The Federal Reserve must now force a stock market crash and a recession. This comes after the Fed predicted that inflation would be transitory, but instead, it’s been persistent and turning hyperbolic. Get ready for a jarring disruption. More from ClearValue Tax.
The COVID-19 stimulus relief package appears to be at an impasse, though negotiators seemingly made some positive edits to the bill on both sides.
President Trump authorized Treasury Secretary Steve Mnuchin, the chief White House negotiator, to increase the budget beyond $1.8 trillion but not as high as the $2.2 trillion the Democrats are requesting. Meanwhile, Senate Majority Leader Mitch McConnell says Republicans will not support anything beyond $1.8 trillion. The President countered by saying he is ready to sign “a big beautiful stimulus” and will convince Senate Republicans to back him on a more expensive bill.
One of the major hold-ups, says Trump, is Speaker Nancy Pelosi’s unwillingness to budge from the $2.2 trillion Democrat request. Why? “Because she doesn’t want me to have a win before the election,” he says. Here’s more from ClearValue Tax.
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With the recent surge in COVID-19 cases delivering a jolt to the stock market and the economy, the possibility of a second stimulus check for Americans is closer to reality. ClearValue Tax’s Brian Kim reports that Republicans and President Trump are on board and supporting a second stimulus check. GOP senators are working on the details of another package, determining whether to include or possibly exclude more people from receiving a check. Tune is as Kim gives us the lowdown on the program, the economy and a coronavirus update.
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As Congress puts the finishing touches on the nation’s fourth stimulus package, efforts are already underway on the next round of relief. Stunningly, the proposal includes bumping up individual stimulus checks from $1,200 to $2,000 for the next six to 12 months. All Americans 16-years-old and older making less than $130,000 are eligible for the handout. Calculating the proposal for just one round of payments (one month), the cost skyrockets to $700 billion. Multiply that by six months and it balloons to $4.2 trillion. This is as close as our country has ever come to a universal basic income. Chicago CPA Brian Kim says he believes the more practical way to deal with the proposal is through a month-by-month basis, or three months out at the most. “It’s a wait-and-see approach to see if it’s necessary or unnecessary, because if it was six months at that rate, the cost would be $4.2 trillion and that wouldn’t include additional assistance (for businesses). Everybody needs assistance.” Here are more details from ClearValue Tax.
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