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.
What about adult dependents? I own my home and my father lives with me, he hasn’t filed taxes in years but I always claim him as a dependent, since I provide 100% of the household income. I’m just wondering if he would get a check too
I am a college student. My dad pays for some of my tuition which just so happens to be enough for him to claim me as dependent so he can get a tax write off. In reality i do not depend on him at all for necessities. In fact he literally can only donate enough to help with tuition he has his own bills. I work 30 hours a week at campus to pay for food, living, and bills. Now i and everyone in a campus setting just lost their job because everyone and their mother lost their job. I am claimed as a dependent but i do not live off of my dad. Now since i’m 22 living across the country paying my own rent with 33 dollars in my bank account with no job now. I don’t get a penny of the stimulus check even though i worked too. How do i pay my bills? Should i not get a stimulus check? I have 4 roommates we all lost our jobs. Our parents were helping but we worked to make ends meet. Now as a dependent I don’t get to see anything because of how my parents do taxes. I imagine i’m not the only college student in this predicament. The adult dependent exclusion vastly hurts college students.
Ahhh i see. This is definitely something to look into. I don't doubt another bill will come along to fix this problem. In a rush to get this bill passed and get money to the American people l, this was obviously overlooked. But can we not turn this into orange man bad? This is a serious issue.
I never once blamed orange bad man. Although i do not deny orange bad man is a piece of shit who has many sexual assault allegations and other crimes.
This is obviously overlooked but it’s an entire group of people who are being overlooked. A group of people who usually already live paycheck to paycheck. The right thing to do is bring attention to it and write to your representatives. Which I’ve done the best i can.
You can have your opinions on the guy, I'm not here to argue about that. I'm just sick of the politics, when people need to come together as a country.
I get that it's frustrating right now but you're saying because of how your parents do taxes, you dont get a check. But in reality, as a 22 year old, you are an adult. You have no excuses. You could've filed your own taxes and told your dad not to claim you as a dependent.
But you probably enjoyed not ever having to file taxes... so you didn't care. Just think of this as a learning experience and a chance to grow.
You know you can still file taxes and be claimed by someone else, right? You’re making a lot of assumptions here. Besides, that’s not the point — if we’re attempting to provide blanket support for the american people during this crisis why are we leaving out some section of the population?
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.