YOU should get your $1,400 stimulus check in a month’s time – but families earning more than $200,000 won’t get the cash, in last-minute changes.
Democrats are still negotiating over the coronavirus relief payments, and hope to cap the eligibility criteria for higher-earning Americans.
President Joe Biden has recently agreed with a Democratic proposal to limit or phase out stimulus payments to higher-income individuals as part of his $1.9trillion coronavirus relief bill.
This would phase out those payments at lower income thresholds than previous stimulus efforts.
If approved, it would also completely cut off individuals earning more than $100,000 and couples earning more than $200,000.
The plan ignores calls from Republicans to lower the income threshold for payments.
Asked ahead of a meeting with business leaders whether he supported the proposal, which would send $1,400 stimulus checks to Americans earning up to $75,000 in income and households making up to $150,000, Biden confirmed, "yes."
Despite a last-minute push by both Democrats and Republicans to lower the threshold, the checks are intended to keep the existing income limits while capping eligibility for high-earners.
The $1.9 rillion stimulus package has been a hot-topic for debate as Senators debate what incomes deserve the financial aid.
The highly-anticipated third stimulus check is hoped to kick-start the economy after President Joe Biden confirmed it was "in trouble."
CNN reports that the Republican-backed proposal would have excluded an estimated 29million households that received earlier payments.
The Republican bid called for smaller payments of $1,000 to individuals earning less than $40,000 a year and couples earning less than $80,000, said the broadcaster.
The payments would phase out faster, cutting off individuals earning over $50,000 and couples making more than $100,000.
Meanwhile, Vox reports that several members of Congress – Republicans and Democrats, are keen to stay with the original 'targeting'.
Americans could get more stimulus check money if they file taxes early – starting tomorrow, Friday February 12.
Source: Read Full Article