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Yes, this is because it is a loan against next year's taxes, it wasn't free money as many thought. The government made this very clear. This interest is taxable.
This isn’t free money! People won’t pay attention to the fine print.
Every bit definitely counts but by the time the Government sends everyone a ckeck and pays a staff to do so, the government will be further behind. They may as well pay off some of the deficit or put it into the Social Security fund they keep saying is going to run out of money
They are trying to get rid of Social Security by sleight of hand. One way is to weaken it - a payroll tax break takes money from SS. Once they weaken it they will say ‘oh Look SS doesn’t work’.
Keep an eye out - one way They are trying to outsmart seniors is to say ‘oh you can invest your SS in the stock market’. But where do you think that ‘profit’ is coming from? Other old people! For you to make a profit some old people have to starve. All it is is gambling pure and simple. Right now all old people get all their money every month.
The vultures are waiting - just like the covid emergency and paying 500 million too much for ventilators (hmm who do you think got that nice money?) They are waiting to get their beaks on some nice government money.
This tax cut for the end of 2020 has to be paid back during the first months of 2021. People will be sorry in 2021 when double taxes are coming out of their checks.