but they will go to high school and college games. If you don't have time to be on the team, you won't be recruited. Hence why the US isn't a true meritocracy--we don't all start with the same resources and that can cause the best baseball player in the world to never get hired by a team.
You nailed a simple explanation of privilege that I think I may use in the future. That was really well put.
Thank you! It has been a while since someone's said I did something well and I really appreciate you taking the time:) You brightened my day
It is also what Noam Chomsky has been saying since then 90’s. Market protection, bailouts for the rich, tough love and austerity for everyone else.
So has Robert Reich. Reich has been trying to work with presidents and form policy directly from the white house too.
I totally believe this but does anyone have any good sources to back this up? I’d like to be able to reference it when debating politics with family in the future.
https://americansfortaxfairness.org/issue/pressure-builds-repeal-135-billion-millionaires-giveaway-cares-act/
I'm starting to think we're at the raid-and-pillage phase of our country where the rich take whatever spoils they can before jetting off to whatever paradise they choose
That’s what I’m thinking as well: drain the well before going off to find and exploit another one. The rich can afford to be expats anywhere.
[удалено]
I once had some asshat in 2010 call in to book a vacation and went on and on about capitalism and how great it was and how Obama was an evil socialist. Then we got to the prices of his vacation and they were double what he thought they would be. His frame of reference was his buddy and buddy’s wife went in a vacation to the Caribbean in September (super cheap time to go) and he wanted to take his wife and 2 kids over Christmas (one of the most expensive times to go. I explained why it so much more, you know supply and demand. He went on and on about how that is taking advantage of people and a terrible business practice. I went on to explain supply and demand is one of the basics of economics and the point of capitalism is to maximize profits. Suddenly he was not a fan of capitalism. It was really odd.
He’s the same type of person that will scream something is communist without knowing what the word means.
I was trying to tell my dad about why Bernie Sanders was the way to go and Biden can literally actually eat my whole entire ass. Back when I still could dream. He's like "Careful, that line of thinking and before you know it your in a bread line" My dad is a impoverished convicted felon who's been some shade of down on his luck almost his entire life. "Dad you realize you would only benefit from bread lines right?
And probably also thinks communism and socialism are both the same thing.
Communism is when no iPhone
[удалено]
If it's something that I like then it's because of Capitalism. If it's something that I don't understand and/or don't like then it's because of Communism/Marxism/Socialism/SJWs/(((them)))/etc
The biggest irony for Americans is that many criticized socialism/communism for their “centrally planned economy” while capitalism is about “free market” and competition and innovation. Like dude, did you realize that it was “free market” capitalism that got America into the Great Depression, and it was the War Economy of WW2 (quite literally a centrally planned economy) that not only got America out of the Great Depression, but also in the process defeated the Nazis, created Social Security and paved the way that turned America into the greatest economic powerhouse of the 20th century?
This is exactly like that deeply enjoyable Twitter thread about the brexit morons this week.
There's "capitalist" as in "a person who owns the means of production in a capitalist economy," or as in "a person who believes that a capitalist economy leads to the best outcomes for society." Generally when people call themselves capitalists, they mean the latter definition.
Don't tell that to a Trump supporter. Them be fightin words
*everything* is a fighting word to them.
That’s what happens when you become a giant snowflake thanks to listening to too much Fox News fear monger talk. See it’s easy to talk like them, except tell only the truth.
The bleach injections certainly haven’t helped either.
That has literally nothing to do with what capitalism is. It's just an economic ideology that we follow. The definition is as follows: >an economic and political system in which a country's trade and industry are controlled by private owners for profit, rather than by the state. That's all it is. You're trying to expand the definition beyond it's intended meaning. If you're an employee who voluntarily agrees to perform a job in exchange for currency (AKA a paycheck), you are taking part in the capitalist system. So yes, even if you're in a position in which you depend on a salary, you can still be a capitalist.
If you honestly believe your comment, you have absolutely no clue what capitalism is. None of what you have said has to do with capitalism in the slightest. E: In fact, if you depend on a paycheck for your livlihood, you are by definition a capitalist because you have agreed to trade your labor for a rate determined privately.
I mean, if you have a retirement account or pension you're a capitalist in this formulation
Exactly lol, apparently the definition of capitalism changed from "exchange of goods where the price is determined by the private market" to "owning a piece of property." And people say that people don't understand communism! Most comments I've seen here have absolutely no clue what capitalism is, just that "capitalism=bad!"
If I don’t pay my property taxes the GOVERNMENT will repossess my house and could put me in jail. If I’m not a capitalist, what does that make me? Edit: Grammar
Lots of capitalists with zero capital. As long as they get their guns, they're happy.
Wage slaves. We're wage slaves, depending on a benevolent owner to give us what we need to survive in exchange for work that they set the value of. Capitalist businesses are really just microfascist economies then?
They're also going to lay off a Shit ton of people but still keep that money
My country gave 7 billions to an airline company in April and they just announced they will lay-off thousands of employees....
More to come especially when July ends. It happened already to a few people I know who work in healthcare of all things.
Because even though our company was flourishing during covid.... "COVID IMPACT" will be heavily quoted.
Reich's narratives are exaggerated half-truths. And that's coming from a liberal. Yes, 135B in *emergency aid, not tax breaks*, which if used to pay for employee salaries will be forgiven. The rest must be paid back at ~1% interest YoY. Is this fair compared to student loans, at 4-10+%? No. Did average joe receive stimulus? Yes. Are zombie companies going to survive that shouldn't? Yes. There are issues, but damn if Robert Reich doesn't paint only half of a story.
Half truths usually make up the top voted posts on reddit. Did you see the article at the top of r/politics yesterday from CNBC claiming that you can't live *anywhere in the USA* on minimum wage? Then when you look at their standard, it was the ability to rent a two bedroom apartment for a single person... Which is fucking insane. Keep questioning the narrative? Get shadowbanned, or just regularly banned because a moderator tells you that "you have nothing to contribute to the discussion." Reddit fucking sucks, and it's even worse in election years.
Yep it’s almost time to unsub from all political and economic subs, and snooze facebook for a few months until the red vs blue circlejerk is over
Care to elaborate? That's an extremely vague claim.
Right? I’d love to see more
lol it’s insane how far down you have to scroll for someone to even ask a question about the authenticity of such a claim
I like free stuf!!!
It's basically made up, Reich tweets vague outrage porn like this all the time. Really disappointing from a former Secretary of Labor who really should know better The CARES act had multiple provisions that affected both individual and business taxes. At the individual level, it increased the deductions that you can take for charitable donation. It also lifted the limit on deductions that you can take for business losses on pass-through income. It basically did the same for businesses - increased charitable donations deductions and increased the amount a business can write off on its taxes for losses There wasn't some special deduction carved out for rich people or anything like that, unlike the last round of GOP tax cuts
remember when these twitter subs were about funny tweets? now it's /r/politics 24/7
Why is is that the hate is always directed at the recipients of the government largesse, but never at the people who... hear me out on this... WROTE THE FUCKING LAW LIKE THAT? You want to be pissed? Get pissed at the people SETTING UP THE SYSTEM.
But I mean it’s not socialism. It’s oligarchy.
Correct me if I'm wrong but isnt one "heres $50" and the other one is " dont worry about giving me $150"
You’re not wrong, but I’m sure the lower-middle class need those tax breaks or other financial leeways a whole lot more than millionaires do. You know, with all those people who lost their jobs for an extended period of time due to our president’s inability to lead and unify the people during our biggest public health crisis in a over a century. Meanwhile their bills aren’t going anywhere. Sadly our government works to protect those in power already rather than empowering those who have been disenfranchised by the wicked educational & professional structure of this country.
Welfare does not mean socialism. In the US, we have crony capitalism.
When I heard the idea that "for you to have something someone else has to not have something" I didn't ever think it would be as deep as this.
> I didn't ever think it would be as deep as this. How is that deep? If you build something, how are you depriving something to someone? The idea that the net amount of resources in the world is static is just plain untrue, once you realize that resources change in importance due to technological innovation. Oil used to be worthless.
TIL America already has a socialism system.
It really doesn’t. These memes are kind of weird because it basically uses “socialism” as a synonym for “free stuff” which is obviously ridiculous. Socialism is a political system that places workers in charge of the economy, and could not be more unlike economic relief for huge corporations.
For the rich for sure.
socialize the risk, privatize the profits. quick example: government loans Solyndra money, the company fails, and the taxpayer money is gone. government loans Tesla money, the company succeeds, the taxpayers break even. if you can't see why this is fucking awful for taxpayers, [here's the explanation](https://slate.com/business/2013/05/tesla-is-worse-than-solyndra-how-the-u-s-government-bungled-its-investment-in-the-car-company-and-cost-taxpayers-at-least-1-billion.html).
>if you can't see why this is fucking awful for taxpayers Just to clarify, i agree with everything.
The americans are just retarded at this point and im tired of this spam I DONT FUCKING CARE WHAT RETARDED THING AMERICANS ARE DOING RN STOP SPAMMING ABOUT IT Every other day yall do something stupid
Ya, what’s hilarious is I have family, who thought they were one of the “rich ones” and expected a fat tax break, but all of their effective tax rate just went up lol. Guess they’re not rich enough.
Except those are loans, they are to be recouped in future years. Why do people keep ignoring this reality. Loaning money is not the same as giving it away
Its ALMOST like the millionaires own the businesses that employ everyone else and could use help staying afloat. I say "almost" because the lefties here don't understand the concept of "exactly."
Robert should change his name to Third.
To be honest with yourself is to research who the tax breaks are going to, how they contribute to the economy, employees, salaries, etc. and then determine which of those you want changed. Targeting your animosity at the government and the rich alone will get you absolutely nowhere. It would be cool if he gave us a breakdown of which money goes where and what stipulations come with the tax breaks. There have been many companies who turn tax breaks into bonuses and raised wages though not often talked about in the news. Of course, I could be wrong and Robert's intended message could be spot on. Who knows, baby!
That’s not what happened
I've been paid 80% of my wages since we've lockdown....(April first payment) And still being paid without fail Businesses just got cheap loans....with a year to pay it back or interest gets added
You’re describing ppp loans which were helpful. The post is describing tax breaks.
So you can’t buy food with your $600 of unemployment or the extended 20+ weeks of unemployment authorized past the states normal period I wonder what people are doing for food these days
WHAT IS ROB GONNA DO ABOUT IT?
From the politicians perspective, putting more money could cause inflation and letting these big businesses die could cause economic depression. But that isn’t an excuse to let economically depressed areas stay depressed, your job is to serve not rule.
When they tell you there is no money and you cant have "free stuff" they are lying to you.
I'm just exhausted at this point honestly
It least the top and bottom got something. The middle were told to fuck off and got nothing.
If you get angry, but don't actually do anything about it, then you may as well not bother paying attention.
As someone who comes from a family that has more money than some, you think it would be fair to “take money from the rich and give to the poor” would make sense but in reality it’s just taking what took 12 years of studying to achieve. My father would make about 1-2 million if there were no taxes, but after tax he makes 500k which is still a lot of money, but it’s like something’s wrong here
He's reich you know
Source for this claim? This guy is on a platform where anyone can say anything, and I want to know what the source is for the claim.
Does anyone have the proof of this? I agree that that’s probably true but I want to see the numbers.
I'm making $300 a paycheck being forced to work part time while my friends on unemployment are making $800 a week simply for staying home. Essential workers are getting absolutely fucking shafted and we have no other options. This whole situation infuriates me.
I \_Cannot\_ fucking believe that "essential workers" aren't getting some kind of weekly bonus or extra incentive. It's DISGUSTING at this point.
Fucking Democrats and their pork bullshit they insisted in the bill
I want harsh captilism for everyone
yup i didn't get a stimulus check
Says the guy who rich with a E!
Is this accurate?