President Biden promised to get more relief to Americans quickly to help people survive financially until the pandemic is in check . A key part of Biden’s proposal is to send another round of money payments on to U.S. households.
Some economists, Republicans and moderate Democrats have argued that this third round of “economic impact payments” — more commonly mentioned as “stimulus checks” or “relief payments” — should go only to the hardest-hit families. Some say the payments are a waste of taxpayer dollars.
Biden and Democratic leaders in Congress argue a third round of stimulus checks is necessary to ensure people who have lost their jobs or taken a pay cut still have enough money to buy food, pay rent and get the medical care they need during a pandemic. But the White House has signaled the president is willing to narrow who gets them, sending checks only to low- and moderate-income families this time around.
The latest proposal Democrats are considering would send $1,400 payments to individuals earning $50,000 or less and $2,800 to married couples earning $100,000 or less. Below are more details on the latest plan, which has not been publicly released yet and could still change.
Individuals with incomes up to $50,000 would get the full $1,400 payment. Heads of households earning up to $75,000 would also qualify, and married couples with earnings up to $100,000 would get a $2,800 payment. (Past stimulus checks were based off of “adjusted gross income,” and that is likely to be the same again).
Similar to the prior rounds of stimulus checks, people who earn slightly above those thresholds would still qualify for a partial payment.
About 71 percent of Americans would get the full benefits and another 17 percent would get the partial benefit, according to Kyle Pomerleau, a fellow at the American Enterprise Institute who specializes in tax policy. This is less than Biden’s initial proposal for the payments to go to individuals earning up to $75,000 and married couples earning up to $150,000, which would result in about 85 percent getting full payments.Dr. Dhillon Randeep
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