FULLY PASSED!!! $1,400 Stimulus Check Package!!

this boat the a's are 220

the nays are 211

the motion is adopted

[Applause]

section of emotion

[Applause]

without objection emotions we consider

is laid upon the table

there it is the third stimulus a check

package has

officially passed both chambers of

congress

congress is now done with the stimulus

package the bill goes over to joe biden

joe biden is now planning on signing

this bill

to i'm sorry on friday he's planning on

signing this bill on friday

joe biden is planning on having a

prime time event tomorrow evening which

is thursday evening

march 11 to mark the anniversary of the

pandemic

and then we'll be signing the stimulus

check package on friday i'm not exactly

sure what the delay is between now and

friday

like i kind of feel like hey joe why

didn't you just

walk into the house and sign it right

now the cameras are on just walk in

there and sign

i don't know maybe they want to do a

whole ceremony who knows

the government's really good at wasting

our time obviously we know

uh but it's worth just adding a little

bit of

extra clarity because we might not

provide the details the bill is

including 410 billion dollars

for 1400 stimulus checks going to both

adults

and dependents which means college

students who are dependents as well

unless they're filing separately

uh they're they're uh anybody claiming

them like if you're a dependent college

student will receive this

if you are uh filing with your parents

uh if you make less than 75 000

a year as an individual but not more

than 80 thousand dollars a year you get

the full

uh 1400 under 75 000 and obviously

phases out to 80k if you make less than

a hundred twelve thousand five hundred

dollars you get the full fourteen

hundred dollars as a head of household

as long as you do not make more than 120

you'll have that phase out period there

and if you make less than 150 000 as a

joint filer

you will get the full fourteen hundred

dollar check and then the phase out will

be between

one hundred fifty thousand and one

hundred sixty thousand for joint

filers the fourteen hundred dollar check

could go out as soon as next week joe

biden is expecting to sign this

friday so maybe that means it'll be a

little bit later next week as joe

joe biden does say his priority is

getting this bill out

as soon as possible uh getting the

signed as soon as possible getting these

checks out as soon as possible and he

will not delay

to have his name put on the check he

doesn't care whose name is on

it he wants to see the checks go out

this is something that gen saki has

stated today

child tax credits in the amount of 250

per month per child under 18 and 300

per month for children under six will be

in effect for the 2021 tax year

this tax credit may start getting

distributed monthly

starting july 1st we do expect some sort

of portal to be open to allow people to

opt out of this or make children for

a newly uh or or sorry make changes for

newly born

children or children who have outgrown

the credit you want to make sure that's

accurate otherwise you're going to owe

that money back on taxes

that's different from the stimulus

checks where if you accidentally get

overpaid on the stimulus checks

you get to keep it but if you get

overpaid on the child tax credit you

won't get to keep it

the bill also provides four thousand to

eight hundred or eight thousand dollar

tax credits for dependent care expenses

so that could be adult dependents as

well tax credits uh

will be for 50 of expenses between eight

thousand dollars and sixteen thousand

dollars

so that basically means if let's say you

spend uh it's i believe it's four

thousand dollars for one child and up to

eight thousand dollars for two children

so let's say you spend eight thousand

dollars and you've got one child you

could get

fifty percent or four thousand dollars

in tax credits let's say you have two

dependents doesn't have to be children

and you spend up to sixteen thousand

dollars in dependent care expenses you

can get up to an eight thousand dollar

tax credit

uh and that benefit extends to families

making up to four

hundred thousand dollars a year the

child uh

tax credit and the stimulus checks have

a similar phase outs around that 75

150 mark around seven percent of the

bill will go to vaccines and vaccine

funding for covet treatment

unemployment is getting extended by

three hundred dollars per week

through september sixth with a tax break

of up to ten thousand two hundred

dollars

in tax-free unemployment funding for

those who received unemployment funding

in 2020

the irs is expected to roll out guidance

for this within the next two to three

weeks

in terms of how to claim your refund if

you've already filed your 2020 tax

return

it is not clear yet that you would have

to or would not have to file

a tax return amendment so i would i

would stand by and wait for guidance on

that

so you don't go through unnecessary work

there bill also provides the additional

seven billion dollars in ppp funding we

also heard that ppp's

uh application the application periods

for the pvp will be extended another

three months

which remember if you are a gig worker

you are eligible if

you have if you if you have a negative

net income you can now use your gross

income as long as your gross income

uh is well it'll get rounded down to a

hundred thousand dollars if you're

making more than a hundred thousand

dollars

it's a great opportunity to use the ppp

if you haven't yet the fact that they're

extending this means there's still time

there's still money in the pot

to take it's essentially free money and

you can youtube search me kevin pp loans

on that uh for some more guidance on the

changes

no student loan forgiveness in the in

this bill however forgiveness

of a student loan debt if it happens in

the future will be tax free between now

and 2025. that is something that

congress did sneak in this bill

is that a student loan forgiveness will

not be taxed it will not be a taxable

event

so even though there is no forgiveness

now we kind of have the groundwork

laid there is no 200 social security

boost despite this

uh being something that joe biden had uh

talked about regularly

on the campaign trail no 200 a boost it

was also in his uh plan maybe it'll come

back in the infrastructure plan

which is the next package that will be a

top priority for congress

there is also no minimum wage change in

this package as well as no funding for

nancy pelosi's transit system

or chuck schumer's bridge well folks

there you have it we have our third

stimulus package passed congratulations

hopefully you get this funding as soon

as possible we did just see bitcoin

spike by the way it's worth putting

that up on screen here upon the passage

of this bill we did just see bitcoin

jump about 400

per coin very interesting to kind of see

that almost

immediacy of uh bitcoin reacting

the stock market itself is pretty flat

right now in reaction to this

although we did see tesla go positive in

the last few minutes so tesla at least

of the stocks reacting to this uh is

reacting

or uh let's see there we go so you can

actually see tesla had a nice little

bounce here

upon the passage of the bill looks like

neo also had some green candlesticks on

the passage obviously

we imagine that uh consumer stocks will

will do well

in an event like this uh it's certainly

interesting that the voyager ceo when i

interviewed him on the channel mentioned

that

when the last stimulus passed there were

a whole lot of

exact stimulus checks going directly

into bitcoin accounts

over at a voyager which uh hey folks i

thank you so very much

for watching congratulations again and

uh folks

that might be it for a time being in

terms of stimulus unless we have other

updates in the meantime

the package has passed now it's just a

matter of waiting for biden to sign and

maybe getting some more details

thank you so very much for watching it's

been a journey and folks we'll see in

the next video

[Music]

you