FULL DETAILS: SECOND STIMULUS CHECK CONFIRMED + $600 UNEMPLOYMENT BOOST – Brian Jung

In today’s video, we are going to be talking about everything you need to know about the second stimulus check for Wednesday, July 22nd.

Here is the current news with regards to the full stimulus package that was passed back in March.

1. We are seeing an increase in cases related to the pandemic
2. Schools debate on reopening for the coming year and new stay at home orders are also in the works.

So where are we with the current situation for the second stimulus package?

Right now Republican and white house leaders are having a ton of internal conflict on a common consensus of what goes in the bill.

It’s tough enough already when you have republicans and democrats going head to head, BUT right now we’re seeing debates within similar political parties as well.

So WHAT are those disagreements exactly???

Even if you are considered “right-wing” there are still many different aspects inside this that you can disagree upon

Here we have republicans to conservative to nationalist.

Ranking the traditional ideologies from one end of the spectrum to the other.

This is for both parties, republicans and democrats alike.

Now what republicans are beefing about are a few things:

1. The overall cost of the bill.
   1. They are looking to keep the size of this next stimulus package within reason. This is an estimate of 1 trillion dollars which is half of what we had passed last time.
2. Payroll tax cut.

3. President Trump wants a full repeal of the 15% payroll tax cut which is shared among employers and employees. This alone would cost the government $600 billion.

   1. The benefit of the payroll tax cut is that workers get to keep more of their paycheck and anyone self-employed pay less taxes on the amount of money you make.

   Now the downside?

   Well check out this quote by senate republican John Thune

   “If it’s a choice between doing checks and payroll tax cut, I think it’s pretty clear the checks actually have a more direct benefit to the economy.”

   On the other hand, we have other republican senators argue that

   “This doesn’t require any action, it requires less, it requires doing less of something not doing more of something,” said Senator Kevin Cramer (R-North Dakota).

   Referring to how easy it is to implement this rather than going through hoops of coming to an agreement on stimulus checks and having them successfully disbursed.

   1. Unemployment benefits.

   2. This Friday the $600 unemployment boost is coming to an end.

      1. The most recent article that we have received is that Republican leaders are looking to extend unemployment to two things. $400 a month or $100 per week or $200 per week.

         This would be coming from the $600 per week benefit that Democrats were looking to extend until the next year.

         Regardless this is a HUGE decrease in what people were originally receiving and at the moment until anything gets passed. The boost end in two days, so right now its nothing.

Now, here’s the REALLY GOOD NEWS.

Republicans are now in support of a second stimulus check.

Back in May, we had a lot of opposition and it was a unified voice that the republicans argued against a second payment.

Now with increases in cases, and the June Jobs Report showing an uneven recovery it looks like we do have some bipartisan agreement for the second stimulus check.

Yesterday Mitch McConnel officially endorsed the second stimulus check for the first time.

He said “We want another round of direct payments – direct payments to help American families keep driving our national comeback,”

The date on when we should expect additional stimulus is still on August 7th.

Let’s hope that Congress can come to an agreement quickly so we can finally see some additional economic relief from our government leaders.

Comment “FOUND YOU” if you are reading this.

Disclaimer: I am not a financial advisor. Brian Jung does not provide tax, legal or accounting advice. This material has been prepared for entertainment purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.

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