Are You Sure You’re Getting a Stimulus Check? 16 Million Americans Won’t Get a Third One
Last week the IRS sent notices to millions of Americans, letting them know the amount of their upcoming stimulus check. After all, there was agreement on that part of the stimulus. The agency was trying to get ahead of the crush of of tax season, but its notices were premature.
See: If You Get a Stimulus Check, How Will You Use It? Take Our Poll
Find: Stimulus on Track for Weekend Vote, Republicans Vow to Slow Down Process
Well, it ain’t till it’s over. Today, The Washington Post reports that President Biden has agreed to narrow the eligibility for the $1,400 checks in order to ensure that moderate Democratic senators will support the stimulus package. The bill needs all 50 Democrats to vote for it, as it is unlikely that it will receive Republican support, although Lisa Murkowski (R-Ark.) has said that she would consider passing it. A study from the think tank Institute on Taxation and Economic Policy indicates that approximately 16 million fewer Americans will receive stimulus checks this time around.
In the bill that passed the House of Representatives, $1,400 stimulus checks would be sent to individual taxpayers with an income under $75,000 per year and to each member of a married couple with an income under $150,000. Then, a phaseout would be in place for higher incomes, with individuals earning $100,000 per year and couples earning $200,000 not eligible for a benefit.
See: Biden Agrees to Lower Income Cap for Stimulus Checks
Find: $1,400 Stimulus Checks Are Still Coming – But Who’s Eligible to Get One?
Under the new language, the phaseout would end for individuals earning more than $80,000 and couples earning more than $160,000.
Meanwhile, Rep. Ilhan Omar (D-Minn.) is leading a group of congressional reps to push for a $2,000-per-person check to be sent out every other month.
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This article originally appeared on GOBankingRates.com: Are You Sure You’re Getting a Stimulus Check? 16 Million Americans Won’t Get a Third One
