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Stimulus Check


Stimulus Check & Tithing  

35 members have voted

  1. 1. Are you paying tithing on your stimulus check?

    • Yes
      19
    • No
      13
    • I don't know.
      3


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If I were to receive one, and needed it to pay rent or buy food due to a job loss for covid, I would not pay tithing on it. 
If I accidentally get sent one, I will donate it to the local food bank. 

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On 4/17/2020 at 2:27 PM, Stargazer said:

If you look at the Forbes article that @Thinking posted you will see that it is a tax credit as I explained it. Here's a quote:

What is an advance tax credit?
The stimulus checks are technically an advance of a special tax credit for the 2020 tax year. Some tax credits reduce your overall tax bill — the more credits you claim, the less in taxes you will owe. But other tax credits, such as the Earned Income Tax Credit, are refundable—-meaning that if you don’t owe any federal income taxes, the government sends you a check for the credit. In essence, they’re payments from the government delivered through the Internal Revenue Service. 

The stimulus payment is a unique fully refundable tax credit. Even if you don’t owe a penny of tax, you get the full $1,200 per person provided you don’t earn too much (and you’re not a dependent who is 17 years old or over).  Plus, you’re getting this special tax credit in advance—if the IRS has bank account information for you, you will likely see the stimulus money in your checking account in the next few weeks. (If the IRS has to mail you a check, it will take longer.) 

Yes, you will technically claim the tax credit on your 2020 taxes, provided you earn enough in 2020 to need to file a tax return. But there won’t be any double dipping here; assuming you already received the money, the credit will basically wash itself out so you won’t be able to benefit from it twice (once in the form of a payment now, and again later to lower your 2020 tax bill).

Which I acknowledged. It is technically a tax credit but when people hear "tax credit" it often conjures the idea that you will pay it back next tax season which can make the term misleading when given without explanation.

17 hours ago, mrmarklin said:

You or your children or your grandchildren will pay this back. There is no money in the treasury to pay for this...

I am, at least in some respects, a Keynesian economist so heavy government spending and low taxes during a recession or depression is a good thing in my study of economic history. This kind of government spending is ideal as it gets directly into the hands of those most likely to spend it quickly. Of course no one ever follows the other half where taxes should be higher and government spending decreased when the economy is healthy to avoid massive debt.

We will most likely never pay off the national debt and I would argue it would be a bad thing if we did. Government bonds are too valuable an instrument in general. That being said the current debt burden is pretty ludicrous but it is not due to this crisis. It is due to decades of excessive spending and insufficient taxation in boom times. One of the dangers of democracy is no one wants to vote for the person looking decades down the road and the person doing so also knows they probably won't need to worry about reelection that far out. If we had prepared we could run programs like this in a crisis without the current financial risk. As it stands though if the choice is between lives and trillions in debt I will pick lives. I would even argue it is more economically prudent to do so as the cost to the economy in lives is likely to hurt more than the short term losses of propping everything up artificially temporarily. I think now would also be a good time to revisit the question of downsizing our military to free up a lot of money but that is a political non-starter.

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  • 2 weeks later...
Posted (edited)
2 hours ago, bluebell said:

Is there any information on them receiving it?

https://www2.ed.gov/about/offices/list/ope/allocationsforsection18004a1ofcaresact.pdf

I assumed they kept it, but if I'm wrong, I apologize. https://www.sltrib.com/news/education/2020/04/16/funny-reason-why-byu-is/

ETA: Now if at least 2 million members pay a full tithe on the stimulus, that is 240 million. Recently the church donated 5.5 million because of Covid-19. :( https://www.sltrib.com/religion/2020/04/30/lds-church-giving-m-cash/

Edited by Tacenda
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39 minutes ago, Tacenda said:

https://www2.ed.gov/about/offices/list/ope/allocationsforsection18004a1ofcaresact.pdf

I assumed they kept it, but if I'm wrong, I apologize. https://www.sltrib.com/news/education/2020/04/16/funny-reason-why-byu-is/

ETA: Now if at least 2 million members pay a full tithe on the stimulus, that is 240 million. Recently the church donated 5.5 million because of Covid-19. :( https://www.sltrib.com/religion/2020/04/30/lds-church-giving-m-cash/

Thanks for the info.  Speaking for myself, if the money goes to help students in some way, then I'm fine with any college that takes it.  

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3 hours ago, bluebell said:

Thanks for the info.  Speaking for myself, if the money goes to help students in some way, then I'm fine with any college that takes it.  

Not such a great idea since tuition has been climbing at a rate far exceeding inflation in the last several decades.  People used to work summer quarters and attend for three quarters.  Now students have to mortgage their lives for the next 20 or 30 years.  Scary!

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22 minutes ago, longview said:

Not such a great idea since tuition has been climbing at a rate far exceeding inflation in the last several decades.  People used to work summer quarters and attend for three quarters.  Now students have to mortgage their lives for the next 20 or 30 years.  Scary!

I agree, tuition is expensive. 

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Posted (edited)
7 hours ago, Tacenda said:

https://www2.ed.gov/about/offices/list/ope/allocationsforsection18004a1ofcaresact.pdf

I assumed they kept it, but if I'm wrong, I apologize. https://www.sltrib.com/news/education/2020/04/16/funny-reason-why-byu-is/

ETA: Now if at least 2 million members pay a full tithe on the stimulus, that is 240 million. Recently the church donated 5.5 million because of Covid-19. :( https://www.sltrib.com/religion/2020/04/30/lds-church-giving-m-cash/

This is a completely different allocation. It is not PPP funds. It’s money set aside for the educational allocation and the amount listed is based on the governments own formula based on many factors. It’s heavily tied to pell grant numbers at the schools. 

https://www.insidehighered.com/news/2020/04/10/listing-funds-each-college-can-expect-receive-under-federal-stimulus

My understanding of this is the schools are not even applying for this money. They just get it. 

The $2 trillion coronavirus relief package Congress passed set aside $14 billion for higher education, with half going to help institutions with the cost of dealing with the epidemic. The other half must be used by institutions for emergency grants to students to help pay for costs like food, housing and transportation.”

https://www.insidehighered.com/news/2020/04/10/feds-begin-distributing-emergency-grants-students-affected-campus-closures

Edited by bsjkki
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Posted (edited)
17 minutes ago, bsjkki said:

This is a completely different allocation. It is not PPP funds. It’s money set aside for the educational allocation and the amount listed is based on the governments own formula based on many factors. It’s heavily tied to pell grant numbers at the schools. 

https://www.insidehighered.com/news/2020/04/10/listing-funds-each-college-can-expect-receive-under-federal-stimulus

My understanding of this is the schools are not even applying for this money. They just get it. 

The $2 trillion coronavirus relief package Congress passed set aside $14 billion for higher education, with half going to help institutions with the cost of dealing with the epidemic. The other half must be used by institutions for emergency grants to students to help pay for costs like food, housing and transportation.”

https://www.insidehighered.com/news/2020/04/10/feds-begin-distributing-emergency-grants-students-affected-campus-closures

Well, Harvard gave theirs back, because of their large endowment fund. I'm sure BYU's fund is large, or maybe tied in with the church's wealth. But who cares...I'm tired of this tired a$$ argument that the church could do more. And I understand tuition is low for students, well because of the tithing paid into it, of course it will or should be. 

 

Edited by Tacenda
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Posted (edited)
20 minutes ago, Tacenda said:

Well, Harvard gave theirs back, because of their large endowment fund. I'm sure BYU's fund is large, or maybe tied in with the church's wealth. But who cares...I'm tired of this tired a$$ argument that the church could do more. And I understand tuition is low for students, well because of the tithing paid into it, of course it will or should be. 

 

Harvard gave back the PPP funds that were designated for small business. They applied for those funds. This is not the same at all. BYU did not apply for these funds. The chart you posted is the amount the Department of Education came up with to inform the institutions what they are eligible for. 

Edit...I was wrong. Harvard was given money from this same $14 billion. They also did not apply for this money and did give it back. It was just handed to them. It was not PPP funds.

https://www.google.com/amp/s/www.forbes.com/sites/shaharziv/2020/04/22/stop-criticizing-harvard-for-receiving-9-million-in-stimulus-money-blame-congress/amp/?espv=1

 

Edited by bsjkki
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Posted (edited)
36 minutes ago, bsjkki said:

Harvard gave back the PPP funds that were designated for small business. They applied for those funds. This is not the same at all. BYU did not apply for these funds. The chart you posted is the amount the Department of Education came up with to inform the institutions what they are eligible for. 

 

I never said BYU applied for it, it was just given to them. Who cares if Harvard applied for it, unless you mean they applied and were not getting it at first. Not that it matters one wit. I hope the money does funnel down to students and then I hope the church will donate more than 5.5 mil, since they earn that and more every day in interest on the nest egg. Sorry for my attitude I'm having a bad terrible day, I don't mean to take it out on you. https://www.forbes.com/sites/wesleywhistle/2020/04/10/the-colleges-getting-the-most-money-from-the-stimulus-bill/#7d06736b3686

Edited by Tacenda
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7 minutes ago, Tacenda said:

I never said BYU applied for it, it was just given to them. Who cares if Harvard applied for it, unless you mean they applied and were not getting it at first. Not that it matters one wit. I hope the money does funnel down to students and then I hope the church will donate more than 5.5 mil, since they earn that and more every day on interest in the nest egg. Sorry for my attitude I'm having a bad terrible day, I don't mean to take it out on you. https://www.forbes.com/sites/wesleywhistle/2020/04/10/the-colleges-getting-the-most-money-from-the-stimulus-bill/#7d06736b3686

Half the money is required to go directly to students in need. I’m happy they will get the help.

BYU has many pell grant students due to higher marriage rates which increases pell grant eligibility. 

I am happy the church is prepared to weather this covid crisis.

I am sorry you are having such a bad day.

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2 hours ago, Tacenda said:

But who cares...I'm tired of this tired a$$ argument that the church could do more.

Wait, what? But you were the one who........

I think you broke my brain.

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8 hours ago, The Nehor said:

Wait, what? But you were the one who........

I think you broke my brain.

Well tired that me, I, still keep bringing it up and it's never going to help! Yeah, it was a bad one yesterday, but I won't fill you in on the details, haha!

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