THE
THE DEBATE OVER A SECOND STIMULUS CHECK CONTINUES WITH MANY LAWMAKERS IN FAVOR OF
ONE OR ANOTHER KIND OF DEAL.
>> MARK HENSLEY, THE ASSOCIATE
STATE DIRECTOR FOR AARP NORTH
CAROLINA TRIAD REGION AND SCOTT
BRADDOCK FROM SCOTT BRADDOCK
FINANCIAL.
JOIN US TO ANSWER YOUR STIMULUS
QUESTIONS.
WELL, WE WANT YOU TO DO AS
TEXTURE QUESTIONS THE NUMBERS 3
3 6 3 7 9 5 7 7 5 AGAIN.
THESE ARE TEXT QUESTIONS ONLY
YOU CAN NOT CALL THEM IN.
OK.
FIRST AND FOREMOST, LET'S JUST
GET TO IT.
WE KNOW THAT THERE IS A WHOLE
LOT OF BACK AND FORTH WHEN IT
COMES TO THE SECOND STIMULUS IF
FOR SOME REASON IT ALL GETS
DECIDED UPON AND VOTED ON
FRIDAY WHICH IS TOMORROW.
MARK, WE'RE HEARING THAT THE
CHECKS COULD GO OUT OR THE
FIRST PAYMENTS COULD GO OUT
PRETTY QUICKLY.
>> THE TREASURY SECRETARY WAS
QUOTED TODAY AS SAYING IF THIS
DECISION IS MADE TOMORROW ON
FRIDAY, THEN THEY SHOULD BE
ABLE TO START DEPLOYING
PAYMENTS BY AUGUST THE 17TH AND
THE 1ST OF THAT WAVE WOULD BE
DIRECT DEPOSITS.
THIS IS THE FIRST WE'VE HEARD
OF IT THAT 50 MILLION DIRECT
DEPOSITS COULD BE GOING OUT
THAT VERY DAY AND THEN CHECKS
WOULD FOLLOW.
OKAY.
>> AND SO ONE OF THE FIRST
QUESTIONS PEOPLE HAVE ABOUT
THIS SECOND STIMULUS GOT IS IS
THIS GOING TO BE MONEY THAT I
HAVE TO PAY BACK?
THE FIRST ONE WE KNEW WAS A TAX
CREDIT.
WHAT ABOUT THIS ONE, TANYA?
>> THIS THIS STIMULUS IS GOING
TO BE TREATED MUCH LIKE THE
FIRST ONE.
SO IT WILL BE ONCE AGAIN A TAX
CREDIT.
WE'RE NOT GOING TO HAVE TO
REPAY THIS STIMULUS CHECK THAT
WE RECEIVED.
THE IDEA HERE IS THAT FOLKS
ONCE THEY RECEIVE THIS MUCH
NEEDED STIMULUS THAT THEY'LL GO
AND TURN AND GO OUT AND BUY THE
THINGS THAT THEY NEED, THE
NECESSITIES HELP TO STIMULATE
THE ECONOMY.
SO WE HAVE SOME GOOD NEWS THERE
ONCE THEY DO IN FACT GET THIS
NEW BILL PASSED SO THIS PERSON
IS TEXTING.
>> WHAT IF YOU NEVER RECEIVED
THE FIRST STIMULUS CHECK?
WILL YOU RECEIVE THIS ONE OR
BOTH, MARK?
>> OK, SO IF YOU'VE NOT
RECEIVED YOUR FIRST ONE, I
RECOMMEND YOU CALL THE IRS
HOTLINE.
THAT IS 1 800 9 1 9 9 8 3 5.
THAT'S ALSO ON WFMY WEB.
FIND OUT WHAT THE STATE OF
STATUS OF THAT ONE IS.
KEEP IN MIND THIS PAYMENT IS
GOING TO BE BASED ON YOUR 20 19
TAX RETURN.
SO IF YOU FILE YOUR TAXES ON
THE NEW DEADLINE OF JULY 15TH,
THEY HAVE THE INFORMATION THEY
NEED.
BUT WE'LL HAVE TO GO THROUGH
AGAIN IF YOU'RE A NON FILER TO
GO TO IRS OFH AND ENTER YOUR
INFORMATION SO THEY KNOW HOW TO
FIND YOU, OK?
AND SO THIS PERSON IS KIND OF
ASKING A QUESTION SIMILAR TO
THAT FIRST ONES GOT THERE.
THIS ONE IS ASKING ARE WE GOING
TO BE TAXED ON THIS SECCOND
STIMULUS PAYMENT WHICH IS
DIFFERENT THAN HAVING TO PAY IT
BACK.
BUT ARE WE GOING TO BE TAXED ON
IT?
>> RIGHT.
SO THIS IS REALLY A TAX CREDIT
MUCH LIKE A CHILD CREDIT THAT
WE GET EACH YEAR FOR THIS YEAR
WAS TWO THOUSAND DOLLARS FOR
QUALIFIED CHILD.
SO THIS IS SIMILAR.
SO NO TAXES ON THAT.
IT'S NOT GOING TO RAISE YOUR
INCOME.
NO CONCERN ABOUT GOING INTO
ANOTHER TAX BRACKET.
SO THAT IS SOME SOME REALLY
GOOD NEWS.
WE DON'T NEED TO INCREASE TAXES
WHEN FOLKS ARE HAVING SUCH A
TOUGH TIME RIGHT NOW.
SO GOOD NEWS THERE.
>> ALL RIGHT.
MARK, THIS IS AN INTERESTING
QUESTION BECAUSE I'M AFRAID
THAT THERE COULD BE SOME ISSUES
WITH THIS THIS PERSON TAX.
WHAT WOULD I NEED TO DO IF A
SECOND STIMULUS GETS PASSED?
BUT WE'VE CLOSED OUR CHECKING
ACCOUNT AND REOPENED A NEW
ACCOUNT SINCE THE FIRST
STIMULUS CAME IN.
>> OK.
SO THAT DID HAPPEN IN THE FIRST
STIMULUS PAYMENT AND THE FIRST
THING IS TO NOTIFY THE IRS.
KEEP IN MIND THAT THE BANK WILL
BOUNCE THAT BACK IF THE LAST
NAME IN THE CHECKING ACCOUNT
ROUTING NUMBER DOESN'T MATCH
UP.
SO YOU'RE GOING TO HAVE TO GET
IN TOUCH WITH THE IRS AND LET
THEM KNOW THAT THEY NEED TO
CHANGE THE DIRECT DEPOSIT
INFORMATION THAT THEY HAVE ON
FILE AGAIN.
ONE OF THE BEST WAYS TO DO THAT
IS GO TO TO THIS HOTLINE THAT
THEY'VE ESTABLISHED EIGHT
HUNDRED NINE 1 9 9 8 3 5 AND
WE'VE HAD KIND OF MIXED REVIEWS
WHEN IT COMES TO GETTING
THROUGH ON THAT HOTLINE.
>> IT'S GOTTEN BETTER.
AGAIN I RECOMMEND EARLY IN THE
MORNING, LATER IN THE EVENING
BUT IT HAS GOTTEN BETTER.
I'VE BEEN ABLE TO GET THROUGH A
COUPLE OF TOM SO KEEP TRYING.
BUT WHEN WE GET A NEW STIMULUS
PASSED IT'S THE VOLUME IS GOING
TO GO BACK UP AGAIN.
>> AND OF COURSE HAND IN HAND
WITH THE TAXES IN THE CREDITS
AS WLTX TAXES GO UP WITH
STIMULUS MONEY BEING SENT TO SO
MANY PEOPLE AS YOU LOOK
FINANCES IN THE FINANCIAL
WORLD.
SCOTT, WHAT DO YOU THINK WILL
LOOK YOU KNOW WE'RE REALLY IN A
VERY LOW TAX RATE ENVIRONMENT
DUE TO THE JOB THE TAX LAW AND
JOBS ACT THAT WENT INTO EFFECT
IN 2018.
>> A LOT OF FOLKS ARE TAKING
ADVANTAGE OF DOUBLE THE
STANDARD DEDUCTIONS LEAVING
MOST FOLKS NOT ITEMIZING
ANYMORE.
WE'RE ALSO IN VERY HISTORICALLY
LOW TAX BRACKET RIGHT
ENVIRONMENTS.
THE HIGHEST TAX BRACKET RIGHT
NOW IS THIRTY SEVEN PERCENT.
BUT IF YOU LOOK BACK FROM WORLD
WAR 2 TO THE EARLY 80S WE WERE
NORTH OF 70 PERCENT.
SO COURSE WHEN WE LOOK AT THE
DEBT OVERALL INCREASING THEN WE
NEED TO REALLY TAKE A LOOK AT
TAXES AND THAT COULD BE QUITE
POSSIBLE.
WE KNOW THAT TAXES CAN REALLY
ONLY MOVE IN ONE BIG WAY AND
THAT'S GOING TO BE UP AND YOU
KNOW, DEPENDING ON WHAT PACKAGE
PASSED IT LOOKS LIKE THE
DEMOCRATIC PACKAGE IS AROUND
THREE TRILLION DOLLARS, THE
REPUBLICAN PACKAGE AROUND 1
TRILLION.
BUT OF COURSE WE'VE ALREADY
ADDED TRILLIONS OF DOLLARS TO
THE DEFICIT.
SO TAXES IS ONE WAY TO HANDLE
THE DEFICIT.
ALL RIGHT.
MARK, THIS IS SOMETHING YOU
TOUCHED ON AND REALLY EVEN WHEN
YOU ANSWER THIS QUESTION, IT
COULD CHANGE BECAUSE WE NEVER
DO KNOW WHAT THE IRS IS GOING
TO DO.
BUT THEY ARE ASKING WHAT DO WE
BE ABLE TO GET A SECOND
STIMULUS CHECK THROUGH DIRECT
DEPOSIT LIKE WE DID WITH THE
FIRST ROUND?
>> OH, ABSOLUTELY.
THAT WAS ALLUDED TO TODAY
ACTUALLY STATED BY THE TREASURY
SECRETARY THAT IS THE FASTEST,
EASIEST AND THE LOWEST COST WAY
FOR THE TREASURY TO ISSUE
PAYMENTS TO AMERICANS AND OF
COURSE THE SLOWER WAY IS BY
CHECK.
MY HOPE IS THAT THEY LEARNED A
LESSON WITH THE PREPAID DEBIT
CARDS.
THOSE WERE THROWN AWAY.
THEY WERE MISTAKEN FOR SCAMS.
THEY WERE A LOT OF HEADACHES
NOT ONLY FOR AMERICANS BUT ALSO
FOR THE TREASURY.
SO HOPEFULLY THEY'RE GOING TO
STICK WITH THE TWO PROVEN
METHODS FROM THE LAST ROUND OF
STIMULUS OR IF THEY DO ADD THE
DEBIT CARD THAT MAYBE THEY
SHOULD TELL US BEFOREHAND SO
THAT WE WARN THE PUBLIC IS IT?
>>