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Home / Tips and Tricks / The $ 1.9T stimulus bill removes the first major hurdle, but battles could come. What happens now

The $ 1.9T stimulus bill removes the first major hurdle, but battles could come. What happens now



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Congress is on track to finalize the latest stimulus package in mid-March.

Sarah Tew / CNET

After beeping by one closing vote in the House of Representatives late on Friday 219 to 212 – the $ 1.9 trillion stimulus bill goes to the Senate. But a sticking point has emerged that the bill, the American Rescue Plan Act of 2021, could delay and send passions flying. The House version of the bill would be the federal minimum wage up to $ 15 an hour over the next five years, a hotly debated provision that could be heavily reformed or repealed altogether before the Senate votes.

Adding to the pressure, lawmakers have only two weeks to complete their work if they want to meet a March 14 deadline to extend expiring benefits for unemployed employeesIn addition to raising the federal minimum wage, the nearly 600-page bill would too Spend $ 400 federal unemployment benefits provide tax breaks for children and carers, and send $ 1,400 Incentive Payments to struggling families and individuals.

Here’s what you need to know about the Stool Bill as it goes to the Senate, including the timeline to deliver new incentive checks, which falls in the mid tax seasonThis story is regularly updated with new information.

$ 15 minimum wage fight moves to Senate

Raising the federal minimum wage is a cornerstone of the Democrats’ economic recovery plan, as well as the most controversial and endangered part of the bill. The minimum wage has been $ 7.25 per hour since 2009. If Congress raised the minimum wage to $ 15 an hour, 32 million American workers, or 21% of the workforce, would see their hourly wages rise, according to the Economic Policy Institute, a left-wing think tank.

“An increase in the minimum wage is a financial necessity for our families,” said house speaker Nancy Pelosi prior to the vote in the House on Friday evening. “It is therefore inevitable for all of us to meet the $ 15 minimum wage, even if it is unimaginable to some.”

The house-approved bill includes the $ 15 minimum wage increase, but the wage increase meets growing resistance from Republicans, some Democrats, and even the Senate MP, who will determine which items can and cannot be included in the bill under a technique known as budget reconciliation, on which Democrats rely to speed the bill through the approval process.

It is up to the Senate to tackle the minimum wage provision. The Senate could quote the language of the minimum wage upon receipt of the bill. Or it could take a different route, such as punishing large corporations for not paying employees at least $ 15 an hour. While most Republicans are against the bill, some are pushing for a smaller pay rise. Republican sens. For example, Tom Cotton and Mitt Romney suggested going lower and setting the minimum wage at $ 10.

On the Democratic side, Senator Joe Manchin said the $ 15 an hour rate is too high and that he would support an increase to $ 11 an hour. Fellow Democrat Kyrsten Sinema is also against. Both votes are considered essential for the package to succeed along party lines.


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Stimulus Check # 3: What You Need to Know


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A third $ 1,400 incentive check, with an income limit

A $ 1,400 stimulus check quantity looks. However, Congressional Democrats are considering new rules “Target” or limit controls to people with lower incomesAccording to those proposed eligibility rules, some who qualified for the first two payments, the discount may not be achieved for a third. 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 formulaCheck out our stimulus payment calculator to see how that could work for you.

The new proposal would give the IRS a deadline of December 31 of this year to complete sending the incentive checks.

For this third round of payment, Congressional Democrats urge to include 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 seasonAnd here is how the third check compares to the first two payments

What’s the matter with student loan forgiveness?

Student loan debt forgiveness is on the table, but Senate Democrats and Biden have different dollar figures in mind for how much to cancel. Biden said this month that he is in favor of canceling $ 10,000 in student debt and extending the break on student loan repayment. Biden’s figure is at odds with a Senate Democrat proposal calling for forgiveness of up to $ 50,000 in student debt.

“I really think that at this point in time of economic pain and stress, we should eliminate interest on the debt that has accrued, # 1. And # 2, I am willing to write off the $ 10,000 debt, but not. $ 50,000, ”Biden said on February 16. The bill does not cover student loan debt.

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Democrats want to help students with loans.

Sarah Tew / CNET

Additional $ 400 in weekly unemployment benefits

If passed on March 14, the new bill would extend federal unemployment aid without a shortage of funding. The House version of the plan would send $ 400 federal unemployment benefits through August, with triggers that would extend benefits beyond September for those who remain unemployed and include automatic payment adjustments related to health and economic conditions.

The weekly $ 300 federal unemployment checks Congress approved in December as part of the $ 900 billion COVID-19 emergency response legislation expires in March

A larger child discount would bring in thousands of dollars more

The house bill would extend 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. Families can 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.

According to Howard Gleckman, a senior fellow at the Tax Policy Center, 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 on Feb. 10. “Low- and middle-income parents would get nearly 80% benefits.”

The plan would also extend the tax credits for a year to help cover childcare costs. As a tax credit, families could get back as much as half of their childcare expenses for children under 13, up to $ 4,000 for a single child and $ 8,000 for two or more children.

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Congress can set aside more money for tax breaks for children.

Sarah Tew / CNET

Delivery of the coronavirus vaccine in the US.

Nearly 95 million vaccine doses have been distributed in the US so far – and more than 70 million administered – as the country is on track to meet Biden’s goal of 100 million vaccine shots in the first 100 days of his administration (April 30 would be 100 days) . days after Biden’s inauguration on January 20). Speaking at a town hall-style rally on CNN on Feb. 16, Biden said the country will have enough supplies to vaccinate everyone in the U.S. The goal then becomes to have enough other supplies and people to administer the vaccine.

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

Deportation ban extended until September

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

Funds to Help Schools Reopen During COVID-19

Bringing students back to campus is a critical part of the economic recovery. The bill would work to return students to schools by safely reopening a majority of classrooms from kindergarten through eighth grade in the first 100 days of administration.

Extra money for national, local and tribal governments

Since the fall, economists have urged Congress to provide funding for state and local government jobs. “There are strong arguments in favor of additional aid, 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.” In addition to state and local funding, the bill would provide resources for food and water aid and food stamps.

For more information on incentive money, here are the Most Important Facts You Should Know About Stimulus Controls, how calculate the size of your check and how you Dependents can get into your payment


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