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Home / Tips and Tricks / New Incentive Bill: Latest Update on $ 1,400 Check, Federal Minimum Wage Hike, More

New Incentive Bill: Latest Update on $ 1,400 Check, Federal Minimum Wage Hike, More



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Congress is on track to complete the latest stimulus package much faster than the previous one.

Sarah Tew / CNET

The $ 1.9 trillion stimulus bill is on track to pass in Parliament this weekend. On Monday, House Democrats will make the bill on paper, an important step in getting it ready for a vote on the ground. The radical COVID-19 aid package includes $ 1,400 Incentive Vouchers, and would renew federal unemployment benefits and increase funding for Distribution of COVID-19 vaccinesHowever, Democrats have a lot of work to do before sending the final bill to President Joe Biden to sign, including whether to include a provision for increase of the minimum wage and cancel the student loan debt.

To get the bill to Biden ASAP, Congressional Democrats are relying on it a legislative technique called budget reconciliation allowing them to circumvent expected Republican backlash against the legislation. While Republican leaders say the nearly $ 2 trillion price tag is just too high, The New York Times reported, Democrats point to a recent survey showing Republican voters backing a larger stimulus package. However, the reconciliation instrument sets strict limits on what can and cannot be included in the bill, and the Democrats’ plan to raise the minimum wage could go beyond those limits.

If you stick to the aggressive timeline give another incentive payment next month, right in the in the middle of tax season (here’s why that matters)Legislation could also potentially be expanded federal unemployment assistance through August and finance the distribution of vaccinesHere’s everything important in the package. This story has been updated with new information.

A third stimulus check of $ 1,400, with an upper limit on income

Congressional Democrats resemble the $ 1,400 stimulus check amount, including any new rules for “Target” or limit controls to people with lower incomes than this one who qualified for the first two payments. A hard income, meant to exclude higher incomes from getting a check, would be accompanied by a rule change for the use of dependents in the stimulus check formulaIn other words, you could previously exceed that ceiling amount if you had dependents, but under the new rules, you will no longer receive any money above that amount. Check out our stimulus payment calculator to see how that could work for you.

The new proposal would give the IRS a deadline of Dec. 31 this year to send the incentive checks.

For this third payment round, the Biden administration and congressional Democrats are pushing for inclusion both adult dependents and children and families with mixed status citizenshipBe here all the ways a third check could make more money, or how you can get less or be completely disqualifiedHere’s what happens with your total when a check arrives during tax season


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Stimulus Check # 3: What You Need to Know


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Will student loan forgiveness be part of the bill?

Biden supports canceling $ 10,000 in student debt and extending the break on student loan repayment. Earlier this month, Senate Democrats, led by Senator Elizabeth Warren, submitted their own proposal to forgive up to $ 50,000 in student debt.

“I really think at this point of economic pain and stress we should eliminate interest on the debt that has accrued, No. 1. And No. 2, I’m willing to write off the $ 10,000 debt, but not. $ 50,000, ”said Biden. February 16. The current house law does not cover student loan debt.

Additional $ 400 in Federal Unemployment Benefits

The weekly $ 300 federal unemployment checks Congress passed in December as part of the $ 900 billion COVID relief bill expires in MarchDuring his presidential campaign, Biden pushed for reform of the unemployment system, saying he would work with Congress to renew unemployment benefits approved under last year’s CARES law and extended in December, “how long this crisis also takes. ”

The House version of Biden’s plan would send $ 400 federal unemployment benefits through August, with triggers that would extend benefits beyond September for those still unemployed and include automatic payment adjustments related to health and economic conditions.

If a new bill is passed on March 14, it would extend federal unemployment assistance without a shortage of funding.

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Democrats will push for an extension and increase of federal unemployment support to an additional $ 600 per week.

Sarah Tew / CNET

A larger child discount would generate more money for many families

In his plan, Biden suggests extension of the child discount that currently allows families to claim a $ 2,000 credit for children under 17. If approved, the plan would extend the benefit to lower-income families who would otherwise not receive the credit. Under Biden’s plan, families could claim up to $ 3,600 per year for a child under the age of 6 and up to $ 3,000 per year for children ages 6 to 17.

Howard Gleckman, a senior fellow at the Tax Policy Center, said the expansion would target low- and middle-income households. “More than a third of the benefits would go to the lowest-income parents, who would receive an average tax cut of nearly $ 3,300,” Gleckman wrote Feb. 10. “Low- and middle-income parents would receive nearly 80% of the income. Benefits.”

The plan would also extend childcare tax credits by one year to cover childcare costs. Under Biden’s plan, families could get a tax credit from as much as half of their childcare expenses for children under 13, to $ 4,000 for a single child and $ 8,000 for two or more children.

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Biden has asked Congress to cancel a student debt of up to $ 10,000.

Sarah Tew / CNET

Delivery of the coronavirus vaccine across the US

Nearly 80 million doses have been distributed in the US so far – and nearly 60 million administered – and the country appears to be on track to meet Biden’s goal of 100 million vaccination attempts during the first 100 days of his administration (April 30 would be 100 days after the inauguration of Biden on January 20). Speaking at a town hall-style meeting on CNN on Feb. 16, Biden said the country will have enough supplies to vaccinate everyone in the US by the end of July. The goal then becomes to have enough other supplies and people to administer the vaccine.

Biden’s plan would be $ 160 billion for one national vaccine program that would help state and local governments get the vaccine into people’s systems.

Is a $ 15 Minimum Wage Part of the Home Bill?

One area still under discussion is one increase the minimum wage in the Emergency Act, which would gradually increase the national minimum wage to $ 15 an hour over a five-year period (longer for some worker groups).

While it is unclear whether the pay rise will make it through the Senate and become part of the latest package, the current version of the House Bill included a provision for the federal minimum wage increase of $ 15. The Senate could remove that from its version of the proposal. before sending it back to the House for a final vote – for example, it might not fit the rules for budget reconciliation

If a minimum wage increase doesn’t make it to the final bill, Biden has said he’s committed to raising it from the current $ 7.25 an hour as part of a separate negotiation with Congress.

On January 24, Biden signed an executive order directing the Office of Personnel Management to issue recommendations for a minimum wage increase to $ 15 an hour for federal jobs.

Funds to Help Schools Reopen During COVID-19

A critical part of the economic recovery is getting students back on campus. “We will also need tens of millions of dollars to help our schools reopen and open safely,” Biden said on Jan. 8. The Biden Plan would work to return students to schools through a majority of kindergarten through the 8th. classrooms reopen safely in the first 100 days of administration.

Extra money for national, local and tribal governments

Along with the extension of liability protections pushed by Republicans, democratic support for state, local and tribal government funding was a major impediment to reaching an agreement on a new economic assistance package in the second half of last year. With Democrats who control the House, the Senate and the White House, Biden has pledged support for state and local funding as part of his government’s aid package.

Since the fall, economists have urged Congress to provide funding for jobs in the state and local government. “The arguments for additional aid are strong because the downside risk of doing nothing is very real,” said conservative think tank American Enterprise Institute late last year. “The fact that more than 1 million state and local government employees have lost their jobs is a sign that the tax problems have had real repercussions.”

On January 8, Biden reiterated his concern that state and local governments are “cutting jobs” as a result of the pandemic, and pledged to provide “immediate assistance”. In addition to government and local funding, Biden’s plan would provide funds for food and water aid and food stamps.

The deportation ban will be extended until September

On January 20, Biden signed an executive order extending the deportation ban to March, meaning it may not be part of the latest new stimulus law at all. Biden’s proposal would extend the expulsion and disqualification moratoriums until September 30. The plan would provide $ 30 billion in rental assistance to renters and small landlords, especially low- and middle-income households.

We will continue to update this story as Biden reveals more details about his plans. For more information on incentive money, here are the Most Important Facts You Should Know About Stimulus Controls


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