Categories
House stimulus

House Democrats’ stimulus bill includes stimulus checks for illegal immigrants, protections from deportations – Fox News

A stimulus package proposed by Democrats in the House of Representatives includes a number of items that will benefit illegal immigrants — including an expansion of stimulus checks and protections from deportations for illegal immigrants in certain “essential” jobs.

The $2.2 trillion bill includes language that allows some illegal immigrants — who are “engaged in essential critical infrastructure labor or services in the United States” —  to be placed into “a period of deferred action” and authorized to work if they meet certain conditions.

MCCONNELL ON CORONAVIRUS RELIEF DEAL: ‘WE ARE VERY, VERY FAR APART’ 

It also grants protections to those employers who hire those undocumented immigrants, ordering that “the hiring, employment or continued employment” of the defined group is not in violation of the Immigration and Nationality Act. That lasts until 90 days after the public health emergency is ended.

A Democratic description of that part of the bill says that “such workers are deemed to be in a period of deferred action and to be authorized for employment, and employers are shielded from certain immigration-related violations for employing such workers.”

It’s language that was included in the first House Democratic stimulus bill proposed back in May — a bill that was ultimately rejected in the Republican-controlled Senate.

Also in the legislation is language that would allow the a second round of stimulus checks, $1,200 per adults and $500 per dependant, to be extended to those without a social security number — including those in the country illegally who file taxes via an Individual Taxpayer Identification Number (ITIN).

HOUSE DEMOCRATS’ NEW CORONAVIRUS RELIEF BILL ELIMINATES $600M FOR POLICING: ‘IT’S SHAMEFUL’

The bill also would require the Department of Homeland Security to review the files of those in Immigration and Customs Enforcement (ICE) custody and to prioritize those for release if they are not a threat to national security. It also demands migrants have access to free video calls and access to virtual legal assistance from nonprofits.

Those parts of the bill were criticized by immigration hawks like the Federation for American Immigration Reform.

CLICK HERE FOR THE FOX NEWS APP

“Once again House Democrats are trying to bailout millions of illegal aliens – and not just financially, but give them de facto amnesty as well,” FAIR’s government relations director RJ Hauman told Fox News. “This would be an unprecedented move and take desperately needed money and jobs away from Americans in the middle of a pandemic. Even though it has absolutely zero chance of becoming law, I hope voters are paying close attention.”

The House was expected to vote on the bill Wednesday evening, but it was later delayed to allow Pelosi and Treasury Secretary Steven Mnuchin another day to attempt to thrash out a deal.

Fox News’ Chad Pergram contributed to this report.

Read More

Categories
claim stimulus

IRS: Claim Your $1,200 Stimulus Check By October 15 – Forbes

stimulus checks, check, low income, no income, employees, unemployed, IRS, Non-Filers Tool

Stimulus Checks: IRS Urges Nearly 9 Million People To Sign Up By October 15


getty

The IRS urges you to sign up by October 15 to claim your stimulus check.

Last week, September 17, the IRS issued a news release urging nearly nine million people to sign up to receive the $1,200 stimulus check. This letter, which was recently mailed out, represents the latest attempt by the IRS to reach people who are eligible to receive a $1,200 stimulus check but either don’t realize that they can claim this stimulus check or don’t understand how to go about requesting it.

The IRS is urging you to claim your stimulus check by October 15.

If you don’t typically file a federal income tax return, this message is for you. It doesn’t matter if you’re unemployed. It doesn’t matter if you didn’t earn any income at all. It doesn’t matter if you are homeless, and it doesn’t matter if you haven’t filed taxes for years. What matters is that you may very well be eligible to receive a $1,200 stimulus check, and it is important that you use the IRS Non-Filers tool by October 15 to claim your stimulus check.

Low-income, no-income and/or homeless people are eligible to receive a stimulus check.

Stimulus checks are just sitting there waiting for low-income, no-income, unemployed and those who have become homeless. If this sounds like you or someone you know, the only requirement is that this stimulus money must be claimed. If you haven’t yet received a stimulus check, you should register here now because the deadline is October 15—though the earlier you sign up, the sooner you can get hold of your stimulus monies.

There is absolutely no requirement in the law that you must actually earn an income or pay taxes in order to get a stimulus check. According to the IRS, U.S. citizens, permanent residents and qualifying resident aliens who meet the following guidelines are eligible for a stimulus check.

  1. You have a valid social security number,
  2. You cannot be claimed as a dependent of another taxpayer, and
  3. You have an adjusted gross income of $75,000 or less if single; $112,500 or less if head of household; $150,000 or less if married filing a joint return.
  4. Reduced payments are available for those who earn more than the above amounts but still earn less than $99,000 per year or less for individuals, $136,500 per year or less for head of household and $198,000 per year or less for married filing jointly.

Use the IRS Non-Filers tool to claim your stimulus check.

The IRS, in partnership with the Free File Alliance, developed this Non-Filers tool to assist those who don’t normally file taxes to claim their stimulus checks. The Non-Filers tool is available in both the English and Spanish languages to help guide people through the process of getting a stimulus check.

People who earned $12,200 or less as an individual aren’t normally required to file taxes. Married couples who earned $24,400 aren’t normally required to file taxes. If this describes you, use the Non-Filers tool to sign up for a stimulus check.

  • Use the Non-Filers tool to register for a stimulus check if you earned $12,200 or less as an individual or $24,400 or less as a married couple.
  • Use the Non-Filers tool to register for a stimulus check even if you didn’t earn any income at all.
  • Use the Non-Filers tool to register for a stimulus check even if you are homeless.
  • Use the Non-Filers tool to get a stimulus check even if you have been unemployed for a long time or have never worked at all.

Don’t use the Non-Filers tool to get a stimulus check if either of these applies.

  • If you haven’t yet received your stimulus check but you’ve already filed a tax return for 2018 or 2019, do not use the Non-Filers tool. Instead, use the Get My Payment to check on the status of your stimulus payment.
  • If you’re required to file taxes for 2018 or 2019 but haven’t yet done so, do not use the Non-Filers tool. Instead, go ahead and file your taxes and then the IRS will send you a stimulus check if you are eligible.

The IRS is asking employers and others to help get the word out about these stimulus checks.

If you are an employer, a community leader or simply an interested party and you can share this message, do so. Specifically, employers and colleagues should help to spread this message to your low-income earners, essential workers or others who’ve been unemployed where you believe the person may have earned less than $12,200 as an individual or $24,400 as a married couple.

As part of IRS extensive outreach and education efforts regarding stimulus checks, Commissioner Chuck Rettig stated that, “IRS employees worked around the clock to deliver the Economic Impact Payments and new tools to help taxpayers in record time.” He also said that, “Even with these unprecedented steps, there remain people eligible for these payments who need to take action. Registering to receive the payments is easy, and millions of non-filers have already taken this step. We urge everyone to share this information widely to help more people receive these payments.”

Given this, community leaders and employers in underserved or disadvantaged areas can—and should—step up and help in this effort to inform more low-income, no-income, homeless or otherwise disadvantaged individuals about using this Non-Filers tool to claim their stimulus checks.

Recommended reading:

This One Little Action Will Greatly Boost Your Career Prospects

Stimulus Checks Waiting For People With Little Income And No Income

October 15 Stimulus Check Registration Deadline: Low Income, Homeless Sign Up Now

The $600 Unemployment Check Is No More: Here’s The Reality On The Ground

3 Messages On Essential Workers Hazard Pay That You Need To Know Now

Senate Refuses Hazard Pay For Essential Workers In Next Stimulus Bill?

A Definition Of Career Success And Why So Few People Ever Experience It

Read More

Categories
stimulus talks

Stimulus Talks May Resume As Pelosi Plans New $2.4 Trillion Covid-19 Relief Package – Forbes

House Democratic Leaders Hold News Conference To Discuss Major Reforms Package

Getty Images

After more than a month of stalled stimulus negotiations, House Speaker Nancy Pelosi (D-CA) will move to introduce a new $2.4 trillion stimulus package. The package would be narrower than the $3.4 trillion Heroes Act passed by the House in May. While still more costly than Republicans have been willing to accept, the new stimulus proposal would likely restart negotiations with the White House.

Here’s what you need to know.

New Stimulus Package

According to The Washington Post, Pelosi asked House committee chairs to begin assembling a bill. The relief package is expected to include a second stimulus check, aid to state and local governments, airlines and small businesses. It will also include rental assistance, additional unemployment benefits and funds for the Postal Service and election security.

Pelosi’s abrupt change came as some Democrats were pushing for a narrower deal that could pass. Several weeks ago more than 100 House Democrats signed letters to Pelosi urging her to move forward on various relief proposals.

One of those letters came from Rep. Cindy Axne (D-Iowa). In that letter she urged Pelosi to “bring up a simplified, straightforward COVID-19 relive package.” This week Axne was collecting signatures from lawmakers on a second letter to Pelosi that according to The Washington Post read: “We write to you now to implore you to brig a revised and streamlined COVID-19 relief package to the floor next week. Americans are counting on us; they cannot wait any longer.”

Last week, a bipartisan group of 50 lawmakers released a stimulus package framework calling for $1.5 trillion in relief. President Trump has expressed his support for this framework.

Stimulus Negotiations

The new stimulus package is expected to include $2.4 trillion in relief. That’s more than the $2.2 trillion Pelosi had offered during negotiations. As such, it raises the question whether the new package will move the parties closer to a deal. House Minority Leader Kevin McCarthy (R-CA) criticized the news of a new stimulus bill, saying that it “shows again she’s not serious about a Covid relief bill, that she’s just playing politics.”

There is good reason, however, to believe that the new package could move the parties closer to a deal. While the total aid package is $200 billion more than Pelosi’s earlier offer, the details of the new bill will be critical. Republican negotiators have been frustrated by Pelosi’s insistence on $915 billion in state and local aid and $600 a week in extra unemployment benefits If the new package shows a willingness by Pelosi to compromise on these issues, it could be a positive step towards a stimulus deal.

On state and local government aid, experts believe that $500 billion is needed, far less than Pelosi has demanded to date. Likewise, the demand for $600 a week in extra unemployment benefits has come under pressure. While there is some dispute over whether such an amount discourages individuals from returning to work, it’s clear that $600 pays many people more than they made working.

The bipartisan framework introduced last week compromised on both of these issues. It called for $500 billion in aid to state and local governments and $450 to $600 in extra unemployment benefits. If the new package embraces this bipartisan framework, it would signal a significant shift in Pelosi’s position.

Airlines Aid

Another factor that could bring the parties together this month is aid for the airline industry. Payroll protections under the Cares Act expire on October 1st, and airlines have threatened to lay off thousands of workers if additional aid is not forthcoming.

Massive layoffs in the airline industry would come as the economic recovery struggles to take hold. In testimony before Congress, Federal Reserve Chair Jerome Powell testified that more stimulus is needed. He added that he expects the economy to have a harder time sustaining growth.

Previous stimulus negotiations involved Pelosi and Senator Chuck Schumer (D-NY), White House Chief of Staff Mark Meadows and Treasury Secretary Steven Mnuchin. In testimony before Congress, Mnuchin agreed that “comprehensive relief” was necessary and that he was available “any time” to resume negotiations.

Now we wait.

Follow me on Twitter or LinkedInCheck out my website or some of my other work here

Read More

Categories
getting stimulus

Stimulus Deal Getting Closer, But There’s More Work To Be Done – Forbes

Only in Washington can politicians slowly make progress toward a stimulus deal while pounding the table and accusing the other side of being unreasonable. Yet even with negotiations over the next stimulus package at a standstill, the two sides moved $500 billion closer to a deal last week.

Here’s what happened and what’s left to be done.

Stimulus Deal getting closer

Getty Images

Stimulus Negotiations Update

Last week the big news on a stimulus package was a telephone call between House Speaker Nancy Pelosi (D-CA) and White House Chief of Staff Mark Meadows. Following the 25-minute call, both sides offered little hope. Speaker Pelosi said the parties were at a “tragic impasse.” Mr. Meadows said stalled negotiations were due to Speaker Pelosi’s “fantasy objections” and that she wouldn’t explain what her offer would fund.

Move past the sound bites, however, and one can see real progress toward a deal. Recall that the starting positions were $3.4 trillion in the Heroes Act passed by House Democrats and $1 trillion in the HEALS Act introduced by Senate Republicans. During negotiations in early August, Speaker Pelosi offered to come down to $2.4 trillion if Republicans would come up to $2 trillion. That offer was rejected.

At the same time, Republicans offered to come up on specific issues, such as unemployment benefits and aid to state and local governments. Democrats rejected this proposal.

Following the call last week, however, Speaker Pelosi reduced her proposal by $200 billion, down to $2.2 trillion.

“We have said again and again that we are willing to come down [and] meet them in the middle,” Speaker Pelosi said to reporters. “That would be $2.2 trillion. When they’re ready to do that, we’ll be ready to discuss and negotiate. I did not get that impression on that call.”

At the same time, Mr. Meadows came up $300 billion, saying the President would sign a $1.3 trillion package: “The president right now is willing to sign something at $1.3 trillion,” Meadows told reporters. He also said that this number had been offered to Democrats.

So while both sides continue to wage a war of words, they did make meaningful progress toward a deal last week.

Stimulus Deal Negotiations Going Forward

While $500 billion is significant progress, there is one fundamental disagreement over how to approach further negotiations. Republicans want to evaluate and negotiate each major piece of the stimulus package. This was evident in past negotiations where Republican negotiators made offers on specific pieces of the legislation, such as unemployment benefits and state and local government funding.

In contrast, Democrats want to focus on the top line number. They want to reach agreement on the total cost of the package and then fill in the details later. This was evident in their offer to compromise on the overall cost of the next stimulus package.

The different negotiating strategies bubbled to the surface this week. Mr. Meadows described this in an interview following his call with the Speaker. According to Mr. Meadows, he asked the Speaker during the call what was in her $2.2. trillion proposal, and she wouldn’t tell him.

“I had a conversation with Speaker Pelosi. And even on her $2.2 trillion counter offer, she can’t tell the American people, nor me, what is in that,” Meadows said. As reported by The Hill, Meadows added: “I said,’What does the $2.2 trillion represent?’ You know what her response was? ‘I’m not going to tell you. Let me fill in the blanks.’ That’s not a proper negotiation, [nor] is it anything that the American people accept.”

A representative for Speaker Pelosi responded saying that these comments mischaracterized their discussions. They also claimed that Mr. Meadows was unwilling to break down the costs of the Republican proposal.

Resolving the different approaches to further negotiations is critical. If they can get past this hurdle, there’s one element of the stimulus bill that could go a long way to helping the parties reach a final agreement—aid to state and local governments.

How to Bridge the $900 Billion Gap

Aid to state and local governments represents $915 billion of the $3.4 trillion Heroes Act. In contrast, the Republicans have offered $150 billion. Thus, this issue alone represents $765 billion of the $900 billion divide. To date, Speaker Pelosi has been unwilling to reduce this figure, even while proposing that the overall package come down by more than $1 trillion. It’s here, however, that potential compromise may be found. Here’s why.

Simply put, state and local governments don’t need $915 billion, or anything close to that figure. Moody’s Analytics puts the budget shortfall at $500 billion. And that’s not what state and local governments need now, it’s their budget shortfall over the next two years. Even if the federal government covered this entire shortfall, it would close the gap by over $400 billion. An agreement to cover just the next year’s state and local government budget shortfall would narrow the gap even further. Such a deal would require both sides to compromise.

Here it’s worth noting that stimulus checks and enhanced unemployment benefits also help state and local governments. Stimulus checks bolster spending, which generates sales tax for most states. Unemployment benefits, in addition to increasing spending, also represent taxable income, benefiting those states that levy income tax. These benefits also help homeowners pay their mortgage, which in part goes to real estate taxes. And the federal government has already provided over $765 billion in federal coronavirus spending to state and local governments.

Related: $300 Unemployment Benefit Update

Some Democrats Getting Impatient

The question remains what, if anything, will incentivize either side to compromise further. Some House Democrats have urged Speaker Pelosi to reach an agreement. More than 100 House Democrats have signed public letters imploring her to find a solution to the impasse and to move forward on certain components of a stimulus deal.

For the Republicans, a stimulus deal could help some Senators at risk of losing their seats. Some believe the Republicans could lose the Senate, and a continued stalemate on another round of stimulus wouldn’t help their cause.

There’s clearly more work to be done on both sides. The $500 billion progress we saw last week was a positive step toward a stimulus deal. It remains to be seen how and when the parties make further progress.

Read More

Categories
Checks stimulus

IRS To Mail 50,000 Stimulus Checks Next Month – Forbes

The IRS just announced that it will send out 50,000 stimulus checks next month. The “catch-up” Economic Impact Payment relates to a mistake the IRS made in processing the original stimulus payments. Here’s what happened.

Stimulus Checks

ASSOCIATED PRESS

Stimulus Checks Withheld by Mistake

The IRS will offset tax refunds for various reasons, including certain outstanding debts. For example, the IRS will reduce a taxpayer’s refund if a he or she has outstanding state income tax obligations. In the case of a stimulus check, the CARES Act provided that the IRS would not offset the payment by such obligations, with one notable exception—past due child support.

Related: Second Stimulus Check Update

In the rush to send out stimulus payments, however, the IRS improperly withheld payments from about 50,000 people. For these individuals, the IRS offset their stimulus check for past due child support owed by their spouse. This offset occurred even for those who filed Form 8379 (Injured Spouse Allocation) with their 2019 or 2018 tax returns. This form effectively notifies the IRS not to withhold money from the “injured spouse” just because their husband or wife as an outstanding obligation.

The IRS identified this issue in May. On the Economic Impact Payment Information Center (Question 31), it described the issue as follows:

“The IRS is aware that in some instances a portion of the payment sent to a spouse who filed an injured spouse claim with his or her 2019 tax return (or 2018 tax return if no 2019 tax return has been filed) has been offset by the non-injured spouse’s past-due child support. The IRS is working with the Bureau of Fiscal Service and the U.S. Department of Health and Human Services, Office of Child Support Enforcement, to resolve this issue as quickly as possible.”

At the time, the IRS said it was working to correct the issue, but didn’t provide a timeline for when the payment would go out.

When Do the Catch-Up Stimulus Checks Go Out?

Having now resolved the issue, the IRS states that it will issue the payments in early to mid-September. The payments will be physical checks and will be mailed to those who filed Form 8379 with their 2019 tax returns, or in some cases their 2018 tax returns. Individuals do not need to take any action to receive this payment.

Individuals who didn’t file Form 8379 but had their stimulus check reduced for the same reason will also receive a catch-up stimulus check, but it will take some time. According to the IRS,

“These individuals also do not need to take any action and do not need to submit a Form 8379. The IRS does not yet have a timeframe but will automatically issue the portion of the EIP that was applied to the other spouse’s debt at a later date.”

Taxpayers can use the IRS Get My Payment tool to check on the status of these payments.

Follow me on Twitter or LinkedInCheck out my website or some of my other work here

Read More

Categories
Second stimulus

A Second Stimulus Check Is Still Likely – Here’s Why – Forbes

President Trump Holds News Conference At The White House

WASHINGTON, DC – AUGUST 12: U.S. President Donald Trump speaks during a briefing at the White House … [+] August 12, 2020 in Washington, DC. Trump answered a range of questions during the briefing related to the ongoing pandemic and the U.S. presidential race. (Photo by Win McNamee/Getty Images)


Getty Images

Both houses of Congress left for their August recess without a signed stimulus deal. While there are several major sticking points keeping a deal off the table, there is one aspect all parties and the Trump administration agree on—sending Americans another stimulus check.

Unfortunately, it’s not as easy as getting everyone together to say, “We agree on this single measure, let’s pass a stimulus check bill, then negotiate each additional line item we want.”

The next coronavirus relief bill may be the final one this year, and both parties and the Trump administration all have additional items on their agenda they wish to include.

Let’s take a look at why a stimulus check is still on the table and why we may see one in the near future. We’ll also address the issues that are holding things up.

Both Parties Have Other Line Items They Want to be Passed

President Trump recently signed four presidential directives (an executive order and three memoranda) to address issues such as extending unemployment benefits, an eviction moratorium, student loan deferrals, and a payroll tax cut.

But experts are unsure if or when these measures will take place and how much impact they will have. Including these measures in a larger bill would provide a more sustainable solution for these and other line items.

Everyone Wants Another Check

By everyone, I mean, the politicians and their constituents. Both parties and the Trump administration are in favor of sending another check, and most voters would surely appreciate some financial assistance. 

It’s an Election Year

Much more is at stake than deciding the next president. Voters will also be voting in new Congressional representatives for both the Senate and the House. There is a potential for a changing of the guards, so to speak, and the incumbents want your vote.

Supporting and passing a relief bill that directly impacts their constituents’ pocketbooks can go a long way toward garnering votes.

Both Parties Have Agreed to Rough Terms of The Next Check

After some back and forth, both parties have also more or less agreed upon the parameters of a second stimulus check. 

The Democrat-led House proposed the HEROES Act in May, which included a $1,200 stimulus check that was similar to the first stimulus check that was included in the CARES Act. There were two primary differences. The HEROES Act offered $1,200 checks for up to three dependents instead of the $500 that was included in the CARES Act. It also expanded eligibility for certain groups who were excluded from the stimulus check in the CARES Act. However, the HEROES Act was a $3 trillion stimulus bill that was too expensive for the Senate to get behind.

The Republican-led Senate initially wanted smaller stimulus checks than what was included in the CARES Act. However, they have since come around. They proposed the HEALS Act, which included a $1,200 stimulus check with eligibility terms that were very similar to those found in the HEROES Act. The primary difference was that it provided $500 checks for dependents.

And while President Trump doesn’t craft the laws, he can sign them into law. He has previously gone on record as saying that not only does he support a second stimulus check, but that he wanted a more generous stimulus check than the first one.

With so much common ground, and so much at stake, it seems likely we will see another stimulus check.

How Much Could You Receive from a Second Stimulus Check?

We don’t have firm numbers right now, but we can look at recent proposals to get a ballpark idea. 

The proposals that have gotten the furthest in both chambers of Congress are the HEROES Act and the HEALS Act, both of which call for a $1,200 check for individuals. The primary difference has been how much to provide dependents, with the HEROES Act calling for a similar $1,200 amount and the HEALS Act calling for $500.

Both proposals would extend eligibility to qualified dependents of all ages.

While Here are some calculators to let you run some scenarios.

Again, these are estimates, as the final bill has not been agreed upon of passed.

What is Preventing the Next Stimulus Bill from Being Passed?

There are several big roadblocks slowing negotiations. The three largest are the total cost of the bill, extended unemployment benefits, and additional funding for state and local governments.

In general, the Democrats are looking for a more extensive bill than the Republicans. The HEROES Act, which passed the House in May, was a $3 trillion proposal that Senate Republicans rejected outright as being too expensive. The Republican-led Senate proposed a $1 trillion HEALS Act, which amounts to the upper end of their desired spending.

The Democrats want to extend the $600 federal weekly unemployment benefit that expired at the end of July. Republicans are in favor of extending the benefit, but only at a lower rate. They argue that too many people are making more money through unemployment than they made while they were employed.

Democrats also want to provide up to $1 trillion for state and local governments. These funds are designed to help offset decreased tax income and help to prevent massive layoffs of public sector employees. Republicans have argued they do not wish to bail out agencies that had already mismanaged their funds prior to the pandemic.

Key Dates:

Here are some upcoming dates to keep in mind as we approach the next voting sessions.

  • September 8: Senate returns to session.
  • September 14: House of Representatives returns to session.
  • September 30: Fiscal Year concludes.

It is unlikely we will see any bill passed prior to either chamber returning to session. This would require these lawmakers to be called back to Washington D.C. to vote. It is more likely we will get more firm news in the early part of September.

Additional Stimulus Resources:

Read More

Categories
Pelosi stimulus

Pelosi says stimulus talks are complicated by ‘complete disarray on the Republican side’ – CNN

(CNN)House Speaker Nancy Pelosi on Saturday continued her blame of Republicans for the stalemate in negotiations over another round of coronavirus relief funding for Americans.

In a letter to her Democratic colleagues on Saturday, the Democratic leader said that progress on the negotiations is “complicated by the complete disarray on the Republican side — as President Donald Trump contradicts his own negotiators and his own position.”
She criticized Senate Majority Leader Mitch McConnell and Republicans for refusing to provide further funding for states and local governments, which she called a “significant obstacle” inside negotiations.
Pelosi’s letter marked the three-month anniversary of the House’s passage of Democrats’ $3.4 trillion stimulus package, the HEROES Act.
Both the House and the Senate are now in recess until September without passing a stimulus bill after weeks-long negotiations between the Trump administration and Democrats broke down. If there is a deal on the stimulus, however, members will have 24-hour notice to return for votes.
Later in the day, Trump said at a press conference from his Bedminster club in New Jersey that he would meet with Pelosi and Senate Minority Leader Chuck Schumer when the time is right, but insisted that Americans can “happily live with or without” another congressional stimulus bill despite the fact that many Americans have relied on the government assistance after the economy was upended by the coronavirus pandemic.
When a reporter asked the President why he has not met with the top Democratic congressional leadership, he responded, “When it’s right I’ll meet, but right now it’s not right.”
On Friday, a small group of members of the House’s bipartisan Problem Solvers Caucus spoke with White House chief of staff Mark Meadows about how to end the impasse, and plan to continue future discussions.
“We had a productive, hour-long discussion about ways to help break the logjam between the parties, get negotiators back in the room, and help America in our response to the Covid crisis. We anticipate future meetings,” a person on the call told CNN.
Other members on the call were caucus co-chairs Tom Reed and Josh Gottheimer, and Reps. Dean Phillips, Abigail Spanberger, Jimmy Panetta, and Anthony Gonzalez.
Republicans and Democrats are trillions of dollars apart on a topline cost and blame one another for the deadlock.
McConnell has accused Democrats for having “sabotaged” talks with “absurd demands that would not help working people.”
Senate Republicans late last month proposed their own $1 trillion plan.
Pelosi called for the GOP to increase its offer by $1 trillion and said she’d go down by $1 trillion — allowing them to negotiate a deal around the $2 trillion range.
But Pelosi’s proposal lacks White House support and Senate Republican leaders believe a bill with that price tag wouldn’t pass their chamber.
Last weekend, Trump bypassed Congress, signing four executive actions on coronavirus relief, one of which would provide as much as $400 in enhanced unemployment benefits but is likely to meet challenges in court.
This story has been updated to include remarks from Trump’s Saturday news conference.

Read More

Categories
People stimulus

Why Some People May Get Stimulus Checks in 2021 – Newsweek

Even without another coronavirus relief package, some Americans may receive another economic impact payment in 2021.

Most people have either received all the money they’re going to see from the first round of stimulus checks or will get the remainder of their money by the end of the month. However, for some, including those who amended their tax return after economic impact payments were issued, it’s possible they could receive additional money next year.

There are at least four scenarios in which a person could receive a payment in 2021, according to the Taxpayer Advocate Service (TAS), an independent organization within the Internal Revenue Service designed to assist taxpayers. Without a process in place to adjust distributions, in these instances, people must file their 2020 tax returns before receiving any additional money.

When issuing the first round of stimulus checks, the IRS based payments on the most current information it had on file. Given that payments started being sent in early April and the tax filing deadline was pushed to July 15, the IRS’ use of a 2018 return and not a 2019 return may have resulted in a reduced payment.

Get your unlimited Newsweek trial >

For example, if a person gave birth to a child in 2019 but hadn’t filed their return when payments were sent, they wouldn’t have qualified for the additional $500 granted to children under 17 years old. The only way to receive that money is to adjust the difference with the filing of a 2020 tax return, according to TAS.

stimulus check 2src21 payment
President Donald Trump’s name appears on the coronavirus economic assistance checks that were sent to citizens across the country April 29 in Washington, D.C. Even without another coronavirus relief package some Americans may see another payment in 2021 if their first payment was not the proper amoun
Chip Somodevilla/Getty

Another reason a person may have to wait until 2021 for a full payment is if the economic impact payment was based on a return that was later amended or if a person receives certain benefits, such as veterans affairs or social security, but were deemed ineligible because they were claimed as a dependent on someone else’s return.

A fourth situation in which a person could receive additional money in 2021, according to TAS, is if the IRS based payments on an information return, social security or veterans affairs benefits. If a person filed a 2019 tax return or used the Non-Filer tool after economic impact payments were calculated, they can reconcile the differences on their 2020 return.

Get your unlimited Newsweek trial >

As people await full compensation for the economic impact payments afforded under the Coronavirus Aid, Relief, and Economic Security (CARES) Act, legislators on Capitol Hill reached an agreement on another round of payments. One of the few things Democrats and White House officials agree on including in a fifth stimulus package, Treasury Secretary Steve Mnuchin said a second round would likely resemble the first payments.

The CARES Act issued $1,200 payments to individuals earning $75,000 or less and $2,400 to joint-filers with incomes of $150,000 or below. An additional $500 was allocated for each child under 17 years of age, a provision that may be expanded if there’s a second round.

The GOP-backed Health, Economic Assistance, Liability Protection and Schools (HEALS) Act would keep payments at $500 but change eligibility to include dependents of all ages. Democrats included the expansion in their House bill, the Health and Economic Recovery Omnibus Emergency Solutions (HEROES) Act, and Mnuchin told reporters on August 2, that both sides were on board with a plan for stimulus checks.

While TAS can help taxpayers resolve certain issues with their economic impact payment, they can’t help with any of the situations that require a person to file a 2020 return, according to TAS.

“This is not a good answer for taxpayers,” National Taxpayer Advocate Erin M. Collins wrote of the 2020 return solution in a blog on Monday. “Congress authorized EIPs to assist the tens of millions of Americans who are suffering financial hardships as a result of COVID-19 closures, and many of these individuals need their stimulus payments now.”

Newsweek reached out to the IRS for comment but did not receive a response in time for publication.

Read More

Categories
prices stimulus

Oil prices back on the rise on U.S. stimulus hopes, Iraq output cut – Investing.com

© Reuters. FILE PHOTO: The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County
© Reuters. FILE PHOTO: The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County

By Sonali Paul

MELBOURNE (Reuters) – Oil prices climbed on Monday, supported by Saudi optimism on Asian demand and an Iraqi pledge to deepen supply cuts, although uncertainty over a deal to shore up the U.S. economic recovery capped gains.

U.S. West Texas Intermediate (WTI) crude () futures rose 50 cents, or 1.2%, to $41.72 a barrel at 0301 GMT, while Brent crude () futures were up 40 cents, or 0.9%, at $44.80 a barrel.

Both benchmark contracts fell on Friday, hurt by demand concerns, but Brent still ended the week up 2.5%, with WTI up 2.4%.

“Comments from the weekend from Aramco are the driver at the moment,” said Michael McCarthy, market strategist at CMC Markets and Stockbroking.

Saudi Arabian Aramco’s (SE:) Chief Executive Amin Nasser said on Sunday he sees oil demand rebounding in Asia as economies gradually open up after the easing of coronavirus lockdowns.

“He painted a rosy picture on the outlook for demand in the Asian region,” McCarthy said.

On the supply side, Iraq said on Friday it would cut its oil output by a further 400,000 barrels per day in August and September to compensate for its overproduction in the past three months. The move would help it comply with its share of cuts by the Organization of the Petroleum Exporting Countries and their allies, together called OPEC+.

The sharper cut will take Iraq’s total reduction to 1.25 million bpd this month and next.

“Saudi Arabia and Iraq forging better relationships over the oil deal are excellent for the compliance outlook,” AxiCorp market strategist Stephen Innes said in a note.

The Saudi and Iraqi energy ministers said in a joint statement that OPEC+ efforts would improve the stability of global oil markets, accelerate its balancing and send positive signals to the markets.

While hopes grew on stalled talks between U.S. Democrats and the White House on a new support package for cash-strapped U.S. states hit by the coronavirus pandemic, delays in reaching a deal weighed on the market.

U.S. House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin both said they were willing to restart talks on a deal to cover the rest of 2020.

“The longer this drags on the worse it is for the demand scenario,” McCarthy said.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Read More

Categories
Package stimulus

Stimulus Package Not ‘Imminent,’ As Bipartisan Talks Roll Into Next Week – Newsweek

Please enable JS and disable any ad blocker

Read More