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


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6 minutes ago, bristolboy said:

The most effective way to help the economy is to distribute money to those who are most likely to spend it. Economists have a phrase for it: marginal propensity to spend. The rule is the lower your income the more likely you are to spend any additional funds you get. 

Correct, and in America large numbers of those people are not Americans.

 

If the purpose is to stimulate the economy give cash to the poor regardless of who they are.

 

However the problem with that is you might not be able to buy their vote.

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1 hour ago, spiekerjozef said:

How can I apply for US citizenship?

Invest one million dollars - lots of Chinese get their US citizens ships using ivestment. Get a job in the US - lots of Indians get jobs to become US citizens so much so that now they control (CEOs) more than 100 corporations in the US and Indian-Americans earn twice the average salary of European-Americans.

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42 minutes ago, Lipoman said:

@Cryingdick, I agree with you, in general, about limiting the $1,000 to Americans living in the USA. 

 

But, there are many of us expats, who are retired military, who work with the US Military; we may shop in DoD Commissaries and Exchanges outside the USA.  Typically when we spend money in those two businesses we are helping our US economy. 

 

I think we too should be allowed to receive the $1,000 so we can spend it on masks, hand sanitizers, and potential clinic visits if we feel flu symptoms (possibly related to Coronavirus). 

 

To emphasize, the folks in the USA should receive this money first, then, perhaps, we expats should be second. 

 

We NEED to take care of OUR OWN in a reasonable, manageable way.   Stay safe! 

You make a good point.

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3 minutes ago, mtls2005 said:

 

I travel back to the U.S. at least twice a year. I spend a lot more than $1,000 (Amazon, food, hotel, rental car, resto, recreational LEGAL in my state, cannabis (+20% local tax)). I pay taxes and file a return. I buy presents on-line for family/friends in the U.S. Feel free to "show me the money", even though I'm not sure this is such a good idea.

 

 

 

 

I do have concern about the national debt.

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Just now, WalkingOrders said:

I do have concern about the national debt.

 

Hand-wringing on this topic given up ages ago.

 

Where is the Tea-Party, and Grover Norquist, when you need them?

 

The time for fiscal responsibility will return with a Democratic president, at least on the right.

 

 

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6 minutes ago, mtls2005 said:

 

I travel back to the U.S. at least twice a year. I spend a lot more than $1,000 (United Airlines, Amazon, food, hotel, rental car, resto, recreational LEGAL in my state, cannabis (+20% local tax)). I pay taxes and file a return. I buy presents on-line for family/friends in the U.S. throughout the year. Feel free to "show me the money", even though I'm not sure this is such a good idea.

If you can afford to travel back to the USA twice a year it sounds like you don't need the money anyway. And what percentage of that 1000 would get spent in the USA? The money should be spent where it does the most good in stimulating the economy. As I've noted earlier, it should go to people who are more likely to spend it. And the less income you have, the more likely you are to spend additional income.

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1 minute ago, mtls2005 said:

 

Hand-wringing on this topic given up ages ago.

 

Where is the Tea-Party, and Grover Norquist, when you need them?

 

The time for fiscal responsibility will return with a Democratic president, at least on the right.

 

 

I am not sure if I understand your point.

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39 minutes ago, Cryingdick said:
45 minutes ago, zydeco said:

You want to pile on costs to the program, just because you have a vendetta against expats because you felt mistreated in Thailand. Well, guess what, they'll do this the same way they did it last time, when Obama cut a $400 check to everyone and had it direct deposited. Everyone was eligible by having filed taxes the year before or by filing a blank form if you were on SS or disability? BTW, are you getting a monthly check from the government already?

I am fluent in Thai and I never minded hanging out with Thai people. Ilived most my time in Laos and did so successfully founding a resort for Lao people that is self sustainable ow to this day. Don't project.  I feel that you have a way of singling me out and suggest you stop doing it.

 

I feel expats shouldn't get the money because it doesn't add to the US economy. Okay if you are an expat that earns and pays taxes fair enough. However when SS was conceived it was before airplanes and FDR could not have conceived that so many would drop out and leave the USA. Sending money to an expat on entitlements is money leaving the USA and counter productive.

Any American who pays US taxes is entitled to this money, regardless of where they're living.  The primary objective here is not just to boost the economy, but to help those in need.  The IRS has my account number, so they can certainly just direct deposit into my account like they do tax refunds.  I'm an expat and I want my money!   55555   

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1 minute ago, bristolboy said:

If you can afford to travel back to the USA twice a year it sounds like you don't need the money anyway.

 

Yes, that was implicit in my comment(s).

 

1 minute ago, bristolboy said:

And what percentage of that 1000 would get spent in the USA?

 

All of it, as it would be in my BofA account (presumably, direct deposit follwoing my IRS refund) from which I pay CC bills for acticity incurred in the U.S.

 

But suspect you are asking what percentage $1,000 is to my income or AGI? Right? 

 

4 minutes ago, bristolboy said:

The money should be spent where it does the most good in stimulating the economy.

I can "stimulate" the economy.

 

4 minutes ago, bristolboy said:

As I've noted earlier, it should go to people who are more likely to spend it.

I will spend it.

 

5 minutes ago, bristolboy said:

And the less income you have, the more likely you are to spend additional income.

Agreed. Now you're back to "means".

 

Do I need it? Probably not.

Do millions of my fellow citizens need it? Yeah, of course.

Is it the best idea I;ve heard? Not sure. In a panic we do stoopid things (9/11 - WMD -- CF).

Just because I live outside the U.S. doesn't mean I cannot stimulate the economy. I guess that was my point.

 

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4 minutes ago, Berkshire said:

Any American who pays US taxes is entitled to this money, regardless of where they're living.  The primary objective here is not just to boost the economy, but to help those in need.  The IRS has my account number, so they can certainly just direct deposit into my account like they do tax refunds.  I'm an expat and I want my money!   55555   

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

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32 minutes ago, WalkingOrders said:

Retired military, that is called a pension, and you are damn right we deserve it! The situation of injecting cash into the United States economy, as part of an economic stimulus in response to crisis, is not meant to stimulate the Thai economy. That is obvious. Residency in the USA, proved by having local address should be a requirement. Residing in Bangkok!

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.

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8 minutes ago, Berkshire said:

Any American who pays US taxes is entitled to this money, regardless of where they're living.  The primary objective here is not just to boost the economy, but to help those in need.  The IRS has my account number, so they can certainly just direct deposit into my account like they do tax refunds.  I'm an expat and I want my money!   55555   

 

I already said that. Maybe you missed my earlier posts. If you make $92,000 a year and pay tax you get the money. If you live on entitlements and don't pay tax you do not. We agree.

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16 minutes ago, WalkingOrders said:

I do have concern about the national debt.

Not if you support Trump, who has increased it to $23.5 trillion and when you add on what he is proposing now through QE, Repo, bailouts, and tax cuts, it could be another $8 trillion. As I said, yesterday the US debt is screaming towards $30 trillion plus and Trump did it.

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1 minute ago, zydeco said:

Not if you support Trump, who has increased it to $23.5 trillion and when you add on what he is proposing now through QE, Repo, bailouts, and tax cuts, it could be another $8 trillion. As I said, yesterday the US debt is screaming towards $30 trillion plus and Trump did it.

Let Trump spend it before Biden tries. LOL If Trump loses he won't leave much left for them.

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1 hour ago, Lipoman said:

@Cryingdick, I agree with you, in general, about limiting the $1,000 to Americans living in the USA. 

 

No way.  We expats still pay taxes unlike nearly every other nationality.  So, the tax money they will be distributing is partly our taxes.  We deserve to be included.

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1 minute ago, Berkshire said:

That would be fine.  To be honest, I don't even need the money.  But if it's my tax dollars going out to all Americans, I darn well deserve a piece of that. 

 

Make it universal, slash administrative costs. Don't waste time vetting people based on income. Rich people are going to get sick too. Also, we going to set up an agency to see who's gaming their income to get the check?  I know multi-millionaires who opt to take no incomein lieu of spending assets and capital gains, just so they qualify for Medicaid. All legal due to stupid regulations.

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1 minute ago, cmarshall said:

No way.  We expats still pay taxes unlike nearly every other nationality.  So, the tax money they will be distributing is partly our taxes.  We deserve to be included.

 

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

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1 minute ago, Cryingdick said:
10 minutes ago, Berkshire said:

Any American who pays US taxes is entitled to this money, regardless of where they're living.  The primary objective here is not just to boost the economy, but to help those in need.  The IRS has my account number, so they can certainly just direct deposit into my account like they do tax refunds.  I'm an expat and I want my money!   55555   

 

I already said that. Maybe you missed my earlier posts. If you make $92,000 a year and pay tax you get the money. If you live on entitlements and don't pay tax you do not. We agree.

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. 

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