$1,400 Stimulus Check Update! [March 5]

hey everyone meet kevin here voter rama

has begun in the senate the senate is

voting to overrule the senate

parliamentarian on the minimum wage

which is of course expected to fail

kirsten

cinema and joe manchin have already

voted against the 15

minimum wage so the 15 minimum wage is

very likely to get nixed as we've

expected however this morning senate

democrats agreed to yet another change

to the stimulus package despite

previously saying hey we think we're

good with just an adjustment to the

stimulus

checks we'll cut them off hardcore we'll

cut off those 17 million people

we'll cut them off hardcore at 160 for

couples and 80k for individuals

that's where you no longer get any penny

of a stimulus check

that's good we don't have to do anything

else despite that

here we go yet another change senate

democrats have capitulated

on the 400 per week unemployment boost

now

in agreement to reduce the unemployment

boost to 300

per week from 400 as previously promised

via the house package this keeps

unemployment steady

at a 300 boost per week through the end

of

august biden however is now pushing to

extend this

through the end of september as an

attempt to make up for that

and in addition there is now a

suggestion that we could see

ten thousand two hundred dollars of

unemployment pay

now go tax free now if you're on

unemployment

your tax rates probably going to be

somewhere between 10 to 25

at 10 that's worth somewhere around 1

000

to you at 20 that's worth somewhere

around 2 000

for you so even though they're taking

away a hundred dollars at 24 weeks so 2

400

they're kind of giving back somewhere

between a thousand to 2 000

so it does kind of help offset the fact

that they're going from that

400 boost down to 300 and

if they extend this through the end of

september

it'll actually be better for most people

because even though you're going from

four hundred dollars as a boost

to three hundred dollars which for

twenty four weeks is a loss of twenty

four hundred dollars

if you end up getting the boost for an

additional four weeks in september

that's 300 times 4 or 1200

plus the tax benefit of probably at

least a thousand bucks and it depends

i'm not your cpa obviously

you might end up break even on that rule

change so we'll see

right now it looks like we're pretty

much going to 300

still a little bit unclear as to whether

or not we're going to get that extension

through the end of september but the 10

200 in tax free unemployment income

is looking likely we're not sure if

that's going to be retroactive to last

year though i

doubt that since a lot of people when

they go file their taxes this year

are going to be noticing oh crap wait a

minute unemployment income is actually

taxable

so keep that in mind yes unemployment is

taxed stimulus checks are not

additionally there are four million

people on long-term unemployment so this

affects a lot of people

but the unemployment rate did fall this

morning to 6.2 percent

new data came out from february's

unemployment statistics

and we doubled the pace of job gains

that we had in

january to well over 300 000 jobs

being added here in february which is

exciting

it's progress now vote-a-rama is

expected to be pretty entertaining

throughout the day

i don't expect uh terribly much progress

but who knows

we just got these changes coming out of

nowhere so we could see more changes

coming out of nowhere

again anyway that's the morning stimulus

update thank you so very much for

watching

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