This week, Democratic candidates both won second races in Georgia and took charge of the US Senate. That marks a major change in Washington and possibly the financial lives of Americans.
With Democrats in control of the White House and Congress for the first time in more than a decade, President-elect Joe Biden’s legislative agenda will face less opposition. This is what you should pay attention to in laws and regulations in the coming months.
Another round of incentive payments
Late last year, the House passed a bill to increase stimulus payments to $ 2,000, up from $ 600 per adult and per child for those with adjusted gross earnings of less than $ 75,000. Ultimately, the push for greater controls met with opposition in the Republican-controlled Senate, and the legislation ran out on time. By January 7, the Internal Revenue Service had sent about $ 129 billion in $ 600 payments.
Due to the changed control of the Senate, there will be a new calculus. On Wednesday, Senator Chuck Schumer, ready to become the new majority leader in the Senate, said one of the first steps the Democrats will take is to approve the $ 2,000 payments.
If Congress allows incentive payments of $ 2,000 per adult and dependent, many higher-income households who have not received money in the previous two rounds of payment can receive partial payments due to the details of the calculations that shrink payments as income increases .