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There’s a group of lawmakers in Congress that calls itself the Problem Solvers Caucus. It’s made up of 25 Republicans and 25 Democrats, so exactly split down the middle to bring balance to the force, this is the way. These people are considered “centrists” or “moderates” so they get along with everybody and if this bill doesn’t get congress back to the table to negotiate so we can finally get another stimulus check, then most likely nothing will work after this point before the presidential election.
As of right now it is endorsed by over 75% of the PSC, the problem solvers caucus of 50 members. The best part about this bill in my opinion is that it’s flexible with what happens after this point. It will use “economic metrics” like infection rates and hospitalization to see whether we should decrease spending, or if it gets worse, we can increase it. If it gets worse, this proposal will drop to 1.3 trillion, and if it gets worse, it will be boosted to around $2 trillion.
$316 Billion Support For Individuals and Families, this is where the stimulus checks will be. This includes the $1,200 direct stimulus checks, plus an additional $500 per child + dependent adults and it’s retroactive. It also provides rental assistance for the most needy which it doesn’t clarify exactly who qualifies or fits that definition, and extends the eviction moratorium all the way until January 2021. If you’re a student with loans, the student loan forbearance will be extended to December 31st, 2020.
If you’re unemployed, this is very important. They’re offering $450 a week for for the first 8 weeks, then give $600 a week but capped at 100% of your income. So if your income was $20k a year let’s say, you won’t receive more than that in compensation. It’s capped at whatever you were making prior to being laid off.
Other important news this week:
– OPEC just reduced their expectations for oil demand this year and next year, and BP, another stock I own said that demand for oil will probably peak this decade. If you’re a dividend investor in energy stocks, this could be writing on the wall.
– Nikola Stock, one of the alternative companies to Electric cars has been accused of committing fraud. Nikola said it was anticipating a savings of 4 billion dollars in battery and powertrain costs over 10 years, and over 1 billion in engineering and validation costs”. However, they showed a video of their Nikola Truck that was just rolling down hill, implying a working product when it wasn’t.
– If Joe Biden wins the election, you won’t see that much change with your taxes, but if your annual income is $400,000 or more, which is $33,333.33 a month, you might be paying more in taxes under his tax plan. In a study done by the Penn Wharton Budget Model, 80% of the increases in taxes will fall on the richest 1%. Mr. Biden wants to increase taxes on capital gains for those making over a million dollars a year from 23.8% to 40%. The president wants to reduce it to 15%.
– Apple just announced the a brand new Apple Watch Series 6, the Apple Watch SE, an 8th Gen iPad, a new iPad Air, and iOS14 which will go live today. They’re using their market dominance to stop promoting services that compete with their own services and instead promote Apple. Spotify is trying to raise concerns over potential monopolistic practices.
*None of this is meant to be construed as investment advice, it’s for entertainment purposes only. Links above include affiliate commission or referrals. I’m part of an affiliate network and I receive compensation from partnering websites. The video is accurate as of the posting date but may not be accurate in the future.