$ 1,400 Stimulus Control: House Democrats’ plan would exclude families earning more than $ 200,000

by

Comparison of Biden and GOP incentive plans

But payments would decrease faster than previous rounds and would cut off individuals making more than $ 100,000 and couples making more than $ 200,000 completely, according to the bill, which the House Ways and Means Committee will debate on Wednesday.

Under the plan proposed Monday by Chairman Richard Neal, a Massachusetts Democrat, the full payment would go to individuals making less than $ 75,000 a year and married couples making less than $ 150,000 – like previous incentive checks. Joint filers would receive $ 2,800 plus an additional $ 1,400 per dependent.

It would not limit eligibility as significantly as a Republican-backed proposal, which would have excluded an estimated 29 million households that had received previous payments.

The GOP plan called for smaller payments of $ 1,000 to individuals making less than $ 40,000 a year and couples making less than $ 80,000. Payments would be phased out more quickly, causing individuals to earn more than $ 50,000 and couples making more than $ 100,000.

After meeting with Republicans last week, President Joe Biden said he was open to lowering the income thresholds. On Sunday, Treasury Secretary Janet Yellen told CNN that the president “is willing to work with Congress to find a good structure for these payments.”
Biden has said he would like bipartisan support for his $ 1.9 trillion Covid aid bill, but he wants money in the pockets of struggling Americans ASAP. The Democrats in Congress are continuing a legislative process known as reconciliation that will make it easier to pass a bill without Republican backing.

But for the Senate to pass the bill, Democrats likely need the vote of Senator Joe Manchin, a major moderate Democrat from West Virginia. He has also suggested that another round of incentive payments should be more targeted than previous rounds.

There is still a long way to go before agreement on a final bill is reached and income thresholds may change. Lawmakers hope to pass the legislation by March 14.

CNN’s Lauren Fox contributed to this report.

.Source