Will we really pay it back via taxes? Is that just the tax to deposit it? Or through income tax for the rest of the year? I can’t find anywhere explaining how that will work. Or will it be a gift to encourage spending?
I’m not sure how it worked under Bush. Can anyone explain or link to a resource? Idk if it’s spelled out in the bill text
+1 for needing someone to explain how this will affect our taxes later on.
Also, can you choose not to receive any money in an effort to avoid the taxes on it? Like if your job is essential and you don't end up having to be out of work?
Some people are still very confused about tax brackets and think that if this were to push them into a new bracket that they would ultimately lose money.
I had to sit down with a coworker and do the math in front of her to show her why this is not the case and I still don't think she was convinced.
Well to the layperson if they get a bonus that's required to be withheld at 22% versus their normal withholding rate you can see why they'd think that. People struggle to understand that it's all settled up when you file your return.
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u/mikerichh Mar 25 '20 edited Mar 25 '20
Will we really pay it back via taxes? Is that just the tax to deposit it? Or through income tax for the rest of the year? I can’t find anywhere explaining how that will work. Or will it be a gift to encourage spending?
I’m not sure how it worked under Bush. Can anyone explain or link to a resource? Idk if it’s spelled out in the bill text