When Are the Stimulus Checks Coming? And Who Will Get a $1,400 Payment? – Richard Rubin, WSJ($). “A House vote is expected Tuesday, to be followed shortly afterward by Mr. Biden’s signature."
When can American’s expect their checks to arrive?
“The IRS has recent experience sending out payments, and that is a good guide for what to expect now. Last year, when former President Donald Trump signed the first big relief bill in March, the bulk of direct deposits arrived within about two weeks. The second round of payments, approved in December, hit bank accounts within a few days after Mr. Trump signed them into law.”
Questions and answers about the $1,400 relief payments – Naomi Jagoda, The Hill.
Income limits remain the same as previous rounds of checks, but phase out occurs faster when above those limits.
“Much like the first two rounds of payments, individuals with income of up to $75,000 and married couples with income of up to $150,000 are eligible for the full payment amounts under Biden’s relief measure. However, the payments phase out faster above those thresholds, meaning some households that were eligible for partial payments in prior rounds won’t be eligible this time."
Changes to income phase out are not the only changes made this time.
“Unlike previous payments, adult dependents — such as college students, disabled adults and elderly relatives — are now eligible for payments. Previously, only dependents under 17 were eligible.”
Relief package would cut taxes on average by $3,000: analysis – Naomi Jagoda, The Hill. “The coronavirus relief package that President Biden is expected to sign into law in the near future would cut taxes on average by about $3,000 in 2021 and would have the biggest impact on the after-tax incomes of low- and middle-income households, according to an analysis released Monday by the Urban-Brookings Tax Policy Center (TPC).”
To Understand How COVID-19 Affected States, Compare Governors’ New Budgets to Their Pre-Pandemic Plans – Richard C. Auxier, TaxVox. “In a new analysis, the Tax Policy Center’s State and Local Finance Initiative compared governors’ fiscal year (FY) 2022 budget proposals with their state’s enacted FY 2021 budgets and their pre-pandemic executive fiscal plans. The picture is clear: Most states are still a long way from digging out of their COVID-19 budget holes.”
WVa sales tax would top US states under income tax cut plan – John Raby, AP News. “West Virginia’s consumer sales tax rate would increase from 6% to 7.9% under a proposal submitted to the Legislature on Thursday to eliminate the state’s personal income tax. The sales tax increase would give West Virginia the highest rate among all U.S. states. Puerto Rico has a double-digit sales tax.”
Day 15 Of Tax Filing Season: 28 Million Tax Refunds, $3,021 On Average – Ashlea Ebeling, Forbes. “The IRS is making steady progress: As of February 26, 45.3 million returns had been received, with 39.4 million processed. The IRS had issued 28.3 million refunds. The average refund was $3,021.”
Late 2021 tax-filing season start didn’t slow down taxpayers – Kay Bell, Don’t Mess With Taxes. “As of Feb. 26, the latest complete information collected by the Internal Revenue Service, almost 45.3 million 2020 tax returns have been filed. That's a 23.7 percent drop from the amount of submitted returns through the end of February last year.”
2021 season is off to a pretty fast start.
“More than 45 million filed returns so far in 2021 is pretty darn impressive because they have arrived at the IRS just 15 days into the filing season. Remember, the IRS didn’t start accepting and processing tax returns this year until Feb. 12.”
Today in History: On March 9, 1959, the first Barbie doll goes on display at the American Toy Fair in New York City.
“Eleven inches tall, with a waterfall of blond hair, Barbie was the first mass-produced toy doll in the United States with adult features. The woman behind Barbie was Ruth Handler, who co-founded Mattel, Inc. with her husband in 1945. After seeing her young daughter ignore her baby dolls to play make-believe with paper dolls of adult women, Handler realized there was an important niche in the market for a toy that allowed little girls to imagine the future.”
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