Cutoff for the stimulus checks is $75K. Not quite. Fine print gives much more to 1% real estate holdings.

https://www.cnn.com/2020/03/28/opinions/stimulus-bill-tax-break-for-1-mccaffery/index.html

And the best part, it is a retroactive tax break through 2018. Did we have an acne epidemic back then or something? Oh, and this is individuals, not businesses.

Now, not to seem class warfare-like, but we are going into massive debt to help the average worker pay his bills. And businesses to survive. And hospitals, and states. Why bother with a cap at $75K? Gee, sounds like class warfare to me…on the average American.

Outdoor privies smell better, in my opinion.

5 thoughts on “Cutoff for the stimulus checks is $75K. Not quite. Fine print gives much more to 1% real estate holdings.

  1. RE: “Oh, and this is individuals, not businesses.”

    Surely you understood, going in, that the stimulus bill would be written by the 1% _for_the 1%? In fact, a case could be made that our elites were disproportionately affected by the epidemic. They got sick first in greater numbers because they are the ones who travel most and party most (or at least most expensively). So it was predictable that they would panic more and earlier than the rest of us.

    The funny (in a way) part is that there can’t be an Occupy Wall Street movement now, because the same elites who did so much to foment that insurrection are today backing shelter-in-place and other social distancing policies that do so much to promote a sense of panic while keeping gated communities secure. You can’t have a revolution when no one wants to show up.

    If it helps any, the tax benefit CNN describes is functionally equivalent to the Obama administration investing in Solyndra, only with hundreds of Solyndras.

    It will be interesting to see how the God Emperor plays this out. He has no choice but to stop the music eventually, at which point the corrupt elite will have to scramble for chairs to sit in. The dummies who are left standing will have done it to themselves.

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    1. “ If it helps any, the tax benefit CNN describes is functionally equivalent to the Obama administration investing in Solyndra, only with hundreds of Solyndras.”

      Not really. For one thing, Solyndra was a one time subsidy among lots of government investments in research, technology and other ventures the capital markets shun until money can be made.

      The shameless retroactive tax cut is annual, with no benefit to anyone except individuals in the top percentiles.

      Liked by 1 person

      1. RE: “Not really.”

        Yes, really. Unless we insist on imagining — against reason and evidence — that real estate investors hide their money in matresses and never spend any.

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        1. I don’t think you understand the issue. The “losses” are not really “losses”. Depreciation schedules can allow for nice profits, but allow massive deductions for tax purposes. I owned a commercial building and we were able to garner nice deductions over the life of the building. Of course we had to pay taxes upon the sale but that’s another story.

          What I found galling was the slipping in of this huge windfall on a bill we have to borrow to keep working Americans from losing food, and shelter in a crisis.

          Is there not even a smidgen of a patriotic sense of duty among those who have done very well in a country such as ours?

          And retroactive? That is obviously to negate the cap put in in the already generous tax break those same people received in 2018.

          Inexcusable, shameful, disgusting and almost treasonous.

          IMHO

          Liked by 1 person

  2. You do realize that the Pentagon was the driving force for Solyndra, right? Our soldiers run on batteries now and China is the sole source of solar panels… oh good.

    What was it LBJ said about “spare parts”?

    Liked by 3 people

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