The Democrats proposed a $2,400 direct stimulus payment for households earning up to $150,000 and $1,200 per child. Senate Majority Leader Mitch McConnell said on Tuesday that the next stimulus package would have the following requirements: [the increase of unemployment benefits from $600 to $200 will be gradual] (https://www.thebalance.com/next-stimulus-bill-could-replace-600-with-200-4113737). It will not include automatic extensions to a second or third stimulus check, as many citizens need.
Stimulus Check In The Year End
In the aftermath of the global financial crisis, the U.S. government made direct payments to households with incomes up to $150,000 and $1,200 per child in 2009. The idea was that if people have more money in their pockets, they would spend more and stimulate the economy by creating jobs.
The Democrats’ 2020 plan would give out a tax rebate of $2,400 for individuals earning up to $150,000 and $4,800 for families with children earning less than that amount. For example: if you’re single and earn between $50,000 and $60,000 a year (say from freelance work), then your Federal Earned Income Tax Credit (EITC) already covers what you owe in taxes—and so it’s essentially free money from Uncle Sam! A single person making between $30K – 40K may only need about half of what’s offered through EITC during tax season but this still represents an increase over using just EITC alone.”
Senator Chuck Schumer has promised to continue working with President Biden and his administration to pass another round of direct payments for U.S. citizens affected by the COVID -19 pandemic .
“We will not rest until we do everything we can for those who have been most deeply affected by this disease,” said Senator Schumer in a statement released today. “No one should have to worry about where they’re going to live or how they’ll get food on their table when all they want is peace and quiet.”
In a press conference earlier this morning, President Biden echoed Senator Schumer’s sentiments, saying that it remains his “top priority” as president of the United States that everyone affected by the COVID -19 pandemic receive whatever help they need from their government leaders at every level.
