Next Stimulus Bill Would Provide $1200 Per Adult, Additional $1200 for Each Dependent
In the CARES Act, those who earned under $75,000 in 2019 received a check for $1200 plus $600 per dependent. The next bill would double the amount of cash sent for dependents.
Here’s what’s up, via Yahoo Money:
Similar to the first stimulus payments, single adults with income up to $75,000 will get the full $1,200 payment. Married couples with income up to $150,000 will get $2,400. Single parents who file as head of household with income up to $112,500 will get the full $1,200 check.
Advertisement - story continues belowReduced checks will be available for those who earn above those income thresholds. The payment would be reduced by 5% for every 5% increase in income above $75,000 for individuals and $150,000 for married couples. Eligibility will be based on a taxpayer’s adjusted gross income from their latest tax return.
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The new bill also gives Americans $1,200 for each dependent for up to three dependents. In the first wave of stimulus checks, there was an additional $500 per child dependent, with no limits.
Under this legislation, taxpayers would receive the dependent bonus for any dependent they claimed on their tax return may be eligible. The first stimulus bill provided the additional $500 payment only to dependents aged 16 or under.
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LOOK:
Here's @playbookplus's assessment of Pelosi's bill.
This is what House Democrats are spending their time and energy on: pic.twitter.com/8suxZKpCm2
— Mark Bednar (@MarkBednar) May 15, 2020
The bill gives a tax cut to upper income blue state real estate owners for 2020 and 2021. pic.twitter.com/8dODlIRFZB
— Matt Stoller (@matthewstoller) May 12, 2020
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