June 21, 2021

Politics & News

Politics and Commentary News Aggregator

Third stimulus checks: Senate bill will narrow income eligibility for $1,400 checks

2 min read
Latest Commentary Online Magazine

Latest Commentary delivers political news and commentary articles.

That means 7 million fewer families will receive a partial payment than would have under the House version of the bill, according to an estimate from the Penn Wharton Budget Model. The new proposal will completely cut off those who earn more than $160,000 a year and individuals who earn more than $80,000 a year.

The House legislation, which passed Saturday, set the income caps at $200,000 for couples and $100,000 for individuals.
Senate Democrats still finishing their Covid relief bill as Biden signs off on more targeted stimulus checks

But the same households will receive the full payment of $1,400 per person, including children. Individuals earning less than $75,000 and couples earning less than $150,000 will — just as in the House bill. Then, the payments will phase out faster for those earning more.

Unlike the previous two rounds, adult dependents — including college students — are expected to be eligible for the payments.

The House bill had already narrowed the eligibility compared earlier rounds of stimulus payments. It still would have sent money to more than 93% of tax filers, according to estimates from both the Penn Wharton Budget Model and the nonpartisan Tax Foundation. The Senate version will deliver money to about 90% of families.

The federal government sent payments worth up to $1,200 per person last year and up to $600 in January. The next round is intended to top off the $600 checks so that individuals receive a total of $2,000.

Senate Democratic leaders are set to move the bill forward this week but are continuing to finalize the text. With a 50-50 party split, they will need the support of the entire caucus.

This story has been updated with additional developments Wednesday.

2021-03-04 00:23:32

All news and articles are copyrighted to the respective authors and/or News Broadcasters. LC is an independent Online News Aggregator

Read more from original source here…

Leave a Reply

Copyright © All rights reserved. | Newsphere by AF themes.