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Heroes Act Update | Certified Financial Planner Answers "Will it Pass?" - YouTube
Channel: Wealth Hacker - Jeff Rose
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Wow - 0.98 million just under 3 million
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people file for unemployment last week
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alone bringing the total up to 36
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million census all started right now we
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are at a 14 point 7 percent unemployment
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rate greatest percentage the Great
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Depression
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I mean it's weed like we know if this is
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all going on until you actually like see
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the numbers is just staggering like how
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insane this is what's going on y'all hey
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this is Jeff rose welcome back to wealth
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hacker labs just want to give another
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update on what's going on right now with
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the economic stimulus packages just
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recently it was announced that Democrats
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are putting out what's called the heroes
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Act and this is their latest version
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their latest version of a second
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stimulus package in this package I'm
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sure you probably have already read the
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news watch to their videos but this is
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the package where they're offering a
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second $1200 stimulus check this is very
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similar to the cares Act you are married
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with a spouse you'll get $2,400 one of
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the big changes here is that if you have
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dependents you'll get up to $1200 per
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dependent up to three children so
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potentially a total of $6,000
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that's by far like some of the biggest
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changes right now you know it the
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question is is that how likely is this
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going to pass I'm I'm still amazed I'm
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still getting people commenting on my
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channel saying that they still haven't
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received their first economic stimulus
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check and looking at my clock looking at
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my calendar
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it's May the 14th I know several people
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had their checks directly deposited I
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know some people received it in the mail
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I've seen the picture of the check you
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know with Donald Trump's name and the
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signature block you know so the checks
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have been going out and actually you we
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know that dead people have received
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their checks and yet many people still
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haven't received their first check which
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is just crazy but just to address you
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know the question how likely is a second
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economic stimulus check second economics
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his package going to pass you know so
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once again just kind of breaking this
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down so this hero's act is a three
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trillion three trillion dollar packet
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and it's already getting pushback it's
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already being pushback from the
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Republicans just because there's just a
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lot of a lot of fats just a lot of a lot
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of pork in this thing and just you know
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so why like what some of the big things
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once again the new bill is providing a
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second economic stimulus check $1,200 if
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you are making less than 75,000 you
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qualify if you're making more than
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75,000 you're single you'll be getting
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you'll beginning starting to get phased
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out if you are a joint married with a
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spouse making more than hundred fifty
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thousand very similar to care Zack
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you'll get phased out I already talked
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about the dependent so instead of five
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hundred dollars you get up to $1200 per
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dependent capped off at three this also
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this bill also expands so here's where
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also it was different with the cares act
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expands the pool of people eligible for
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checks to every qualify person on a tax
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return meaning that if one ineligible
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spouse wouldn't interfere with the other
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spouses payment and I talked about this
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in the last video basically in the
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carers Act if you had a Social Security
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number but your spouse didn't didn't
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have a tax ID number then you both
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didn't receive a check so that's
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something that's been updated here on
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this packet the money would be
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distributed the same way I know some of
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you were just so excited to hear that
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right the money is distributed that the
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same way either direct deposit hopefully
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to the account that you wanted to go
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into or if you don't have direct deposit
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on file with the IRS we're gonna send
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you a paper check they have eliminated
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any potential for your checks to be
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garnished you know whether or you just
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sort of back taxes or whatever reason
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creditors trying to come after you but
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by far like the biggest roadblock right
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now is some of the provisions that are
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on here you know for example right now
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how the package how the hero's act is
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currently written they're trying to
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eliminate the salt cap and know the
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government's not looking out for your
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health and trying to eliminate your
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sodium intake to help out
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high cholesterol or high blood pressure
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no the salt tax basically we're talking
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about here is the state and local taxes
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you know so basically all the standard
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deductions that you can get on whatever
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you're filing your taxes so they're
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trying to eliminate that and there's
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also 875 billion of the 3 trillion that
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are allocated towards state and local
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governments and that's the vague
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description of this but when you kind of
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peel back the layers it's are seeing
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like weird the money's allocated you
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know this is just where they're
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currently not agreeing on and there was
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a lot of similarities in the cares Act
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there's a lot of stuff that they could
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agree upon but other stuff that there
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was just they were just at odds trying
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to get this together now I find this
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interesting so spokesmen for the Senate
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Finance Committee chairman chuck
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Grassley Grassley from Iowa said the
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bill will be and I quote DOA in the
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Senate so dead on an arrival so that's
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basically in its current form it ain't
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gonna pass that's basically what he is
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saying and well there are several
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different provisions that are included
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in this heroes Act I mean one of the
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ones for example that the Republicans
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are pushing back on is that of that
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eighty eight hundred seventy five
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billion twenty five billion is put aside
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for the United States Postal Service now
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the last time that you've been to a post
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office but another one in my area man
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these people are they're just not happy
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I mean they're not happy people god
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bless them so I don't know the 25
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billion is gonna increase their work
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environment and make them happy but you
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know right now especially with you you
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got ups he got fed eggs you got DHL and
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the United States Postal Service man
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it's become an anchor antiquated system
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hence why many of you are still waiting
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on your first 1,200 our economic
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stimulus check now one of the provisions
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I think that many of Congress and many
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even Americans agree with in this heroes
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Act is that as it stands right now with
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the cares Act your unemployment benefits
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so there's extra 600 a month that you
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might be getting is set to expire in
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July so the way that the heroes Act is
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written this would continue so you're
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$600 a month would continue until
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January 31st 2021 and the way that it's
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written is that it wouldn't just stop
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immediately right then it would start to
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base out over a certain period of time
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just basically kind of written into
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language that in the event that things
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aren't where they need to be January of
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next year
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who put that in perspective is like
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thinking of things aren't back to
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somewhat normal by next year anyone go
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there right now let's live in the
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present but anyway it doesn't just
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automatically end right there and I
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think right now especially that's just
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one of the biggest benefits obviously
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getting another check would help out a
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lot of people and then also extending
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those unemployment benefits as well so
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the voting on this heroes Act is
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supposed to happen
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this Friday and the question is is it
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going to get passed on Friday and the
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answer is heck no of course not even the
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cares Act even with that like that one
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we all agree that we all felt like man
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we something needed to be done and even
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that the urgency of that need to get
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done I mean they just went back and
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forth and that took several days for it
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to finally get passed so right now
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there's just so much pushback right now
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in just spending printing more money you
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know another three trillion dollars that
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nothing's going to happen this Friday
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and I'll expect anything to happen even
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next week as well I mean this is
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something that it's going to be they're
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gonna wait some time for the states to
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start opening up businesses getting
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people back to work seeing how that's
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going to play out see how for the states
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that have started their phase one
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integration of just opening back up
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seeing how Cova 19 cases are going to
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are they gonna continue to decrease
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increase and what's going to play out
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there I mean there's just so much
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uncertainty going on I just want off for
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some of my thoughts because I know like
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in my previous videos you know I've
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definitely I've definitely supported
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something happening you know and I've
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also hinted or alluded the fact that you
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know what part of this falls back on us
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us the American on like our
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responsibilities having appropriate
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savings and managing our money and just
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budgeting and one of things I would say
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is that if you haven't done this yet I
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mean this is a prime opportunity to
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start looking into building secondary
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income and I get it like wait what do
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you mean how do I do that like I'm
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stuck at home I can't go anywhere there
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are so many different opportunities
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online that exist that you can start
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making money whether it's freelancing
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consulting even by God like filling out
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online surveys which I know are just a
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lot of feels like you're watching paint
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dry but the reality is that you doing
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something trying to generate some sort
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of extra income right now instead of
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getting caught up on Netflix getting
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watching your favorite shows been binge
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watching the office for like the seventh
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time right now you have opportunity you
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have time to start educating yourself
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start doing research to find out what
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other opportunities exist out there and
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I've had a chance to record this video
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yeah but even my youngest son you know
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we're totally into sneakers it's one of
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the things I've really enjoyed and with
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him like I've been showing him like how
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he can make money just reselling
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sneakers and I'm he's 12 years old and I
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know in the last few weeks like he's
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made almost three or four hundred
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dollars on his own twelve-year-old now
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on his own because his dad is showing
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him how to do it but nonetheless like I
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showed him how to do it showed him what
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to look for and he's taking that
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information and he's turned that into
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real money and that's just like one
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small example of the opportunities that
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exist out there and if you're interested
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I'm been wanting to do more of these
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type videos just to give you more
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information to give you more resources I
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mean this is what the wealth hacker
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channel was initially started for which
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is show people this now with everything
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that's going on the world you know kind
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of took a slight pivot just want to
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update on everything what's going on
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with these economic stimulus packages
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and just keeping you updated but just so
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you know if you haven't looked to the
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archives yet seeing some of the other
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videos we have on this channel there's a
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ton of resources up there and just
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helping you because that was the
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original foundation the reason why this
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channel started was to show you
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different ways of making money of
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growing wealth that is much faster than
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was typically thought out there but
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anyway just want to share that
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information because there's
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opportunities and if you're not taking
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advantage of the opportunities
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this is a it's a golden opportunity
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because you got nothing else to do right
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now you've got nothing else to do but to
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educate yourself and instead of putting
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all the pressure putting all just
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putting it on the government to take
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care of us like I mean this in the
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kindest way but screw them right like
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screw them I mean they're yes they're
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taking care of us but why are we putting
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so much giving them so much control on
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our happiness on our outcome instead of
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taking charge of our own life and
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creating our own destiny
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all right so that was just a little
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little rant there a little wealth hacker
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ramp but don't like I just need to share
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that this morning and yeah just kind of
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give you some encouragement and feel
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free if you got any questions drop in
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the comments below if you haven't
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subscribed yet go ahead and do that now
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if you enjoy any of this video be sure
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to give it the big like so other people
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can't find out about both Hecker Channel
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and just show them a different way to
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grow well
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hard-shell Jeff rose reminding you that
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is your money it's your life know you
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can make it also until next time peace
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