This is a correction from my original blog; The original can be found below. I originally found wording in the senate bill that suggested that the $1200 was just a tax credit, and thus if any money was given it would be more like a loan. What I didn't realize is that people could get refunded on those tax credits because they were refundable-or supposedly are. The way the senate worded the bill was very sloppy, and I still can't fully put it all together. Between the house and the senate there are hundreds of lawyers, and it seems the best they can do is point to the title of a series of code sections and doesn't say how they authorize it. Furthermore they are encoding them in well code, instead of overtly stating the nature of what is going on.
I have someone deciphered what is actually going on, and it appears you probably will be getting UBI after all.
The tax credit is allowed under well read code provisions below:
And in hunting down what that was talking about we see that it is a refundable tax credit.
https://www.law.cornell.edu/uscode/text/26/subtitle-A/chapter-1/subchapter-A/part-IV/subpart-C
A refundable tax credit would mean that I was wrong in my post. However, I look at this and I see multiple sections, and it really doesn't tell me anything. I see chapter 24 of brought up again. This apparently is ch 24 of the irs code.
again, it is just a pointed to a chapter with many sections.
https://www.law.cornell.edu/uscode/text/26/subtitle-C/chapter-24
But really chapter 24 doesn't help in knowing what's going on.
https://www.investopedia.com/terms/r/refundablecredit.asp
So even though the bill doesn't say [which may be a problem] how you are authorized to get a refund, it seems like that is their intent.
Note: below is the original blog.
Image credit: Starwars return of the jedi: Walt Disney.
I hope you didn't already spend your expected UBI Yang Bucks yet.
It's not $1200/person to help you on your car or house payments you missed while you were out of work, or suffered losses, as we were told by politicians and the media. It looks like it is a 1200 tax credit, I guess for this tax year (filing spril 15th 2021?). I would imagine that for most people that they won't see a thing, or if they do see anything that they will have to pay it all back.
If you can find the 10,000-30,000 student loan forgiveness, the lower amount the republicans reportedly wanted. Be my guest to search. I didn't find it.
https://www.scribd.com/document/453273118/Cares-Act-Final-Text
The senate bill is over 800 pages-we'll learn more about it come morning from think tanks from all sides of the political isle. I am thinking this whole stimulus bill stinks, and favoring the elites. If that be the case, we are getting closer to a nation of slaves server powerful masters.
I'm saying that as libertarian/republican. Maybe I will be proven wrong in the morning. But maybe there is a reason they don't want us buying guns right now.
"If you have to eat crow, eat it while it's young and tender."-T Jefferson