 Hello, everyone. I hope you did receive your 1200 with the first batch from the IRS. If not, you should be receiving your 1200 But if you think the government is dropping money from a helicopter wait until you see what the US representative is preparing for you We have two US representative Ro Kehanna and Tim Ryan they are drafting so notice the word draft. This is not a lie yet There is a way to go something called the emergency money for the people's act There is no acronym for it as of yet, but I'm sure eventually you will have an acronym for so bear in mind This is a draft. They'll have to pass the house of representative The US senator and if all goes well if it arrives to the president It will be signed the cares act the one that you received the 1200 for it took around 20 days to go through this process I don't know how long this one will go if if it's gonna pass first the house of Representative so it's very important to just bear in mind what I'm telling you now It's still in process. It may or may not make it to the next step Now if you remember in the prior session way when I talked about the stimulus check I told you that college students were executed from this process because college students are Dependent of their parents. So college students. They are not considered as independent Also another group of people that I failed to mention is adults and here This is adult with disabilities. That's what the two senators were saying. They don't have to have any disabilities Oftentimes adults are claimed by their kids. So if your old parents They cannot they cannot afford to live by themselves and you're paying more of their support They become your dependent once they become your dependent the cares act exclude them So what what these two US representative are saying? Let's introduce a law That's gonna introduce a rule that's gonna give college students and adults with disability again doesn't have to be a disability Some income so they could they can survive this coronavirus. So this is what this new law is intended to do So let's take a look at this new interesting and really money dropping from a helicopter law The first thing is this every American adult age 16 or older notice It doesn't care whether you are a dependent not a dependent college students, whatever you are Making as long as you are making less than 130,000 the the cares act it was 75,000 so notice they increase the limit you would receive at least $2,000 per month notice. It's not a one-time thing. It's a monthly thing. It's a monthly thing So that's totally different a Minimum of six month up to 12 month So you would be received once you qualify if this law goes through you would receive 2000 dollars per month for the first six month then it's renew renewable for another six month now if you are Married filing jointly married couple. Well They increase the limit as well to 260. It was I believe 150,000 up to 198 then you would lose everything on after 198 now as long as you are making less than 260 you would receive at least $4,000 per month plus If you have a child you would receive an additional 500 per child for up to three children So if you really think about it a family of five like the griffins, they would receive 5,500 per month and that's the maximum amount so even if you know The dog here is considered a child. They will not be able to get money only three the max of three So if you have more children, it's not gonna give you an advantage. Okay Those who have no earning were unemployed or are currently unemployed would be also eligible So you don't have to be making money or working to be eligible and Those who are not eligible in 2018 or 2019. Let's assume you are single and you were making more than one You were making more than 130 in 2018 or 2019 But this year you are not making that much money what you need to do. You'll need to send the proof will be Two consecutive month of paychecks to show them that your income it's lower than 130 because you're 2018 and 2019 tax return Are disqualifying you so basically they're trying to make it as easy as possible for you to get this money And by the way, this money is not taxable and it's not considered income. So when you get this money If you really think about it before talking about $2,000 if let's assume you do get the $2,000 Remember to net $2,000 you have to be making more than $2,000. So that's assuming So let's assume just kind of just to show you how large is this payment? It's not it's really more than $2,000 if you net $2,000 This is the net that you would receive Simply put to make $2,000 You have to be making gross. Let's assume they take 30% between social security Medicare federal and state tax They will take 30% of your money if you take 2,000 divided by 0.7 which is left from your check It means you are earning $2,875 Then you pay your taxes which is 30% what's left is 2,000 So that 2,000 is totally net and it's not even taxable You don't have to worry about paying taxes on this money and also it's not considered income So if you're receiving money from the government social welfare or any type of a help That money is not factored into your into into your eligibility And what they're trying to do because now a lot of people don't have bank account For example, younger individuals they're planning to pay you through PayPal prepaid cards Venmo, Zill any other way they can get you This money and there's going to they're going to be creating a hotline So if you have any questions you can call again, this is work in progress Don't start telling me when I'm going to receive this $2,000 or $4,000. Well, it's work in process So if you're really interested in this money contact your representative in your area your U.S. representative And basically pressure them now haven't sat so I just want to let you let you just give you an idea what this is going to do Let's assume 200 million will qualify 200 million people will qualify and assuming on average they get $2,000 That's going to be 400 billion per month. That's 400 with a B per month And if this goes on for 10 month That's four trillion an additional debt because the government don't have money And that's why personally I am against this because the government don't have the money And if they borrow the money We're going to have to pay four at one way or another down the road with additional taxes But again, that's that's my opinion But whatever whatever you think we need the money now we'll pay for it later. That's a different story I mean, I don't like that in general But who knows what these days we need the money somehow and frankly If this 400 billion in my opinion if you ask me if 400 billion or for the 4 3 for 3 trillion Should go to wall street or should go to Main street obviously I'll prefer that this money goes to main street rather to rather than to wall street But that's also a personal preference. And by the way, here are the representative that co-sponsored the bill I'm not sure if any of them is in your area But if you if you'd like to support this bill contact your representative if you want to get that helicopter money to the government is Literally throwing money To make sure we survive this covet or whatever reason they're doing it for Okay, it seems both the democrat and the republican they're just like fighting over who could give us more money We'll take it. Good luck. Stay safe. Subscribe to the channel, especially if you're an accounting student. Stay safe