This bill, which was announced even before he took the oath of office, is more commonly known as the American Rescue Plan. It includes,
– Another $1,400 in direct payments to American Families
– An additional $100 per week in Unemployment Benefits
– $50B towards C-19 testing
– $20B for a national C-19 vaccination program
What many are not saying is that this bill is not just aid for the pandemic. It also includes
– $170B for changes in grammar and high school public education
– An additional $1,000 in the child tax credit increasing the overall credit to $3,000 for children over the age of six
– An additional $1,600 child tax credit for kids under six years old.
That part threw me. I can’t understand why anyone would need an additional tax credit for a child under six. My kid didn’t get expensive until she was way over that age.
This program seems doomed given the fact that Congress is preoccupied with confirming Biden’s cabinet picks and impeaching our former president. Conservatives in Congress are openly opposing it given the fact that the ink is barely dry on the last $900B. Now Biden is proposing another $1.9T in borrowed and printed money.
What no one is talking about is the fact that in order to pass a bill of this magnitude, it needs 60 votes in the Senate. Given the 50 / 50 split between the two parties, this bill seems dead on arrival.
Let me leave you with this.
We enter a new phase of vaccination today with persons over 65 and frontline essential workers There’s only one problem. They haven’t told anyone how to get in line.
When you call your local Walgreens, they say they aren’t doing vaccinations. I called the University of Chicago Medical Center. They said they were doing it by lottery and that I should be patient. I have a 74-year-old mother who beat cancer and colitis. Should I just show up somewhere with my Glock-19 and say, “Get the hell out of my way. She’s next.”
Its all fine, great, and wonderful until you actually try to get vaccinated.
Chicago also did a limited reopening of restaurants over the weekend. I can tell you firsthand that the joints in Edison Park were packed to the gills. It was nice to sit at Zia’s with my family, enjoy a great plate of pasta, way too much homebrew, and not freeze my cajones off.
It seems like things are finally moving the right direction. The geniuses in charge might actually figure out how to get some high risk patients vaccinated sooner or later.
This is turning into the most ridiculous tax season on record. We’ve spent the last three weeks doing employer retention credits rather than our normal mix of W-2’s and December year ends. The IRS has told us that they won’t even begin processing 2020 returns until mid February. This will push everything, including receipt of our final software package, back at least three weeks.
This coupled with the fact that they aren’t extending tax season is going to make for a very short filing season. Get your work into us today. We aren’t going to have much time to get it done correctly.
Accounting Solutions Ltd. stands ready to complete our mission and purpose of protecting you, your family, and your business. If there is anything you need, whether you are a current client or not, you have but to ask. I’m here and I remain,
Accounting Solutions Ltd.
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