$ 1,400 Stimulus Check: House Democrats’ plan excludes families earning more than $ 200,000

$ 1,400 Stimulus Check: House Democrats’ plan excludes families earning more than $ 200,000

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Compare Biden and IDP Stimulus Plans

But the payments will phase out faster than previous rounds and completely turn off individuals earning more than $ 100,000 and couples earning more than $ 200,000, according to the bill that the House Manners Committee will discuss on Wednesday.

Under the plan presented by President Richard Neal, a Democratic Massachusetts man, on Monday, the full amount would be paid to individuals earning less than $ 75,000 a year, and couples earning less than $ 150,000 – like previous stimulus checks . Joint filers receive $ 2,800 plus another $ 1,400 per dependent.

That would not limit eligibility as significantly as a proposal backed by Republicans, which would have excluded an estimated 29 million households that had received payments earlier.

The IDP plan requires smaller payments of $ 1,000 to individuals earning less than $ 40,000 per year and couples earning less than $ 80,000. Payments will phase out faster, cutting off individuals earning more than $ 50,000 and couples earning more than $ 100,000.

After President Joe Biden met with Republicans last week, he indicated he was prepared to lower the revenue threshold. The Treasury Department, Janet Yellen, told CNN on Sunday that the president “is willing to work with Congress to find a good structure for these payments.”
Biden has said he wants dual support for his $ 1.9 billion Covid aid bill, but he wants money in the pockets of struggling Americans as soon as possible. Democrats in Congress are continuing a legislative process known as reconciliation that will make it easier to pass a bill without Republican support.

But for the Senate to pass the bill, Democrats are likely to need the vote of Senator Joe Manchin, a key moderate Democrat in West Virginia. He also suggested that a new round of stimulus payments should be more targeted than before.

There is still a long way to go before a final bill is agreed and the revenue thresholds can change. Legislators hope to pass the legislation by March 14.

CNN’s Lauren Fox contributed to this report.

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