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An estimated 29 million people would lose out on stimulus payments under GOP proposal

The Republican counterproposal on coronavirus relief unveiled Monday would potentially leave out 29 million middle- and upper-income earners who would qualify for stimulus payments under President Joe Biden’s plan. The GOP plan would cut off cash for individuals earning more than $50,000 a year and couples earning more than $100,000, according to a fact sheet

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The Republican counterproposal on coronavirus relief unveiled Monday would potentially leave out 29 million middle- and upper-income earners who would qualify for stimulus payments under President Joe Biden’s plan.

The GOP plan would cut off cash for individuals earning more than $50,000 a year and couples earning more than $100,000, according to a fact sheet provided by the office of Maine Republican Sen. Susan Collins, who rolled out the proposal Sunday with nine other Republicans.

About 78% of families would qualify for a relief payment under the Republican proposal, while 95% would be eligible under Biden’s proposal, according to analysts at the The Penn Wharton Budget Model, who warned that the figures are preliminary since no formal legislative text is available yet.

Biden has asked Congress to send an additional $1,400 to Americans who are already getting $600 under the package approved by Congress in December, bringing the total to $2,000. People earning less than $75,000 and couples earning less than $150,000 would receive the full amount under Biden’s plan and payments would gradually phase out.

That would cover 99% of tax filers earning between $77,100 and $110,700, according to an analysis by the nonpartisan Tax Foundation — while just 8% of filers in that same bracket would qualify under the GOP plan.

The lower income threshold is meant to exclude people who have not been hurt financially by the pandemic and target those who need the money the most.

In the next income bracket, about 1% of tax filers earning between $110,700 and $157,000 would receive money from the Republican plan compared to 75% of them under the Biden plan, according to the Tax Foundation.

Smaller payments, too

The GOP relief plan would also provide smaller payments than Biden’s. It calls for $1,000 checks and would provide the full payment to individuals earning less than $40,000 a year and couples earning less than $80,000 — and gradually phase out altogether.

By contrast, Biden has called for $1,400 payments.

Both plans are designed to top off the $600 payments sent last month. Those phased out at $87,000 for single filers without children and $174,000 for those married without children. But another $1,400 payment would likely phase out slower, meaning that some higher income people would receive some money.

Biden also has proposed making some adult dependents eligible for the cash that were excluded from earlier rounds.

The Tax Foundation analysis didn’t take into account the effect of extending payments to more people, which could increase the number of filers receiving money.

Lower payments means a smaller total bill for taxpayers

Biden’s plan would cost $465 billion, according to the non-partisan Committee for a Responsible Federal Budget, while the Republicans say their measure would cost an estimated $220 billion.

Biden has said he is open to considering scaling down stimulus checks for families making more than $150,000 per year as well as some negotiation on other parts of his $1.9 trillion relief bill. But White House press secretary Jen Psaki indicated Monday that the Republican’s $600 billion proposal is insufficient.

Some economists agree that new direct payments should be more targeted, arguing that the money that has gone to individuals not financially hurt by the pandemic does little to help the economy.

The first round of payments that went out last year got money into people’s pockets extremely fast, partly because there weren’t a lot of eligibility requirements to slow down the delivery process. The trade off was that some of the money went to people who didn’t need it to pay their bills or make rent.

That would cover 99% of tax filers earning between $77,100 and $110,700, according to an analysis by the nonpartisan Tax Foundation — while just 8% of filers in that same bracket would qualify under the GOP plan.

Source: https://localnews8.com/politics/2021/02/01/an-estimated-29-million-people-would-lose-out-on-stimulus-payments-under-gop-proposal/

Payments

North Alabama BBB speaks on IRS Child Tax Credit Payments scams

Scammers have wasted no time taking advantage of the IRS sending out the first monthly child tax credit.

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Posted: Jul 25, 2021 / 06:37 PM CDT / Updated: Jul 25, 2021 / 10:14 PM CDT

MADISON COUNTY, Ala. — In July, the Internal Revenue Service began sending the first monthly Child Tax Credit payments to millions of families across the country; the result of one part of a stimulus package passed by congress back in March. Scammers wasted no time trying to use this to their advantage.

“We know its happening and we’re trying to help people avoid losing money to begin with,” North Alabama Better Business Bureau President Elizabeth Garcia said.

Garcia says a new scam is taking hold: con artists trying to take advantage of taxpayers after the IRS began rolling out monthly child tax credit payments.

“The red flag is that it’s unsolicited,” she said.” You receive a call from someone claiming to be from the IRS and saying, ‘hey, you’re eligible for this enhanced child tax credit payment, you need to register’.”

Each family can get up to $300 per child each month. Garcia says anyone eligible for the tax credit would get it automatically based off their tax returns, but scammers are preying on those who may not know that, pretending to help them get enrolled for the payments, then tricking them into sharing personal information.

It’s not just phone calls either, scammers are trying pre-recorded messages, email and texts too. All of these are things the IRS would never do to contact you about the payments.

Since the program is new, she says some are more likely to pick up a call or respond anyway.

“We tend to want to believe that the person is who they say they are on the line, in the email or in the text, but it’s very important in this day in age to be skeptical, always be skeptical,” she said. “If you do fall for this kind of a scam, effectively you are at risk of identity theft because you’ve given that person possible personally identifiable information, social security number, bank numbers, credit card numbers and so forth, so you should treat it as an identity theft problem.”

Garcia said the first thing to do is report the scam to the IRS and your bank so they can help get you back on track with as little damage as possible.

“The red flag is that it’s unsolicited,” she said.” You receive a call from someone claiming to be from the IRS and saying, ‘hey, you’re eligible for this enhanced child tax credit payment, you need to register’.”

Source: https://whnt.com/news/north-alabama-bbb-speaks-on-irs-child-tax-credit-payments-scams/

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Payments

Paytm files for USD 2.2 billion IPO

India-based digital payments provider Paytm has formally announced its plans to raise up to USD 2.2 billion in an initial public offering. The company, backed by Alibaba, Berkshire Hathaway, and SoftBank among other, said it will issue new shares worth USD 1.1 billion and offer sale worth of USD 1.1 billion.

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Cover picture for the articleIndia-based digital payments provider Paytm has formally announced its plans to raise up to USD 2.2 billion in an initial public offering. The company, backed by Alibaba, Berkshire Hathaway, and SoftBank among other, said it will issue new shares worth USD 1.1 billion and offer sale worth of USD 1.1 billion.

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Source: https://www.newsbreak.com/news/2311036424469/paytm-files-for-usd-2-2-billion-ipo

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Payments

Shift4 Payments Inc. (FOUR) Downgrade Issued by Wall Street Gurus

Shift4 Payments Inc. (NYSE:FOUR) went up by 1.75% from its latest closing price compared to the recent 1-year high of $104.11. The company’s stock price has collected -1.65% of loss in the last five trading sessions. Press Release reported on 06/22/21 that Shift4 Payments Surpasses $1 Billion in W

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Shift4 Payments Inc. (NYSE:FOUR) went up by 1.75% from its latest closing price compared to the recent 1-year high of $104.11. The company’s stock price has collected -1.65% of loss in the last five trading sessions. Press Release reported on 06/22/21 that Shift4 Payments Surpasses $1 Billion in Weekly End-to-End Processing Volume

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Opinions of the stock are interesting as 9 analysts out of 12 who provided ratings for Shift4 Payments Inc. declared the stock was a “buy,” while 0 rated the stock as “overweight,” 3 rated it as “hold,” and 0 as “sell.”

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The average price from analysts is $101.55, which is $4.69 above the current price. FOUR currently public float of 39.93M and currently shorts hold a 14.91% ratio of that float. Today, the average trading volume of FOUR was 889.88K shares.

FOUR’s Market Performance

FOUR stocks went down by -1.65% for the week, with a monthly jump of 5.42% and a quarterly performance of 7.03%, while its annual performance rate touched 167.79%. The volatility ratio for the week stands at 3.12% while the volatility levels for the past 30 days are set at 3.92% for Shift4 Payments Inc.. The simple moving average for the period of the last 20 days is -0.43% for FOUR stocks with a simple moving average of 28.08% for the last 200 days.

FOUR Trading at 3.16% from the 50-Day Moving Average

After a stumble in the market that brought FOUR to its low price for the period of the last 52 weeks, the company was unable to rebound, for now settling with -6.96% of loss for the given period.

Volatility was left at 3.92%, however, over the last 30 days, the volatility rate increased by 3.12%, as shares surge +1.96% for the moving average over the last 20 days. Over the last 50 days, in opposition, the stock is trading -0.49% lower at present.

During the last 5 trading sessions, FOUR fell by -1.65%, which changed the moving average for the period of 200-days by +106.13% in comparison to the 20-day moving average, which settled at $97.37. In addition, Shift4 Payments Inc. saw 28.46% in overturn over a single year, with a tendency to cut further gains.

Insider Trading

Reports are indicating that there were more than several insider trading activities at FOUR starting from Lauber David Taylor, who sale 15,000 shares at the price of $98.81 back on Jun 22. After this action, Lauber David Taylor now owns 158,142 shares of Shift4 Payments Inc., valued at $1,482,138 using the latest closing price.

Herring Bradley, the CFO of Shift4 Payments Inc., sale 5,940 shares at $93.16 during a trade that took place back on Jun 10, which means that Herring Bradley is holding 30,849 shares at $553,393 based on the most recent closing price.

Stock Fundamentals for FOUR

Current profitability levels for the company are sitting at:

  • -7.95 for the present operating margin
  • +16.42 for the gross margin

The net margin for Shift4 Payments Inc. stands at -2.40. The total capital return value is set at -5.23, while invested capital returns managed to touch -1.74. Equity return is now at value -13.60, with -3.30 for asset returns.

Based on Shift4 Payments Inc. (FOUR), the company’s capital structure generated 218.95 points at debt to equity in total, while total debt to capital is 68.65. Total debt to assets is 55.48, with long-term debt to equity ratio resting at 218.76. Finally, the long-term debt to capital ratio is 68.59.

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When we switch over and look at the enterprise to sales, we see a ratio of 4.80, with the company’s debt to enterprise value settled at 0.27. The receivables turnover for the company is 8.52 and the total asset turnover is 0.59. The liquidity ratio also appears to be rather interesting for investors as it stands at 10.40.

5 Stocks Under $10 That Are Poised to Take Off

Source: https://newsheater.com/2021/07/05/shift4-payments-inc-four-downgrade-issued-by-wall-street-gurus/

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