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The House of Representatives passed President Joe Biden’s $ 1.9 trillion Covid-19 relief bill, including a third round of stimulus checks worth $ 1,400 to most Americans.
The Democratic-controlled House voted, 219-212, in favor of the package, also known as the American Rescue Plan (ARP), early Saturday morning. The Associated Press reports moderate Democratic representatives. Jared Golden of Maine and Kurt Schrader of Oregon were the only two lawmakers to cross party lines in the vote, as Republicans united against the bill.
The measure then goes to the equally divided Senate, where changes could occur, such as removing a proposed increase in the federal minimum wage to $ 15 an hour by 2025 (from $ 7.25 an hour). Non-partisan House MP Elizabeth MacDonough said on Thursday Senate rules demanded the pay hike be removed from the law.
A senior Democratic official told the PA that Senate Majority Leader Chuck Schumer, DN.Y., said he was considering adding a provision to the Senate version of the bill that would penalize large companies that do not pay workers at least $ 15 an hour. Sen. Bernie Sanders, I-Vermont, and Senate Finance Committee Chairman Ron Wyden, D-Oregon, have also proposed raising taxes on businesses that fail to meet certain minimum wage targets.
Minority House Leader Kevin McCarthy of R-California slammed the package as overpriced and ‘inflated’ extras unrelated to the coronavirus pandemic, such as $ 1.5 million for a bridge in upstate New York. But most of the details will likely remain, including out-of-pocket payments and additional unemployment assistance, thanks to special rules that will allow Democrats to avoid a systematic obstruction of Republicans, which would require 60 unattainable votes to be defeated.
Congress aims to have the bill on Biden’s desk by March 14, when the current round of unemployment assistance and other coronavirus aid expires.
How much will I receive?
House committees have approved the payment of the full $ 1,400 for people with incomes of up to $ 75,000 (phase-out to $ 100,000) and $ 2,800 for married couples earning up to $ 150,000 (elimination progressive up to $ 200,000), as with the first two sets of stimulus checks. About 85% of American adults would be eligible for the full amount, based on your income from your most recent tax return.
Combined with the $ 600 stimulus checks approved by President Donald Trump in December, the package would mean $ 2,000 in direct payments to most Americans.
Parents would also receive $ 1,400 per dependent, instead of $ 600 in the first two rounds, and this third round of checks will include eligible dependent adults for the first time. The previous two rounds were limited to children under 17, so parents with college-aged students can expect even more cash.
That means a family of four could receive $ 5,600 – on top of the new child tax credit.
Ways and Means Committee Chair Richard Neal (D-Mass.) Proposed a child tax credit of $ 3,000 per child aged 6 to 17 and $ 3,600 for children under 6. The credit, based on the taxpayer’s income for 2020, would normally be a lump sum on a person’s or family’s tax return, but will instead be paid as a monthly IRS payment for $ 250 or $ 300. $, depending on the age of the child or children, for a full year to help families affected by the pandemic.
The current child tax credit, stemming from the Tax Cuts and Jobs Act, 2017, provides $ 2,000 per child under the age of 17 for single tax filers with incomes of $ 200,000 or less and couples jointly filing with $ 400,000 of adjusted gross income or less.
When will I receive my incentive check?
End of March, most likely.
After Trump’s approval and signing of the second round, payments began to flow within days. The first round of checks took weeks to start arriving, even through direct deposit, but millions of people will receive the third round quickly if they have already verified their information on the IRS “Get My Payment” site.
Schumer set a March 14 deadline for sending the bill to Biden’s office, meaning those with direct deposit could get their stimulus checks in late March and those who receive paper checks or cards. debit cards would likely receive their payments later in the spring.
What else is in the new coronavirus relief bill?
President Biden first offered the $ 1.9 trillion relief package last month, including $ 400 in weekly unemployment benefits; $ 70 billion for vaccination centers and screening for Covid-19; $ 130 billion to help schools reopen safely; $ 15 billion in grants to small businesses; $ 350 billion in emergency funding for state, local and territorial governments; the reinstatement of paid sick leave; and $ 15 billion to help states subsidize child care for low-income families as well as a $ 25 billion fund to help child care centers at risk of closure.
The first round of stimulus checks, which gave eligible U.S. adults a one-time direct payment of $ 1,200 plus $ 500 for each child under 17, was part of the CARES (Coronavirus Aid, Relief, and Economic Security) Act. $ 2.2 trillion from Congress. passed in March 2020. A second round of stimulus checks valued at $ 1,200 was approved in the HEROES law in May, but the legislation stalled for months and the December package halved those direct payments .
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