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MAJOR Shift Coming | Fourth Stimulus Check Update | Multiple BIG IRS Updates - YouTube
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Hello and welcome to today s July 1st, Daily
News report as well as ongoing stimulus check
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package information video.
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If you re a subscribed member of my community,
then welcome back.
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And if you re not, consider subscribing right
now So I can keep you up to date on what s
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going on in Washington DC, The Economy, Stimulus
Check Package programs and some occasional
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unbelievable news.
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Remember I will never offer to text you in
the comments section.
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Those are scammers.
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The $3000 giveaway is now over and the winners
of the hats and the 12 winners of $250 each
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have been selected and notified via the email
used to enter the giveaway.
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Interesting side note, the state where I saw
the most contest sign ups was the state of
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New York.
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However, the winners were all over the country.
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Ok now I ve lined up some new sponsors for
the month and have some returning sponsors
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so Kacey and I would like to do another giveaway.
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We are going to do 12 people will win a hat
and 12 will win $250 in cash.
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I m very grateful for the sponsors that have
helped Kacey and I give away close to $30,000
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in cash to our youtube community.
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I d like to thank today s video sponsor, me.
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Just kidding but based on comments from the
last live I did, you were asking about shirts
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and hats so I ll leave a link below if you
want to go buy some merch and support our
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giveaways.
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Speaking a links, I have some very good news
from the IRS.
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The portal to update your information for
the child tax credit monthly checks is finally
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up.
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I ll leave a link in the pinned comments.
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On that portal you can opt out of the $250-$300
monthly kids checks, change your marital status,
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update kids, income, tax info and banking
information.
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Also the IRS says that those still waiting
on tax refund should start seeing those very
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soon.
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With the stimulus checks mostly out and the
final unemployment checks going out, they
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are able to move with full force on getting
the 2020 tax returns filed and refunds sent
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out.
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Can you let me know if you are still waiting
on your IRS unemployment refund or your IRS
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tax refund in the comments please?
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Thank you in advance.
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I read today that over 15 million tax returns
were flagged for manual review.
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That s 4 times higher than 2019 which leads
me to believe that with or without money from
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President Biden s next spending bill, the
IRS is already looking at middle class American
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tax returns more closely.
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Funny how they want to extract money from
the wealthy but almost all the audits are
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on the little guys and middle class.
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As things grinded to a halt on the American
Jobs Plan or the physical infrastructure bil,
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things have actually intensified for the American
Families Plan or social infrastructure bill.
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According to an article on Yahoo finance,
many members of congress are shifting their
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energy towards doing a massive package as
democrats realize this is their one and only
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shot to use budget reconciliation this year.
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Its also their only shot to do something big
to give democrat leaders something to brag
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about next year during campaign season for
the 2022 elections.
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This is the package many progressives are
hoping to slip a 4th stimulus check into as
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well as many other social benefits programs.
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Some analysts are saying that with republicans
worried democrats will do a bi partisan bill
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on physical infrastructure and then a massive
stimulus package, republicans are wary to
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engage in the physical infrastructure bill
now.
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One article even suggested democrats could
either park the physical infrastructure bill
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and go after the budget reconciliation bill
first or combine them into one massive bill
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between $4-$6 trillion.
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Optimistic economists say this will give the
democrats the win in 2022 by being able to
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say they gave away lots of help and money
while republicans sat on the side.
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While other economists are saying by spending
this much money in such a short time frame,
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you will cause wild inflation, depress wage
growth and hand the election to republicans
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who will say you can t spend that much money
and not have consequences.
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So the outcome of the next week or so will
be interesting to see.
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I read today that over $3 trillion is sitting
in American bank accounts so adding more stimulus
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to the wrong people would be disaster.
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While not handing stimulus to the right people
would also be disaster.
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This is why I have been saying to my community
that I don t see a 4th stimulus check to 160
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million americans.
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I think we are past that.
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However, I can see a 4th stimulus check to
between 12-25 million americans.
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The one big factor will be will democrats
use the child tax credits as their bragging
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position for the 2022 election cycle or will
they use the American Families Plan with a
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4th stimulus check as their bragging position.
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By the way, thank you so much for giving my
videos a like.
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I love bringing my community the daily news.
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I have to be honest with my community even
though I know many of you are 50 and older
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and don t have children to get a child tax
credit check for, I see most of the progressive
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democrats, including Senator Sanders talking
more about kids than he does about seniors.
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This doesn t mean those 50 and older or without
kids won t get help, I m just telling you
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whats in the new cycles right now.
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Sanders who daily fought for seniors has only
been discussing climate change and kids tax
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credits this past week.
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Maybe since the meeting where Nancy Pelosi
told party members to get back on bragging
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about Bidens agenda and kids checks, he has
followed her advice.
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I still can t believe she wants them to be
called social security
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for kids.
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There could be some big changes coming to
retirement planning and also student loans.
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A new bill in the works with bi partisan support
is trying to help people from all backgrounds
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be better at planning for retirement while
paying off debt.
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Right now millions of americans are under
prepared to retire.
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Like severely under prepared.
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At the same time millions of americans are
dealing with student loan debt amounts that
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are taking decades to pay off.
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If these people focus on retirement then their
loans tend to increase in amounts owed because
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of compound interest working against them.
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If they only focus on paying down debt then
at some point in the distant future they will
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be student loan debt free and have nothing
in retirement.
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So how to you get the best of both worlds.
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That s what this new bill will seek to answer.
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The idea is that most companies only contribute
to your 401k if you do.
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This new bill would allow companies to continue
to match employees contributing to their 401k
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but it would also allow employers to match
what they are paying down on student loan
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debt.
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For example if I am matched on the first 5%
of my income and my salary is $50,000 then
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I put away $2500 and the company puts away
$2500.
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Under this new proposal I could put $2500
towards student loan debt and my employer
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still put away $2500 in my retirement account.
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Its actually a great way to focus on two important
areas of finance.
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There is also talk of extending the required
minimum distribution age to age 72 or 73 where
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right now it is age 70 and a half.
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The bill might also require companies to set
aside at least 3% in your company retirement
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account on your behalf whether you are saving
or not.
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Those most unable to save and take advantage
of a match
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are those most in need of an employer that
helps them save money.
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Yesterday former President Donald Trump spent
time at the border seeing how thing might
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be improved while blasting the Biden administration
and Vice President Harris especially for how
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bad things are.
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Alabama has sent 347 active duty national
guard to Texas to help.
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Today President Biden is in Florida visiting
the condo that collapsed.
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Sadly search and rescue for the living and
the dead has been temporarily halted as worries
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the remainder of the condo might collapse
has been a concern.
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Did you know earlier this week hundreds of
climate change activists were arrested at
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the white house?
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They had surrounded the white house and were
chanting about how terrible a job President
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Biden is doing on climate change.
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They then tried to break into the white house
and secret service had to make tons of arrests.
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Pretty crazy!
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Pelosi is setting up her dream team for her
January 6 capitol breach committee so far
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she has selected Representative Liz Cheney
as the only Republican.
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5 more republicans will be added.
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As for stock news, some of you asked about
what was going on with PAA because it dropped.
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I bought during the dip and now it has had
a nice two day jump which I did a swing trade
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and made a nice profit.
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Energy Transfer is doing well and so is XPEV.
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Apts is doing well and AT&T is sitting kind
of flat but is still on track to have growth
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and a 7% dividend this year.
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I ve got some other stocks I ll be sharing
with you as well as some smart money tips.
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I m curious did any one jump in on the 25%
etherium bounce back we saw over the past
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few days?
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I was happy to see the bounce back as I own
quite a bit of etherium.
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I wish I had had some liquid money to buy
when it was low because a 25% return in a
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week would have been insane.
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This is my update for today.
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As I know more I will come on and share more.
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Make sure to sign up for the new giveaway
with over $3000 in prizes and cash.
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It will be ending very soon.
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Now Before you go I wish to remind you, that
you are amazing.
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I appreciate you being in my community
And I ll see you on the next video.
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