Trump wants to send Americans $1,000 checks to cushion virus economic shock

[zydeco]

9 minutes ago, bristolboy said:

If it's to help those in need, then make it dependent on how much income you earn.

Why stop there? Do it for SS too. Why should Warren Buffet, Bill Gates, or Tim Apple be eligible for SS?

[cmarshall]

Just now, Cryingdick said:

 

That's only true if you make above $92,000 If so take your $1,000. You are exempt up to that amount.

I am retired and I just paid my US federal income tax, thank you very much.  

[Cryingdick]

1 minute ago, Berkshire said:

Folks that live off of their military pension still pay taxes.  By the way, an expat living overseas can take that money and buy a US product (e.g., iPhone, Ford truck, etc.) or US stocks, thereby "contributing" to the US economy.  The government shouldn't be in the business of telling us how to spend money that we're entitled to. 

 

It's beginning to sound like you need the money...

[mtls2005]

2 minutes ago, Cryingdick said:

 

That's only true if you make above $92,000 If so take your $1,000. You are exempt up to that amount.

 

Not sure you know what you're talking about?

 

That's the foreign earned income exclusion.

 

We all still pay taxes on income earned/generated in the U.S.

 

 

Edited March 18, 2020 by mtls2005

[Cryingdick]

Just now, cmarshall said:

I am retired and I just paid my US federal income tax, thank you very much.  

 

If you made $92,000 a year then you did the normal thing. 

[cmarshall]

Just now, zydeco said:

Why stop there? Do it for SS too. Why should Warren Buffet, Bill Gates, or Tim Apple be eligible for SS?

Because SS benefits are a combination of delayed compensation from employers and their own contributions.  It was always our own money.

 

But if you make SS payment need-based, then how about doing the same for interest on Treasury bonds?  Imagine how well that would fly with the investor class.

[mtls2005]

1 minute ago, Cryingdick said:

 

If you made $92,000 a year then you did the normal thing. 

 

You probably should not offer comments on things which you appear to have little knowledge of.

 

 

[Cryingdick]

1 minute ago, mtls2005 said:

 

Not sure you know what you're talking about?

 

 

 

Last time I looked Americans are only obligated to pay taxes on incomes in foreign countries if they make $92,000 or over. You must report any bank account that exceeds $10,000.

[cmarshall]

1 minute ago, Cryingdick said:

 

If you made $92,000 a year then you did the normal thing. 

Are you having a mental block here?  All of my income comes from the US and I pay federal income tax on all of it.  There is no $92k qualification.

[mtls2005]

Just now, Cryingdick said:

 

Last time I looked Americans are only obligated to pay taxes on incomes in foreign countries if they make $92,000 or over. You must report any bank account that exceeds $10,000.

 

Clueless.

 

Best to not expose your ignorance.

 

 

[cmarshall]

Just now, Cryingdick said:

 

Last time I looked Americans are only obligated to pay taxes on incomes in foreign countries if they make $92,000 or over. You must report any bank account that exceeds $10,000.

That limit applies to income earned abroad while living abroad.  Not applicable to retiree expats whose income is still earned in the US.

[kensawadee]

4 hours ago, champers said:

Sounded in the briefing that he wanted to give more, bigly more and immediately. A figure of $1 Trillion was more than mentioned in passing. Steve Mnuchin has been tasked with devising a method of payment.

The greatest general election ploy you could have. Put money into people's pockets .... and the Treasury pays for it all. Top that Biden!

That is how Taksin did it years ago in Thailand..... Thai new gov't isn't buying votes or 'helping the people in need' since they believe they have a right to control the country, since they have the Army covering their rear...

A whole different ball game with Trump... I don't believe he will remember tomorrow what he said today.... LOL .... I will believe it as I see the check arrive....

[Cryingdick]

Just now, cmarshall said:

Are you having a mental block here?  All of my income comes from the US and I pay federal income tax on all of it.  There is no $92k qualification.

 

I am talking about expats that make that money in a foreign country. If you live in Japan you do not pay taxes until you make $92,000 in Japan. If you exceed that you are liable to US tax as well as Japanese. 

[Berkshire]

1 minute ago, Cryingdick said:

 

It's beginning to sound like you need the money...

If you want to believe that, it's fine with me.  That money is not going to change my lifestyle even a little bit.  But again, there are certain things that we're entitled to as Americans that I'm not shy demanding.  The US GOV is going to spend $700 billion on QE and I just read that Trump wants to bail out the oil companies.  I'm never going to see a cent of that.  So this little bit that the government intends to send to ALL Americans is what we all deserve.   

[cmarshall]

Although we expats who are paying federal income tax should be included in any handout, we won't be because are not a constituency and have no representation.

[mtls2005]

Just now, Cryingdick said:

 

I am talking about expats that make that money in a foreign country. If you live in Japan you do not pay taxes until you make $92,000 in Japan. If you exceed that you are liable to US tax as well as Japanese. 

 

Facepalm.

 

 

[Cryingdick]

Just now, Berkshire said:

If you want to believe that, it's fine with me.  That money is not going to change my lifestyle even a little bit.  But again, there are certain things that we're entitled to as Americans that I'm not shy demanding.  The US GOV is going to spend $700 billion on QE and I just read that Trump wants to bail out the oil companies.  I'm never going to see a cent of that.  So this little bit that the government intends to send to ALL Americans is what we all deserve.   

I don't care. I won't make petty remarks like that in the future. My apologies.

[bristolboy]

1 minute ago, Cryingdick said:

 

I am talking about expats that make that money in a foreign country. If you live in Japan you do not pay taxes until you make $92,000 in Japan. If you exceed that you are liable to US tax as well as Japanese. 

Actually, it's well over $100000 currently.

[cmarshall]

Just now, Cryingdick said:

 

I am talking about expats that make that money in a foreign country. If you live in Japan you do not pay taxes until you make $92,000 in Japan. If you exceed that you are liable to US tax as well as Japanese. 

I understand what you are talking about.  I am pointing out that you are neglecting the rest of us who are not in the same category that you are.

[Cryingdick]

Just now, mtls2005 said:

 

Facepalm.

 

 

 

How am I wrong? If you are American you can make up to $92,000 abroad before you become taxable in the USA.

[bristolboy]

19 minutes ago, zydeco said:

And if I live in Bangkok and purchase things from the US, that doesn't stimulate the US economy? BTW, I stimulate spend a lot more than $1000 every month in the US, although I'm still in Bangkok.

And what percentage of your expenditures will stimulate the US economy compared to those living in the USA?

[Cryingdick]

Just now, cmarshall said:

I understand what you are talking about.  I am pointing out that you are neglecting the rest of us who are not in the same category that you are.

 

No I get it. It's just emergency measures are for residents of the USA that live here. Giving you money would be meaningless we aren't trying to help Villa Market Inc. (LLC)

[cmarshall]

1 minute ago, Cryingdick said:

 

How am I wrong? If you are American you can make up to $92,000 abroad before you become taxable in the USA.

And with that let me give you a warm welcome to my ignore list.  

[zydeco]

7 minutes ago, mtls2005 said:

 

Clueless.

 

Best to not expose your ignorance.

 

 

He only understands his own filing status.

[bristolboy]

10 minutes ago, zydeco said:

Why stop there? Do it for SS too. Why should Warren Buffet, Bill Gates, or Tim Apple be eligible for SS?

Because this is an emergency and you need to spend the money where it will do the most good for the economy. And also, not incidentally, for those who need it most. For many, it's a matter of survival.

The right wing has long proposed means testing social security. Because they know that if the wealthier americans are cut out, that will lessen support for SS. 

2 different situations.

[bristolboy]

10 minutes ago, cmarshall said:

Because SS benefits are a combination of delayed compensation from employers and their own contributions.  It was always our own money.

 

But if you make SS payment need-based, then how about doing the same for interest on Treasury bonds?  Imagine how well that would fly with the investor class.

Such a good answer. I wish I had thought of it.

[mtls2005]

2 minutes ago, cmarshall said:

And with that let me give you a warm welcome to my ignore list.  

Me 3.

 

 

[bristolboy]

8 minutes ago, cmarshall said:

That limit applies to income earned abroad while living abroad.  Not applicable to retiree expats whose income is still earned in the US.

No. If you live abroad but are paid by a US company you are still entitled to the exclusion.

[lannarebirth]

6 minutes ago, Cryingdick said:

 

How am I wrong? If you are American you can make up to $92,000 abroad before you become taxable in the USA.

It doesn't include people whose income is unearned income and it does not include those who live in a foreign country who earn their money in the US.

[zydeco]

5 minutes ago, bristolboy said:

And what percentage of your expenditures will stimulate the US economy compared to those living in the USA?

A lot more than Donald Trump's and Jeff Bezos'.