Last week I suggested that banknotes removed from the walls of a Georgia bar to pay out-of-work employees would make nice numismatic coronavirus souvenirs. Here's another
one: physical checks for stimulus payments. While many Americans receive tax refund payments through electronic deposits direct to their bank accounts, people who don't will
be getting a physical check made all the more interesting I suppose by the inclusion of the President's name on them. How many will be left uncashed? -Editor
The Treasury Department has ordered President Trump's name printed on stimulus checks the Internal Revenue Service is rushing to send to tens of millions of Americans, a
process that could slow their delivery by a few days, senior IRS officials said.
The unprecedented decision, finalized late Monday, means that when recipients open the $1,200 paper checks the IRS is scheduled to begin sending to 70 million Americans in
coming days, "President Donald J. Trump" will appear on the left side of the payment.
It will be the first time a president's name appears on an IRS disbursement, whether a routine refund or one of the handful of checks the government has issued to taxpayers in
recent decades either to stimulate a down economy or share the dividends of a strong one.
The checks will instead bear Trump's name in the memo line, below a line that reads, "Economic Impact Payment," the administration officials said.
The paper checks are scheduled to be issued at a rate of 5 million each week until September, starting with the lowest-income taxpayers.
Will any of the checks be worth more than their face value? Here's where a high-earning taxpayer could benefit. The payments are reduced for higher earners. Playing with a
benefit calulator I learned that a single filer with a 2019 adjusted gross income of $98,990 could expect a stimulus check for the princely sum of one dollar. Lower incomes result
in checks all the way up to the maximum of $1,200. So at what point would it be worthwhile to simply save the check as a souvenir? $10? $100? $250? -Editor
To read the complete article, see:
move, Treasury orders Trump's name printed on stimulus checks
To read the earlier E-Sylum article, see:
BAR PAYS EMPLOYEES WITH SOUVENIR BANKNOTES (https://www.coinbooks.org/v23/esylum_v23n15a42.html)
Wayne Homren, Editor
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