Thursday night, the Senate Republicans put forth a plan to help those Americans hardest hit by the current coronavirus pandemic. The proposed cash payment plan that would be made in the form of checks sent directly to American residents could very well show up in mailboxes nationwide.
The individual’s 2018 income tax returns will determine the amount of the checks, and many people will see a payout of at least $1200. According to Kentucky majority leader Mitch McConnell, those individuals whose income taxes were $75.000 or under in 2018 will be eligible to receive $1200 under the plan. For couples that are married and filed jointly in 2018 and made less than $150,000 will be qualified for a check totaling up to $2400.
From these benchmarks, as stated by McConnell, the payments will begin to decrease. There will be a $5 deduction in the amount for each $100 over $75,000 that individuals earned. Then, for those individuals making over $99,000 in 2018, they will not receive a check from the government under this payment plan.
For couples that filed jointly as married that earned more than $150,000, the payment amount will again gradually decline before phasing out completely when they reach the $198,000 threshold, as per the specifics of the plan.
Additionally, both individuals and couples will receive an additional $500 per child living in the household. It is with this plan that the Senate Republicans are hoping to help American residents through the massive effect this pandemic is having on the nation.
Senator Chuck Grassley, Republican from Iowa, offered: “These recommendations would bunt the impact for American’s and limit the damage to the US economy.” He went on to assure Americans that: “These recommendations won’t be the end of the congressional response to the coronavirus.”
This most recent cash payment direct to citizens plan is only one part of a much larger stimulus package that has been developed to help stem any massive long-lasting economic effects that may be felt by the current coronavirus pandemic.
Will the cash payment really help to make a dent in the finances of most citizens?