So, now that the US has 16 billion more dollars than they planned for, surely they can cancel all student loan debt and build affordable housing, right? They won’t just throw it at military contractors and directly redistribute it back to the wealthy, right???
Roughly what actually happens in cases of massive back-taxes likes this is that the movement of funds is tracked back through to the municipalities where they initially failed to pay. From there the actual unpaid amounts are calculated for each level, then priority weighting is assigned (if the total sum was reduced to less than the delinquent payment), then the repayment schedule is calculated for each municipality, and finally the IRS takes the cost of remediation investigation from the top (probably about 1.5 mil for this one) and begins repayment.
That ‘repayment schedule’ means that the funds not immediately disbursed can be loaned out (most often to other government agencies) (there’s a term for the specific kind of loan this is, it’s very short term but I am totally blanking on the name). Funds are usually given out at the next funding cycle unless there’s a claim made for immediate funding, and from there it’s just folded into the budget and assigned however that municipality / organization handles budget allocation.
TL;DR: Biden admin can’t have the funds directly except in emergencies, that would be constitutional overstep. It just goes back to the government at the next budget assignment. Which you can draw your own conclusions about where Congress will put that additional money.
it’ll get appealed and fought over and over until it’s down to 600 million
they’ll pay back 300 and we wont hear anything else about it for years until someone mentions Clarence Thomas getting a new 300 million dollar golden calf statue around the same time
Your crazy if you think Clarence is getting $300M. Studies have shown lobbying works for shocking little sums of money. Couple of first class tickets to a resort and a month there, easily under $30K.
So, now that the US has 16 billion more dollars than they planned for, surely they can cancel all student loan debt and build affordable housing, right? They won’t just throw it at military contractors and directly redistribute it back to the wealthy, right???
So you’re kinda right and kinda not.
Roughly what actually happens in cases of massive back-taxes likes this is that the movement of funds is tracked back through to the municipalities where they initially failed to pay. From there the actual unpaid amounts are calculated for each level, then priority weighting is assigned (if the total sum was reduced to less than the delinquent payment), then the repayment schedule is calculated for each municipality, and finally the IRS takes the cost of remediation investigation from the top (probably about 1.5 mil for this one) and begins repayment.
That ‘repayment schedule’ means that the funds not immediately disbursed can be loaned out (most often to other government agencies) (there’s a term for the specific kind of loan this is, it’s very short term but I am totally blanking on the name). Funds are usually given out at the next funding cycle unless there’s a claim made for immediate funding, and from there it’s just folded into the budget and assigned however that municipality / organization handles budget allocation.
TL;DR: Biden admin can’t have the funds directly except in emergencies, that would be constitutional overstep. It just goes back to the government at the next budget assignment. Which you can draw your own conclusions about where Congress will put that additional money.
don’t be silly
it’ll get appealed and fought over and over until it’s down to 600 million
they’ll pay back 300 and we wont hear anything else about it for years until someone mentions Clarence Thomas getting a new 300 million dollar golden calf statue around the same time
Your crazy if you think Clarence is getting $300M. Studies have shown lobbying works for shocking little sums of money. Couple of first class tickets to a resort and a month there, easily under $30K.
my sentiment remains, even if the specifics are inaccurate