Dr. Jim Schroeder Dental Practice Management
  • FOR PRACTICES
    • Buy a Practice >
      • Buyer Registration Form
    • Sell a Practice >
      • Seller Registration Form
    • Hire a Dentist >
      • Employer Hiring Needs Form
    • DiSC >
      • DiSC Products
    • Create a Listing
    • Hire Dental Staff >
      • Employer Registration - STAFF HIRES
    • Development & Growth
  • FOR JOB SEEKERS
    • DENTAL JOBS
    • Dentist Profile Form
    • Dental Team Profile Form
  • TESTIMONIALS
    • ARTICLES 2
  • CLASSIFIEDS
    • Practices for Sale
  • ABOUT
    • OUR FOUNDER
    • VDA Members
    • VIDEOS
  • Blog
  • Contact
  • FOR PRACTICES
    • Buy a Practice >
      • Buyer Registration Form
    • Sell a Practice >
      • Seller Registration Form
    • Hire a Dentist >
      • Employer Hiring Needs Form
    • DiSC >
      • DiSC Products
    • Create a Listing
    • Hire Dental Staff >
      • Employer Registration - STAFF HIRES
    • Development & Growth
  • FOR JOB SEEKERS
    • DENTAL JOBS
    • Dentist Profile Form
    • Dental Team Profile Form
  • TESTIMONIALS
    • ARTICLES 2
  • CLASSIFIEDS
    • Practices for Sale
  • ABOUT
    • OUR FOUNDER
    • VDA Members
    • VIDEOS
  • Blog
  • Contact

UPDATE: Economic Relief Plan for Individuals and Businesses

3/19/2020

 
Thursday evening, Senate Republicans released the Coronavirus Aid, Relief and Economic Security (CARES) Act. This bill is intended to be a third round of federal government support in the wake of the coronavirus public health crisis and associated economic fallout, following the $8.3 billion in public health support passed two weeks ago and the Families First Coronavirus Response Act.
The CARES Act builds on the two former pieces of legislation by providing more robust support to both individuals and businesses, including changes to tax policy. The bill includes:​
  • $300 billion allocated for Small Business Interruption Loans, which are meant to help small businesses (fewer than 500 employees) impacted by the pandemic and economic turndown make payroll and cover other expenses. Notably, small businesses may take out loans up to $10 million and cover employees making up to $100,000 per year; loans taken for this purposes are forgiven after four months if the business does not lay off its employees (forgiveness is scaled down as layoffs rise).
  • A Recovery Rebate for individual taxpayers. Taxpayers with $2,500 in qualified income (defined as earned income, income from Social Security and certain pension income for veterans) qualify for a minimum rebate of $600 for singles and $1,200 for taxpayers filing jointly. From there, the rebate increases dollar-for-dollar with tax liability before credits until it reaches its maximum at $1,200 for singles and $2,400 for taxpayers filing jointly (see Chart 1). This means that refundable credits like the Child Tax Credit (CTC) and Earned Income Tax credit (EITC) are not considered when determining tax liability for the credit.
The rebate phases out at $75,000 for singles and $150,000 for joint taxpayers at 5 percent per dollar of qualified income, or $50 per $1,000 earned. It phases out entirely at $98,000 for single taxpayers and $198,000 for joint taxpayers. Additionally, taxpayers making $2,500 in qualified income with children will receive a flat $500 for each child, though this amount is also subject to the phaseout.
We estimate the rebate will decrease federal revenue by about $248 billion in 2020, according to the Tax Foundation General Equilibrium Model. This credit is one-time, but policymakers may consider additional rebates if the downturn is prolonged.

We estimate that the rebates would increase taxpayer after-tax income by about 2.05 percent, ranging from 7.11 percent at the lowest quintile and falling to 1.82 percent for the 80th to 90th percentiles. The rebate is structured progressively but does not include non-filers who tend to have lower income. The rebate would also use 2018 tax returns to determine rebate eligibility, which may not accurately reflect individual incomes in 2020. 
Table 1. Conventional Distributional Effect of Proposed Recovery Rebates in the CARES ActIncome levelPercent Change in After-Tax Income0% to 20%7.11%
20% to 40%4.31%
40% to 60%4.03%
60% to 80%2.90%
80% to 90%1.82%
90% to 95%0.65%
95% to 99%0.02%
99% to 100%0.00%
Total 2.05%
(SOURCE) READ MORE HERE:  https://taxfoundation.org/cares-act-senate-coronavirus-bill-economic-relief-plan/
    Picture

    Author

    Dr. Jim Schroeder is the Founder of Leadership by Design. He has been writing about leadership and organizational growth for over 30 years.

    View my profile on LinkedIn

    Categories

    All
    Attracting Great Employees
    Buying A Practice
    Changing Dental Profession
    Dental Insurance
    Dental News
    Giving Feedback
    Office Culture
    Personal Growth
    Practice Transitions
    Retiring From Dentistry
    Selling A Practice
    Staff Development
    Staff Growth & Development
    Taking Risks
    Uncomfortable Zone

    Archives

    March 2020
    March 2019
    February 2018
    August 2017
    October 2016
    September 2016
    July 2016
    May 2016
    February 2016
    December 2015
    June 2015
    December 2014
    July 2014
    February 2014
    September 2013
    June 2013
    May 2013
    April 2013

    RSS Feed


    DENTIST CONNECT - Monthly Membership

    $50.00

    Set up your confidential profile then work with your personal LBD Advisor who will help you set goals and expectations, identify a career path, help you make great connections with other dentists, and provide support and guidance long after the paperwork is signed.


    Shop

    LEADERSHIP STYLE - Work of Leaders

    $125.00

    Everything DiSC Work of Leaders approaches leadership as a one-to-many relationship, as opposed to the one-to-one relationship.  Taking this assessment will help leaders focus on tangible steps directed at leading a diversified group of individuals toward a desired united outcome. 


    Using the framework of Vision, Alignment, and Execution, Work of Leaders encourages leaders to understand their own leadership styles and how they impact their effectiveness. Rich, compelling narrative adds depth to the data and strong visuals support the learning process by illustrating key messages.

    Shop

    MANAGEMENT STYLE - Everything DiSC Management

    $125.00

    Everything DiSC Management® is a great tool for anyone in a managerial or team environment who manages or regularly engages with other staff. Learning about your unique strengths and challenges - as well as weaknesses - will help you work better with others. And, your insights will help with your ability to be more effective in managing and empowering others on a daily basis.


    EVERYTHING DiSC MANAGEMENT WILL HELP YOU


    • Understand your innate management style  
    • Delegate tasks more effectively  
    • Improve your employee and team interactions  
    • Understand how to best develop yourself - and your team  
    • Work with and communicate at your very best


    HOW IT WORKS:


    • A DiSC link to take the assessment will be issued to your email
    • Your report is sent within 48-business hours after assessment is completed
    • Ideal option for trainers, facilitators and team leaders
    Shop
    View my profile on LinkedIn

Buying a Practice
Selling a Practice
Practice Management
Classifieds
Contact
​
About the Company 
 Leadership By Design LLC BBB Business Review
© 2020 COPYRIGHT LEADERSHIP BY DESIGN | Dental ​websites and marketing by Stenger Design and Marketing