This is my stimulus update for Saturday, August 15.
Stimulus Legislative Timeline
Here is a basic timeline of what’s gone on legislatively with stimulus all the way from the CARES Act being signed into law on March 27 to the Democrats passing their own second stimulus proposal the HEROES Act on May 15 to July 27 when the Republicans released their $1 trillion HEALS Act, after which Treasury Secretary Mnuchin and White House Chief of Staff Mark Meadows on the Republican side negotiate for two weeks with Speaker of the House Nancy Pelosi and Senate Minority Leader Chuck Schumer on the Democratic side, with those stimulus talks failing on August 7, Trump taking executive action and issuing three memoranda and one executive order on August 8, and finally the Senate adjourning on August 13 until September 8.
So that’s where we’re at, I am going to talk about Trump’s tweets that I’m sure many of you saw about stimulus yesterday, but first let’s give a first stimulus update.
First Stimulus Update ($500) For Some With Children
First of all, IRS claimed that those of you who received the $1,200 for yourself and the $1,200 for your spouse but did not receive the $500 for each of your qualifying dependent children under the age of 17, IRS said that you should have received the $500 in early August. It is now August 15, that is, mid-August.
Now, for those of you on Social Security, SSDI, SSI, Veterans Benefits, Railroad Retirement Benefits who do not file a federal income tax return, the IRS previously gave you a deadline over three months ago, and that deadline was different for Social Security vs. SSI, etc.
IRS gave you a deadline previously to submit your information in the Non-Filers Tool for any dependent children you have in order to qualify for the $500 for them. Because theoretically, and this definitely didn’t work perfectly, but the IRS for many people on these benefits programs was able to obtain the information for the $1,200 checks for beneficiaries from the Social Security Administration or Veterans Administration. But the IRS wouldn’t have information about your dependent children for the $500.
So you had to fill out the Non-Filers Tool or the TurboTax Stimulus Edition to report those children to the IRS.
IRS had a deadline, it’s long gone, well now the IRS has said that you now have until October 15 to do this, to report your children in the Non-Filers Tool, here’s the link to the Non-Filers Tool.
I know there are still millions of Americans who have not received their stimulus check or their full stimulus check, and I hope the IRS resolves your situations quickly.
Trump Wants His Stimulus
Now let’s talk about second stimulus.
A desire for a stimulus check is alive and well not only in the hearts of many common American citizens but also in the heart of Donald Trump.
Yesterday, Donald Trump tweeted various things about stimulus.
Yesterday he tweeted, “I have directed Steven Mnuchin to get ready to send direct payments ($3,400 for family of four) to all Americans. DEMOCRATS ARE HOLDING THIS UP!”
He tweeted, “I am ready to have the U.S. Treasury and Small Business Administration send additional PPP payments to small businesses that have been hurt by the ChinaVirus. DEMOCRATS ARE HOLDING THIS UP!”
He tweeted, “I am ready to send more money to States and Local governments to save jobs for Police, Fire Fighters, First Responders, and Teachers. DEMOCRATS ARE HOLDING THIS UP!”
Also, “I am ready to send $105B to the states to help open schools safely with additional PPE. DEMOCRATS ARE HOLDING THIS UP!”
And also, “I am ready to send Rental Assistance payments to hardworking Americans that have been hurt by the ChinaVirus. DEMOCRATS ARE HOLDING THIS UP!”
So I’ve seen some people take these tweets and run with them, oh look, Trump’s going to sign an executive order on stimulus checks, see he directed Steven Mnuchin to get ready to send stimulus checks!
Now, I’ve seen many people run with this, oh, see, Trump is going to issue an executive order for stimulus checks and all these things.
As I’ve said before, that’s simply not possible.
What he ran down in this series of tweets is simply various elements of the HEALS Act proposed by Republicans.
If he had the power to conjure up with the stroke of a presidential pen $300 billion for stimulus checks, I have to think that he would have done so by now.
But Congress has the power of the purse.
That said, what’s the good news here?
Good news is that Trump, Mnuchin, Republicans still want another stimulus deal. And we know that Democrats do as well.
So while no, Trump is not claiming he has the power to simply tell Mnuchin to get ‘er done, and it’ll get done, it’s still good to see that Trump and the Republicans still have stimulus on the brain, as do I, and as I’m sure do many of you.
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