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

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

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Comparing the Biden and GOP stimulus plans

But payments would be eliminated more quickly than previous rounds and would completely cut individuals who earn more than $ 100,000 and couples who earn more than $ 200,000, according to the text of the bill, which the Forms and Resources Committee of the House should debate on Wednesday.

According to the plan presented on Monday by President Richard Neal, a Massachusetts Democrat, the total payment would go to individuals who earn less than $ 75,000 a year and couples who earn less than $ 150,000 – as previous stimulus checks . Joint filers would receive $ 2,800 plus another $ 1,400 per dependent.

It would not restrict eligibility as significantly as a proposal supported by Republicans, which would have excluded some 29 million families who have received previous payments.

The GOP plan provided for payments under $ 1,000 for individuals who earn less than $ 40,000 a year and couples who earn less than $ 80,000. Payments would be eliminated more quickly, eliminating individuals who earn more than $ 50,000 and couples who earn more than $ 100,000.

After meeting with Republicans last week, President Joe Biden indicated that he was open to lowering income limits. 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 said he would like bipartisan support for his $ 1.9 trillion Covid aid project, but wants to put the money in the pockets of struggling Americans as soon as possible. Democrats in Congress are moving forward with a legislative procedure known as reconciliation, which will make it easier to pass a bill without Republican support.

But for the Senate to approve the bill, Democrats are likely to need the vote of Senator Joe Manchin, a leading moderate Democrat from West Virginia. He also suggested that a new round of stimulus payments should be more targeted than previous rounds.

There is a long way to go before the final text of the account is approved and the revenue limits may change. Lawmakers hope to pass the legislation by March 14.

CNN’s Lauren Fox contributed to this report.

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