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Stimulus Check Update and Stimulus Package Update August 25, 2020

Stimulus Check Update

Stimulus Check Update and Stimulus Package Update August 25, 2020


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Quick Overview

  • We’re going to review Joe Biden’s economic plan which includes a stimulus check, an $8,000 tax break to parents with children and childcare expenses, and raising taxes by 3.5 trillion dollars.
  • The Republican National Convention started yesterday Republicans making accusations that Joe Biden and Kamala Harris will turn the United States into a socialist country.
  • Scientists and microbiologists now have solid evidence that you can catch Covid-19 twice.

Joe Biden's Game Plan

I want to share a summary of Joe Biden’s game plan for the United States of America: What I’m about to say would go into effect for 2021, if Biden were elected as President. We’ll start with the benefits and then we’ll cover who’s going to pay for all of this.

The proposed benefits would include:
  • A stimulus check. In addition to Biden supporting a stimulus check, Kamala Harris supports the $2,000 monthly stimulus check
  • Another benefit would be an $8,000 tax credit to parents that have children with childcare expenses
  • Increased unemployment benefits
  • Tax credits for people that are renting
  • Covering health insurance for the unemployed
  • A tax credit up to $15,000 for new homebuyers
  • Green energy tax credits
  • Assistance to state and local governments

To pay for all of this, Biden will raise taxes by approximately 3.5 trillion dollars over the course of 10 years.

Here is where the money would come from:
  • Corporations would pay higher tax rates
  • Many tax loopholes would be cutoff for big corporations.
  • The income tax rate for the highest income earners will increase from 37% to 39.6%
  • Biden would increase social security taxes on people making over $400,000.
  • If you make over $1 million dollars, the long-term capital gains tax rate would almost double from 20% to 39.6%.
  • There would be less itemized deductions for the people over the 28% tax bracket.
  • Business Owners and Self-Employed People that are benefiting from Trump’s tax cuts won’t be able to claim them if they make over $400,000.

Therefore, these benefit programs will be funded by higher taxes.

The lion’s share of these new taxes will come from households making $400,000 or more and from big corporations. However, critics and economists are saying that the economy will still be struggling in 2021 and that now is not the right time to increase taxes which will hurt the economy.

If you would like more details of the Joe Biden Plan, I wrote up a more detailed article here.

Republican National Convention News

The Republican National Convention started yesterday. Just so you are aware, The Republican National Convention and the Democratic National Convention is a great opportunity for the Republicans and Democrats to badmouth each other. What I’m about to say is not my opinion, on either side, I’m just telling you what they’re saying.

Nancy Pelosi, Leader of the Democrats in the House of Representatives, went all-out patriotic and said:

“we take an oath to protect and defend the Constitution from all enemies, foreign and domestic”

and she called President Trump and the Republicans

“enemies of the state”

This was in response to President Trump saying that Joe Biden and Kamala Harris are going to turn the United States of America into a socialist utopia.

President Trump said that the only way that the Democrats are going to win is by having a rigged election. President Trump said that he’s going to place Sheriffs and Law Enforcement at the voting sites to make sure there’s no funny business. Trump’s quote was:

“we’re going to have everything. We’re going to have sheriffs, law enforcement, US attorneys”

The Department of Homeland Security said that the President does not have the power to order law enforcement at the sites, only the States have the authority to do so. And then Pelosi responded by saying that the Republicans are doing everything they can to suppress the vote by scaring people and intimidating people by saying law enforcement will be there.

Her exact quote was

“Do not pay attention to Donald Trump. It is his goal to scare people from voting, to intimidate them by saying he’s going to have law enforcement at the polls.”

Covid-19 News

  • The United States reported 38,949 Covid-19 cases and 474 fatalities on Monday, according to the John Hopkins University.
  • Cases and fatalities are declining in the United States.
  • The Covid-19 situation is now worsening dramatically in Europe.
  • South Korea has always been praised for their handling of the Covid-19 situation.
  • South Korea had in-classroom schooling for their students. However, in-classroom learning in South Korea will be suspended as of tomorrow due to a surge in Covid-19 infections.
  • Findings from researchers and microbiologists show that you can get infected more than once by Covid-19.

There were studies conducted on two patients that were re-infected. In one case, the patient was infected in March and then re-infected in June. In the other case, the patient was infected in March and then re-infected in August. This was not done with ordinary testing kits, the scientists and microbiologists did genetic analysis and conducted genetic sequencing tests.

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