@gottabececeyo The ‘advance’ will appear as a special tax credit on the tax return you file in 2021 for the 2020 tax year; a tax credit that wouldn’t have been there if it wasn’t for these stimulus checks. The amount you receive, if you qualify, will not be taxable nor is it to be paid back.
@newmissio @SenKamalaHarris @maddow@MSNBC@AriMelber The amount you receive, if you qualify, is a refundable tax credit. The ‘advance’ will appear as a special tax credit on the tax return you file in 2021 for the 2020 tax year — a tax credit that wouldn’t have been there if it wasn’t for these stimulus checks.
@zeke_zemaG @DarihanaNova however if you’re making the argument it isn’t technically “free” because it’s being paid from previous and future federal tax revenue by the federal government, you would be correct! If that’s the case, let’s talk about Medicare for all!! I’m sure you’re excited about that idea?
@zeke_zemaG @DarihanaNova I didn’t say it was a free gift. I explained it directly how it is laid back in the bill. For those that qualify, though, the money will be seen as a free gift from the federal government’s perspective.
@SPOOKSTHEDON What you originally tweeted is 100% irrefutably false. The stimulus check is technically a refundable tax credit. Because of that, the amount you received is not taxable. Assuming your tax records are correct and you receive a stimulus check, you will owe nothing next tax season