Covid relief checks a loan to be paid back?

[rick64]

Any CPAs or financial experts there know if these relief checks are going to be required to be paid back? Are these basically an advance on folks tax returns? My wife and I have been very blessed to have been able to work through all this madness with no affect on our paychecks. We didn’t spend the previous checks and honestly don’t think we’ll spend this next one either. I’ve not heard or read anything regarding the details.

 

[Backer cutter]

Any CPAs or financial experts there know if these relief checks are going to be required to be paid back? Are these basically an advance on folks tax returns? My wife and I have been very blessed to have been able to work through all this madness with no affect on our paychecks. We didn’t spend the previous checks and honestly don’t think we’ll spend this next one either. I’ve not heard or read anything regarding the details.

Oh we will pay it back, you can be sure. Taxes, taxes, and more taxes.

 

[Ron Mehico]

As of now it will be considered taxable income.

 

[Ahnan E. Muss]

Not only do you have to pay it back, but also you have to pay interest on it!

So don't fall for this scam! When they send you the money, don't accept it!

 

[WildcatfaninOhio]

Our great great grandchildren will have to pay it back.

$27,000,000,000,000.00

 

[cricket3]

It is an advance on your tax return but it’s an additional tax credit. You won’t owe it back and it won’t change your normal tax refund/bill.

 

[jtrue28]

Based on 2020 income though, so if you made more than last year and crossed the threshold, you’ll have to pay some/all of it back.

 

[JumperJack]

Our great great grandchildren will have to pay it back.

$27,000,000,000,000.00

This should keep every decent person awake at night. Somebody has to pay at some point.

 

[80 Proof]

Any CPAs or financial experts there know if these relief checks are going to be required to be paid back? Are these basically an advance on folks tax returns? My wife and I have been very blessed to have been able to work through all this madness with no affect on our paychecks. We didn’t spend the previous checks and honestly don’t think we’ll spend this next one either. I’ve not heard or read anything regarding the details.

Any time the government spends money, it's an advance against taxpayer revenues.

 

[chroix]

Mexico will pay for it.

 

[FUMods]

This should keep every decent person awake at night.

You just disqualified every liberal in America.

 

[nom de plume_rivals392166]

The revenue from the massive tax cuts for the rich will trickle down and pay for it.

 

[Bill Cosby]

The revenue from the massive tax cuts for the rich will trickle down and pay for it.

Does Biden plan to cut taxes on the rich? I’ve seen he has promised to reverse the 2017 tax cuts which lowered taxes for the vast, vast majority of middle class Americans. Haven’t seen any promised tax cuts for anyone.

 

[nom de plume_rivals392166]

Everyone agrees the Eisenhower years were the salad days of the US so let's return to those tax rates.

 

[BlueVelvetFog]

Everyone agrees the Eisenhower years were the salad days of the US so let's return to those tax rates.

We were in recession in 1958 and ‘59

 

[Madcat62_rivals113839]

Any CPAs or financial experts there know if these relief checks are going to be required to be paid back? Are these basically an advance on folks tax returns? My wife and I have been very blessed to have been able to work through all this madness with no affect on our paychecks. We didn’t spend the previous checks and honestly don’t think we’ll spend this next one either. I’ve not heard or read anything regarding the details.

your grand kids will be paying them back.

 

[Deeeefense]

I'm as big of a deficit hawk as the come, however I think the COVID relief checks should be look at the same way as we do disaster relief after a hurricane or earthquake. However I don't like the one-size-fits-all approach of giving everyone the same amount. They should proportion the check sizes based on IRS data of the persons 2019 taxable earnings.

Regarding the national debt itself, I think we are beyond the point that it will ever be repaid. The interest itself on that much debt under normal times would consume more than we could possible pay from tax revenues. IMO at some critical point in the future the currency will be called in and a "new" currency issues which is worth much less and will be used to pay down the deficit. I think big institutions are starting to realize that reality which is why there is a lot of demand for stored value assets like precious metals and especially Bitcoin and other CCs which will skyrocket under that scenario.