Update: I could not find any corroboration on this so .. probably its just speculation and hype
So basically the government isn’t even going to really give you $1200 bucks.
The check you get is a prepayment of a tax credit. Whhhaaaa? I haven’t exactly CONFIRMED this but it’s been popping up! If this is true, holy crap! I’ll try to update this when I get to the bottom of it. But sheez, the FED just bought crappy bonds from lying fatcat companies – FOUR TRILLION DOLLARS WORTH. Basically bought their worthless junk and gave them dollas for it. But the american middle class? not one farthing .
So suppose you expect (for 2020) to have $80,000 in income, owe $20,000 in taxes, have $21,000 withheld, and get a $1,000 tax refund. If the Senate bill passes, it reduces your tax liability to $18,800, so you now expect a $2,200 refund. But instead, they send you a $1,200 check now, so your actual refund at tax time is still $1,000.
Or take the reverse. Say you own $10,000 in taxes. You would owe 11,200 in taxes in july but get a check for 1,200 today. It’s a win-win. err.. not.
So it’s basically ZERO money for Americans. They are just taking money you WOULD have to pay now, and let you pay it in July. In short, its a shell game, a con.
There really aren’t words.