But a proposal is just that, and Biden doesn’t write or approve new laws. Congress does that. And a Monday phone call from bipartisan lawmakers calling for the, to make it more focused on groups of people, The New York Times reported. That, along with when a new stimulus check proposal comes in and even how it’s passed, is part of the drama unfolding in Washington as Biden’s pre-inauguration plan gets closer to reality.
We will look at the latest information on how much money households can expect,and – also important – how those incentives finance . as the IRS orchestrates both and and returns. This is what we know about one so far , including how you can to .
Why do some legislators want the stimulus check to be more targeted? What does that mean?
The simple explanation is that some people are concerned that a $ 1,400 stimulus check will go to some of the people with relatively high incomes. For example, use our, a person could earn $ 102,900 per year (their ) and still get a partial payment … of $ 5.
The point is, if lawmakers want people who make less than $ 75,000 a year to get $ 1,400, they need to make adjustments to the way things are done. One way would be to get thethat was used in the first two controls. Another would be to present a random cutoff (eg A check would only go out to people making less than a certain amount per year, according to their AGI). A third could be to decrease the maximum amount of the next stimulus payment (because, math). Our .
If the check is $ 1,400, can some get $ 2,000?
Biden’s incentive plan requires the next check to be up to $ 1,400 per eligible adult – not the $ 2,000 some originally expected. The idea is that this third check “raises” the maximum of $ 600 outlined in the second stimulus check to $ 2,000 once you combine the totals per person – but without taking into account.
We can’t say for sure why Biden chose $ 1,400 as the maximum instead of $ 2,000, but there is backlash against a $ 2,000 incentive payment (more below). If Biden tries to keep the proposal below $ 2 trillion, a larger stimulus check could do hisover the threshold.
One question that concerns people is whether, if the qualifications were expanded to new groups of people not included in the first round, the new recipients could get the full $ 2,000 amount.
How would the qualifications of other stimulus checks be different?
Biden proposes two changes that are popular among Democratic lawmakers. The first would expand qualifications to, including 13.5 million more people, according to the People’s Policy Project, such as students, and children of all ages with disabilities.
The second eligibility change includes all ““with one or more family members who are not US citizens. For example, if the parents are not US citizens, but their children, who were born in the US, are. The second incentive controls .
Could Congress vote on a new stimulus the week of February 1?
The House of Representatives won’t be back in session until Feb. 1, but plans are to introduce a bill shortly thereafter.
“We’ll be doing our committee work next week so we’re all set to go to the floor when we get back,” house speaker Nancy Pelosi said in a press conference on Thursday.
It is not clear whether this will be a sweeping stimulus package as suggested by Biden, or a smaller, patchy bill targeting a third stimulus control and.
How soon could the IRS send the checks? Would there be another deadline?
The IRS and the Treasury Department are moving at lightning speed, starting within days of being signed by Trump . They had to. The language of the invoice only offered a 17-day window to send the checks before the deadline imposed. There were , and now will have to . (Yes, , also.)
It’s too early to say whether the IRS would automatically send a third check to recipients, as they have done with the, or if the money would be packed in one . or the like. We go through more possible scenarios for the .
What are the biggest hurdles to a third stimulus check?
There is already a pushback from Democrats in more ways than one. Withopposition from just one Democratic senator could sink the party’s hopes of a major third stimulus check.
“$ 2,000 means $ 2,000. $ 2,000 doesn’t mean $ 1,400,” said Rep. Alexandria Ocasio-Cortez, a Democrat, on Jan. 14 against The Washington Post, citing Biden’s earlier and repeated commitment to pay a $ 2000 incentive check.
At the other end of the spectrum, Senator Joe Manchin, a centrist Democrat from West Virginia, repeatedly expressed concern about the cost of a third stimulus check, suggesting that the financial aid could be better targeted at those who need the money the most .
“How can the money we invest now best help us get jobs back and get people into work? And I can’t tell you that sending a new cash register will do that to someone whoManchin said on Jan. 8, later reportedly saying he was ‘open’ to Biden’s case for a bigger stimulus check, but prioritizing .
Many Republicans are expected to object to a new expensive stimulus package, especially one more than. With a new Senate Majority Leader Chuck Schumer is counting on pushing the legislation through, especially as Vice President Kamala Harris will act as a Senate tiebreaker.
How many ways can a check for $ 1,400 make more money for families?
A higher maximum total per person is the obvious way your household would receive more money from a third check than from the second, but there’s more to it. Because the upper limit for the, with an extra , the route , more people hit the income threshold for receiving a second payment, which means they will all the way.
A third stimulus check would:
Here are other ways ain your pocket.
For more information, here is other funding included in the, how and .