After nine months agonizing over the exact scope and size of the, the seemed promisingly simple. President Joe Biden announced his proposal for a that includes a . Together, that could deliver a combined $2,000 maximum per person (when you add the second and together). It would also expand stimulus qualifications to include families with and .
But a proposal is just that, and Biden doesn’t write or approve new laws. Congress does. And a Monday call from bipartisan lawmakers seeking to ratchet down the The New York Times reported. That, along with when a new stimulus check proposal arrives and even how it’s passed, are part of the drama unfolding in Washington as Biden’s pre-inauguration plan comes closer to reality., to make it more targeted to groups of people,
We’ll look at the most recent intel over how much money households can expect,and — also importantly — how those stimulus funds . , since the IRS orchestrates both and and returns. Here’s what we know so far about a , including how you can to .
Why do some lawmakers want the stimulus check to be more targeted? What does that mean?
The simple explanation is that some people are concerned that a stimulus check for $1,400 will go out to a proportion of people at relatively high income levels. For example, using our, a person could make $102,900 per year (their ) and still get a partial payment… of $5.
The point is that if lawmakers want people who make below $75,000 per year to get $1,400, there are going to have to be adjustments to how things are done. One way would be to change thethat was used in the first two checks. Another would be to present an arbitrary cutoff (e.g.; a check would only go out to people who make under a certain amount per year, as per their AGI). A third could be to lower the maximum amount of the next stimulus payment (because, math). Our .
If the check is for $1,400, could some get $2,000?
Biden’s stimulus plan calls for the next check to max out at $1,400 per eligible adult — not the $2,000 some originally expected. The idea is that this third check “raises” the $600 maximum set out in the second stimulus check to $2,000, once you combine the per-person payment totals — but without factoring in.
We can’t say for certain why Biden chose $1,400 as the maximum instead of $2,000, but there’s been opposition to a $2,000 stimulus payment (more below). If Biden is trying to keep the proposal below $2 trillion, a larger stimulus check could push hisover the threshold.
One question on people’s minds is whether, if the qualifications were extended to new groups of people who weren’t included in the first round, the new recipients could get the entire $2,000 sum.
How would other stimulus check qualifications be different?
Biden proposes two changes that have been popular among Democratic lawmakers. The first would expand qualifications to People’s Policy Project, like college students, and children of all ages with disabilities., including 13.5 million more people, according to the
The second change to eligibility would include all “” with one or more family members who aren’t US citizens. For example, if the parents aren’t US citizens, but their children, who were born in the US, are. The second stimulus checks .
Could Congress vote on a new stimulus check the week of Feb. 1?
The House of Representatives won’t be in session again until Feb. 1, but the plan is to bring a bill to the floor shortly after.
“We will be doing our committee work all next week so that we are completely ready to go to the floor when we come back,” House Speaker Nancy Pelosi said Thursday in a press conference.
It isn’t clear if this will be a sweeping stimulus package as suggested by Biden, or a smaller, piecemeal bill that focuses on a third stimulus check and .
How soon could the IRS send the checks? Would there be another deadline?
The IRS and Department of the Treasury set a blistering pace to, starting within days of Trump signing . They had to. The language of the bill provided only a 17-day window to send the checks before the imposed deadline. There were , and now will have to . (Yes, , too.)
It’s too soon to say if the IRS would automatically send a third check to recipients as they have done with the, or if the money would be wrapped up into a . or something like it. We walk through more possible scenarios for the .
What are the biggest hurdles facing a third stimulus check?
There’s already pushback from Democrats in more ways than one. With, opposition from just one Democratic senator could sink the party’s hopes for a large third stimulus check.
“$2,000 means $2,000. $2,000 does not mean $1,400,” Rep. Alexandria Ocasio-Cortez, a Democrat, said Jan. 14 to The Washington Post, referring to Biden’s earlier and repeated commitment to a $2,000 stimulus check.
On the other end of the spectrum, Sen. Joe Manchin, a centrist Democrat from West Virginia, expressed concern multiple times about the cost of a third stimulus check and suggested the financial aid could be better focused on those most in need of the money.
“How is the money that we invest now going to help us best to get jobs back and get people employed? And I can’t tell you that sending another check out is gonna do that to a person that’s said Jan. 8, later reportedly indicating he was “open” to hearing Biden’s case for a larger stimulus check, but prioritizes .,” Manchin
Many Republicans are expected to object to a new, high-priced stimulus package, especially one that more than. With a newly , Senate Majority Leader Chuck Schumer is counting on pushing the legislation through, especially with Vice President Kamala Harris set to act as a tiebreaker in the Senate.
How many ways could a $1,400 check could bring more money to families?
A larger maximum total per person is the obvious way your household would see more money from a third check than from the second, but there’s more to it than that. Since the upper limit for the, with an extra , the way , more people hit the upper income limit for receiving a second payment, which means they at all.
A third stimulus check could:
Here are other ways ain your pocket.
For more information, here’s other funding that could be in the, how to and .