Today is the day we have been waiting for… The day that the Senate introduces a new stimulus package.
Part of the package includes what to do with the unemployment benefits that have expired as of this week.
Up until now, the unemployed would receive $600 in additional benefits every week due to the pandemic. However, it is being said that the new opening bid today would ask for $200 instead, cutting the benefits by $400.
So, why are they cutting it so drastically?
Well, apparently there are many who believe that the extra $600 a week has made it so people don’t want to work. Why? Simply because they make more for not working.
Now, while that may be partially true, it also doesn’t change the fact that people will still pay taxes on those benefits. So while it gives more money to Americans now, it will change the way taxes and tax refunds look next year.
For most recipients of the $600 unemployment benefit enhancement from the last stimulus bill, the final checks went out a few days ago. The deadline is July 31, 2020.
So, now is the time for the Senate to come to an agreement or things are about to get really bad especially for those who are unemployed.
The stimulus package is expected to be released this afternoon so we will update you as we know more.
