- What's going on y'all?
Welcome back to the
channel, Wealth Hacker Labs.
I'm your gracious host, Jeff Rose.
Just give you another TGIF,
thank goodness it's Friday update.
Many of you have received
your economic stimulus check,
many of you still are waiting
and the fact that you're still waiting
just boggles my mind
because we've got people
that shouldn't have got them,
you know we've got
people that are deceased
that are getting checks and now the IRS
is demanding that those
checks be sent back.
So they're worried about
getting deceased checks back
but yet many of you are still waiting
and my heart goes out to you.
Now if you're new to the
channel you may have missed
that we have given some updates
on other potential secondary
economic stimulus checks
and these are proposed in
a form of different acts.
Many of these have been
proposed to Congress.
None of these have passed and with these
we had the Emergency
Money for the People Act.
We also had the Rent and
Mortgage Cancellation Act
which was supposed to help out
with rent and mortgage payments.
And then we had the Getting
America Back to Work Act
and many of these has some similarities
but typically what we saw in these acts
was some sort of second
economic stimulus payment.
Some were getting a one
time payment of $2,000.
Others were getting that
recurring payment of $2,000,
or the one that definitely
seemed like the most popular
was getting a $2,000 one time payment
and then a reoccurring payment
of $1,000 up to six months,
potentially even up to one year.
Now according to many of the comments here
on the channel, many of you did not feel
that any of these would pass because
many of you are still waiting
for that first payment to hit.
You still haven't got that $1,200 payment
so the fact that you think
that a second payment,
a second Economic Stimulus Package
is going to pass just
almost seems preposterous.
Well the one thing that
we can all agree on
is that data doesn't lie and you can take
a look at this report from Fox Business
and talk about is another
stimulus check necessary?
The data doesn't lie.
Now I hope that you're okay
that I'm using Fox Business
as a source for this video.
I know I've used CNN in the past and man,
many of you just do not like
that I used CNN, my bad.
So we're gonna use FOX Business this time,
let's see if I get some
haters on that one.
But if you look at some of the data
of some of the surveys they've taken
from people that have received this check,
and here is going back to April 22nd,
Money/Morning Consulting survey said
of 2,200 people, approximately 74% expect
their check to last a month or less,
and this includes a
combined 22% who claimed
to have already spent their
Economic Impact Payment.
So they got the $1,200
and it's already gone
or who would believe it will
last less than one week.
As well as 24% who believe
it's less than two weeks.
In other words, half the
respondents don't expect
their check to make a difference
beyond the 14 day mark
and I think many of
you can relate to this.
I know many of you that haven't
received that first check,
like once you get that check
the money's already spoken for.
Like you've got rent to pay,
you've got bills to pay,
you've got mouths to feed
and you're still waiting
to get that check just to
get all your bills in order
so that you know that
money is already spent,
it's already called for.
The Emergency Money for the People Act,
so this was the act that
was initially proposed
by Ro Khanna and Tim
Ryan and this was the act
that would give you a $2,000 payment
per individual per household.
So if you have a spouse,
each of you would receive
$2,000 each up to three dependents.
So you could receive anywhere from 4,000
on up to $5,500 so that was a good chunk
and that was just a one time payment
and then there would
be a recurring payment
up to one year potentially
of $1,000 per month.
So that was the package that most people
were really excited about.
And there have been some other acts
that had been proposed but just today,
just today there has
been another act proposed
and this one comes from
probably the most popular name
that you're gonna recognize,
is the man Bernie Sanders.
That's right, good ole Bernie.
Weekend at Bernie, he's still alive,
still putting out acts, still proposals
and here is what his act has to say.
So the name of this act is
the Monthly Economic Crisis Support Act.
I guess we can call it MECS for short.
Always have to have these
fancy little acronyms,
fancy abbreviations.
So in addition to Bernie Sanders,
we also have Senator Kamala Harris
and Ed Markey, so they're
also putting their name
on this act and are
providing this to Congress
as a monthly stimulus payment option.
And if you wanna take a look of this act,
so you can actually go to Politico
and I'll have a link in the show notes
so you can actually look at this act
and see what it's all about,
but I'm just gonna go ahead and just read
what does it include?
So what are they proposing
that it includes.
So looking over this act, it's similar
to what we've seen in
the other acts except
that we're not talking
a one time payment here,
we're talking about a monthly payment.
So eligible individuals would
receive $2,000 per month
or $4,000 per month for
married filing joint,
plus an additional $2,000 per month
for each qualified dependent up
to a maximum of three dependents.
So if you are a family of five,
I mean you're talking about getting up to,
that's a lot of money, $10,000 a month
that they are proposing.
So who would be eligible based
off of this criteria here?
So we've got nonresident aliens,
we have individuals who could be claimed
as a dependent under section 151,
which we'll have more of
that here in a second,
an estate or a trust.
Eligibility is also based on income,
so they do have some income restrictions.
This is a little bit different.
So as it states here,
that $200,000 in the
case of a joint return,
$150,000 if you're head of household
and $100,000 in case
taxpayer is not described
in subparagraph A or B.
So basically if you are
single making over $100,000,
you would start to be phased out.
So maybe you would appreciate this as well
as how would payments be made.
They say payments would be made
via direct deposit when possible.
I know many of you probably wish
that you had direct deposit set up
or that the IRS would have
had your right address
or right banking information
'cause I know many
of you had the right banking information,
somehow they messed it
up, I know that sucks.
I'm sorry about that.
And then here is the more importantly,
when would this take place?
So this stimulus would,
while being proposed in May,
would be retroactive to March 1st, 2020
and would in three months after
the end of the COVID-19
emergency as declared
by the Secretary of
Health and Human Services.
So we're not talking
about a six month minimum
or a one year minimum.
Basically whenever the COVID-19 emergency
is deemed no longer an emergency,
it would extend for 90 days after this.
So here we have another act being proposed
by Bernie, the two other senators here.
We're looking at a monthly payment,
$2,000 a month per
individual per household,
up to three dependents.
Also, $2,000, I had to reread that
because $2,000 per month
for each dependent as well,
that's a lot of money.
I mean especially for a family of five,
that is definitely a lot of money.
Now it does mention section 151,
I don't wanna bore you
with the details here
but I will have a link to all of these,
the act, the articles, the section 151
in the description so that
you can do your homework
and read what this is all about.
And I'm sure many of you
are like, "Okay, Jeff.
"Is this really gonna happen?
"Are they really gonna propose it?"
Does anybody know?
Really, nobody truly knows.
I feel like, and I talked
about this in a previous video,
I feel like there is something
else that's going to happen.
I don't know if it's going to be
a monthly payment of any kind.
I do suspect there will be
a second economic stimulus payment.
At minimum I'm expecting at least
just a one time payment, so
a secondary stimulus check
that you should get, maybe
they're still waiting
probably not until the summer of 2021.
But anyway, yeah I am expecting
some other check to happen.
I'm not, you want me to put
my money where my mouth is,
nobody truly knows but
based on how this thing
is playing out, based on the fact that
so many people are still struggling,
that businesses are still
opening slowly but surely
but there are still many that haven't,
many people are still out of jobs.
As all that data reported,
a lot of that first check
is gone, it's gone,
they've already spent it.
And they didn't waste it on,
I'm sure some of them did,
but many of that money
was already spoken for
and there are still many people
that haven't received the check.
So I mean people are still struggling
and still hurting and I just like that
the infrastructure's there,
they've got everything set up
to be able to make a second payment.
The process should be so much easier.
Should.
And I guess we'll only find
out that it truly happens
but that's my own personal opinion.
I'm just a man recording
YouTube videos here
in my home while I'm being quarantined,
trying to spend some
good time with my family.
All right y'all, once
again I'm gonna provide
all this information in the description
so if you wanna read, do your
homework, see what you think,
see how this compares to the previous acts
that we've talked about
that have been proposed
by other members of
Congress and you think that,
does Bernie have the golden ticket?
Does he have the act that's
actually gonna take notice?
Does he have the ability
to push this thing through
and to get money into American's hands
so that we can just get our country back
into some sort of normal, normal capacity.
Whatever normal is, I mean, yeah.
I don't even know what normal is anymore.
I'm sure you don't either, but anyway.
Show, hope you enjoyed it.
Stay safe, have a good weekend.
This is Jeff Rose reminding
you that it is your money,
it's your life, only
you can make it awesome.
'Til then, peace out.
