New stimulus check thresholds would leave 12 million adults without payments
Tighter income requirements for the next round of stimulus testing would mean 11.8 million fewer adults and 4.6 million fewer children would receive payments, compared to an earlier version of the relief bill passed last week, according to estimates by the Institute for Taxes and Economics Politics.
The Senate version of the deal reportedly continues to target the economic reviews by suspending payments earlier and is backed by the White House.
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"For most people, the more stringent income limits proposed in the Senate make no difference," Steve Wamhoff, director of federal tax policy at ITEP, told Yahoo Money. "For the bottom 60% of Americans who really need help, there would be basically no difference at all."
Under the amended provision, a single filer making up to $ 75,000 would receive full payment, while those making up to $ 80,000 would receive a reduced amount. Joint filers making up to $ 150,000 would receive the full $ 2,800, while those making $ 160,000 would receive a lesser amount. Previously, the phasing out thresholds were $ 100,000 for individual filers and $ 200,000 for join filers in the House version.
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The bottom 60% of households would see no lower payment under the Senate version. Households earning $ 65,000 to $ 111,300 would cut their average stimulus payment by $ 90 to $ 2,910, while households earning between $ 111,300 and $ 247,400 would cut their average payment by $ 420 to $ 2,260, so the analysis.
The amount per person and the bonus per family member remain unchanged at USD 1,400 and apply to all family members. In the past, parents or legal guardians could only claim the bonus for relatives under the age of 17. Now the bonus can be claimed for students, disabled adults and other dependent adults.
"The president has promised and pledged to ensure that the American people receive checks for $ 2,000. That $ 1,400 is part of the fulfillment of that promise," said Jen Psaki, White House press secretary a press conference on Wednesday. "He also realized he was open to changes on the edges of his package while being very tight at $ 1,400."
The Senate is expected to vote on the $ 1.9 trillion stimulus package on Wednesday evening, Senate majority leader Chuck Schumer (D-NY) said on Wednesday.
The support of the entire Democratic caucus in the Senate - along with the groundbreaking vote by Vice President Kamala Harris - is required to get the legislation through without Republican support. However, support from more moderate Democrats like Senator Joe Manchin (D-WV) and Senator Kyrsten Sinema (D-AZ), who have spoken out against stimulus checks for high-income earners, is in the air.
The Senate has limited time to pass the stimulus package and send it to the president's desk before unemployed Americans get caught up in a monetary crisis. This spring, up to 11.4 million workers will lose their basic unemployment benefits, while all unemployed Americans could see the $ 300 extra weekly benefit disappear if a stimulus agreement is not passed, thereby phasing out key unemployment programs, an analysis by Found the Century Foundation.
In addition to stimulus checks, the legislation also includes. the extension of key unemployment programs through August, $ 350 billion for state and local governments, an increase in tax credits for low- and middle-income families, and $ 160 billion for a national vaccination and testing program.
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Denitsa is a writer for Yahoo Finance and Cashay, a new personal finance website. Follow her on Twitter @denitsa_tsekova
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