Sleepy Joe’s $140 Billion Day of Infamy
If you don’t think we are in la la land, just recall what happened at 9:00 AM on March 17th. On the signal from the IRS, thousands of banks instantaneously credited the accounts of 100 million customers with their $1,400 stimmy check.
Whoosh! $140 billion of free stuff out the door just like that.
All hail the electronic helicopter dump!
Not surprisingly, the Dems couldn’t get back to their districts fast enough to remind voters that it was their beneficence that fattened up checking accounts all across the land. Thus, averred Dem Representative Conor Lamb, who scrapped into his seat in a 2018 special election in Pennsylvania:
People are going to feel it right away, to me that’s the biggest thing……Politics is confusing, it’s image-based, everyone calls everyone else a liar – but people are going to get the money in their bank accounts.”
Likewise, Representative Sara Jacobs of California claimed Democrats have learned their lesson after fumbling Barry’s $800 billion “shovel ready” stimulus in 2009. To wit, soak future taxpayers with reckless abandon, but be sure today’s taxpayers know exactly who supplied the loot:
“……learned the lessons from 2009, we made sure we went back to our districts this weekend to tell people how much help they were going to get from this bill.”
Folks, March 17 was a day of infamy, to borrow Franklin D. Roosevelt’s famous phrase. Just as the bombing of Pearl Harbor was an act of wanton insanity on Tokyo’s part, hardly less can be said for Washington’s third round of stimmy checks.
What this helicopter drop signifies is that America’s fiscal equation has now gone full retard. As we show below, almost no one is paying income taxes to Uncle Sam any longer, while almost everyone is getting free money drops regardless of need, employment status or financial condition.
If you don’t think that juxtaposition spells unprecedented fiscal calamity, you are surely smoking something.
For instance, in the most recent year (2018) there were 108.4 million tax-filers with AGIs (adjusted gross income) of under $75,000, who accounted for nearly 71% of all tax filers (153.8 million).
As a practical matter, every one of these taxpayers will have now received a minimum of $3,200 worth of stimmy checks in the three rounds since last March ($1,200, $600 and $1,400); and that haul would total $6,400 if they filed joint returns or were two-adult families.
And that doesn’t include additional stimmy checks of up to $2,500 from the three rounds ($500, $600 and $1400) for each eligible child. Given that total stimmy amounts are family size dependent, it is therefore worthwhile to detail by family type the amounts that will have gone out to these 108.4 million tax filers since last March:
Total Stimmy Amount Per Family Since March 2020:
- Single filer: $3,200;
- Married couple, no kids: $6,400;
- Married couple, one kid: $8,900;
- Married couple, 2 kids: $11,400;
- Married couple, 3 kids: $13,900;
- Married couple, 4 kids :$16,400;
- Married couple, 5 kids: $18,900.
Given these stimmy entitlements, we next looked at the 108.4 million returns under $75,000 AGI by filing type. That provides a basis for estimating the aggregate dollar amounts received by adult taxpayers.
For instance, joint return filers and heads of households would have gotten $6,400, while married separate and single filers would have received $3,200 a piece.
Breakout of filers under $75,000 AGI:
- Married joint return: 23.2 million;
- Married separate return: 2.6 million;
- Head of household; 19.4 million;
- Single taxpayer: 63.1 million;
- Total returns <$75,000: 108.4 million
Based on this data, we can compute the rough amount of stimmy checks which have gone to these under $75,000 AGI tax filers. This figure comes to $490 bill
Article from LewRockwell