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Stimulus Check Update and Stimulus Package Update September 1, 2020

Stimulus Check Update

Stimulus Check Update and Stimulus Package Update September 1, 2020

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Quick Overview

  • Chief of Staff Mark Meadows said this morning that the Senators will be voting on the Republican stimulus package next week.
  • Senators have now been on vacation for 25 days. They still have 6 more days of vacation left to go.
  • President Trump’s executive order for the payroll tax cut goes into effect today. Please remember, if you choose to participate and not pay your social security and Medicare taxes, you’ll need to pay it back by April 30th, 2021.
  • For the Presidential Race, Polls are now showing that Joe Biden’s lead has fallen to only a 2% lead.
  • Covid-19 Cases are holding steady at approximately 33,000 new daily cases and fatalities are decreasing.
  • The FDA Commissioner says that he would resign if he feels pressured into giving approval to a Covid-19 vaccine prematurely.

Stimulus Check and Stimulus Package Updates

The Senate Leader Mitch McConnell, Treasury Secretary Steven Mnuchin, and Chief of Staff Mark Meadows are working on the details of the Republican stimulus package that will be voted on next week. They’re crafting this stimulus package to be considered acceptable at the House of Representatives, which is controlled by the Democrats.

Senator Barrasso said

“we’re having a conference call every morning. We have one again today with Secretary Mnuchin and the White House Chief of Staff and the goal is to come back and vote to move that”.

Chief of Staff Mark Meadows, who is one of the two negotiators on the stimulus package, was very optimistic this morning. This morning, he said that there was real progress between the Republicans and Democrats. The Senate comes back from their August recess next week Tuesday.

President Trump’s Payroll Tax Cut Details

When we talk about payroll taxes, we’re referring to social security and medicare taxes, which is 7.65% of your paycheck. That’s a lot of money because for every $100 dollars you make, you’re paying $7.65 in payroll taxes. This executive order goes into effect today and here’s what you need to know.

It’s up to your company whether they will allow you to participate in this executive order or not. Additionally, this would only apply to you if you make under $104,000 a year. If you do choose to participate in this program, then you need to be aware of the details. This executive order only allows you to postpone your payroll taxes.

Normally, your company takes out these taxes from your paycheck automatically. With this executive order, you can tell your company to stop taking out these payroll taxes from your paycheck, but then you’d have to pay it back by April 2021.

Therefore, this executive order is not truly a payroll tax cut, rather, it allows you to postpone paying these taxes. Therefore, the benefit is like an interest free loan.

The White House Administration held discussions with the IRS and attempted to eliminate these payroll taxes for this year rather than having it be a postponement of taxes. But the IRS said that they would need Congress to approve a payroll tax cut and that it can’t be authorized by an executive order. The politicians have expressed that they are clearly against a payroll tax cut.

President Trump claimed that he would make it where you won’t have to pay back the payroll taxes if he were re-elected, but again, he would need the votes from Congress to carry that out if he were re-elected.

President Trump’s Executive Order for Tenants

For President Trump’s executive order for tenants, it does not protect renters from eviction. Some states are taking matters into their own hands and are moving forward to protect their tenants at the state-level.

California passed a bill last night that extends the eviction protections for another 5 months. Governor Newsom signed off on the bill this morning and said

“no tenant can be evicted before February 1, 2021 as a result of rent owed due to Covid-19 related hardship”.

Political News

As of a month ago, polls showed that Biden was in the lead by 9%. As of two weeks ago, Polls had Biden ahead by 4%. We ran a poll two weeks ago and we received 72,000 votes and it confirmed that Biden was in the lead by 4%. An Emerson Poll now shows that Joe Biden’s lead has narrowed to 2%.

We plan on running a poll again to confirm this 2% lead.

Covid-19 News

  • There are now three vaccines in Phase 3 trials in the United States.
  • The fastest vaccine ever developed has been for mumps, which took four years.
  • There are concerns that corners are being cut and we are sacrificing safety and trust in the FDA for speed to market.
  • In the United States, we reported 33,888 new cases and 594 fatalities on Monday, this is according to the John Hopkins University.
  • For this reason, the FDA Commissioner Dr. Stephen Hahn said that he would consider resigning if pressured into release a Covid-19 vaccine before he felt it was ready.

Dr. Hahn said:

“our decision at the FDA will not be made on any other criteria than the science and data associated with these clinical trials”.

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