Second Stimulus Check In The Works

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WASHINGTON — A second stimulus check, which has been indefinite for several months is more likely now that lawmakers have settled on some negotiation points.











The House of Representatives previously passed the Heroes Act, which created a second stimulus check of $1,200 for Americans earning less than $75,000 a year plus an additional $1,200 per dependent up to three. The Senate has not acted on the check package, with Senators voicing concerns about the prohibitive costs, according to Forbes.com.

Senate Leader Mitch McConnell and Treasury Secretary Steven Mnuchin have worked on a package, but no details had emerged.







This week, McConnell addressed the Senate and confirmed a stimulus check would be included in the next bill.

“Speaking of building on what worked in the CARES Act, we want another round of direct payments to help American families keep driving our national comeback.”





















After some negotiation this week with the White House and discussions with some House and Senate Democrats, The Hill reported that Treasury Secretary Mnuchin confirmed the proposed second stimulus check will be the same as the first:

“We’re talking about the same provision as last time, so our proposal is the exact same proposal as last time.”

While the exact language has to be worked out, if the second stimulus check is the same as the first, this is how it will be structured.

It would give an advance on a refundable tax credit of $1,200 to qualifying Americans plus an additional $500 for dependent children under 17 years old.

The qualification is income-based:

  • Single filers who earn less than $75,000 a year will get the full benefit. Those who earn more will see their check reduced by 5% of the amount they earn over $75,000.
  • Joint filers who earn less than $150,000 a year will get the full benefit. Those who earn more will see their check reduced by 5% of the amount they earn over $150,000.
  • This is lower than what was proposed by the Heroes Act but since it matches the amounts of the Cares Act, anyone who received a check from the first stimulus check would receive the same one for the second stimulus check.

 

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