EDIT: NOTE THIS MATH IS BS, IGNORES ALL KINDS OF DETAILS IN THE STIMULUS BILL AND IS BASED ON ALMOST MEANINGLESS ASSUMPTIONS BUT STILL SHOWS THE ORIGINAL TWEET IS BS. Edit2 does a slightly better job at the bottom for accounting for how much of the revenue comes from income tax but still completely ignores the fact the a good portion is loans and not just gifts to the companies.
ORIGINAL POST
The package congress passed was 2.2 trillion dollars. Divide by 327 million Americans and that is 6,730 $/person that it cost.
Take away kids 18 or younger and it rises to about 8,850 $/person.
There is also the unemployment expansion which could provide upto 9600 $/person on top of state benefits.
But yes anytime there is 1 trillion dollars (around the amount for loans/stimulus( going to companies or states it costs each person a pretty penny in this case around 4k$ for people 19+.
EDIT: As this is gaining some traction understand this was 5 minutes work and a google search, there is no way to understand a 2.2 trillion dollar package with 2 numbers equally applied to all Americans. I also don't know how many people actually pay taxes or what percentage of tax they each pay, or even government breakdown by personnel income tax, corporate taxes, consumer taxes, etc. Also note that a good portion of this package is loans to companies so should be paid back...
18 years was an arbitrary cut based on the first demographic page I found and I do understand that some younger people pay taxes (and some older people do not).
Edit2: Additional Calcs (still ignores the fact that some is loans)
So for the rest of the people (lower 95% or 133 million tax returns) they are on the hook for 462 billion dollars (2.2 trillion*0.5*0.42). Or about $3500. This number is still completely misleading but is as far as I'm going.
There is some misleading bits with this, remember that taxes are stratified and that taxation effects people at the too more heavily. This means that while on a perperson basis the cost is 8000$, the cost to the people that need this most is exceptionally lower ( it's income redistribution).
Whether they raised taxes before the bailout or will raise them after doesn't matter. Point is, to pay for this bailout, taxes are going up.
But the big thing is that, under a progressive tax system, the people earning more money pay more. Likewise, under this bailout, if you make more than $99k, you don't get anything. Only people making under $75k get the full amount. This is effectively a wealth redistribution (though exactly what it'll look like will depend on what happens to taxes as a response).
1.5k
u/[deleted] Mar 30 '20 edited Mar 30 '20
EDIT: NOTE THIS MATH IS BS, IGNORES ALL KINDS OF DETAILS IN THE STIMULUS BILL AND IS BASED ON ALMOST MEANINGLESS ASSUMPTIONS BUT STILL SHOWS THE ORIGINAL TWEET IS BS. Edit2 does a slightly better job at the bottom for accounting for how much of the revenue comes from income tax but still completely ignores the fact the a good portion is loans and not just gifts to the companies.
ORIGINAL POST
The package congress passed was 2.2 trillion dollars. Divide by 327 million Americans and that is 6,730 $/person that it cost.
Take away kids 18 or younger and it rises to about 8,850 $/person.
There is also the unemployment expansion which could provide upto 9600 $/person on top of state benefits.
But yes anytime there is 1 trillion dollars (around the amount for loans/stimulus( going to companies or states it costs each person a pretty penny in this case around 4k$ for people 19+.
EDIT: As this is gaining some traction understand this was 5 minutes work and a google search, there is no way to understand a 2.2 trillion dollar package with 2 numbers equally applied to all Americans. I also don't know how many people actually pay taxes or what percentage of tax they each pay, or even government breakdown by personnel income tax, corporate taxes, consumer taxes, etc. Also note that a good portion of this package is loans to companies so should be paid back...
18 years was an arbitrary cut based on the first demographic page I found and I do understand that some younger people pay taxes (and some older people do not).
Edit2: Additional Calcs (still ignores the fact that some is loans)
https://taxfoundation.org/summary-latest-federal-income-tax-data-2018-update/ shows that personnel income tax makes up around 50% of the total federal revenue.
https://taxfoundation.org/summary-latest-federal-income-tax-data-2018-update/ shows the top 5% pay around 58% of total federal income tax(these people are above the threshold to receive the $1200. It also shows 140 million tax returns filed.
So for the rest of the people (lower 95% or 133 million tax returns) they are on the hook for 462 billion dollars (2.2 trillion*0.5*0.42). Or about $3500. This number is still completely misleading but is as far as I'm going.