President-elect Joe Biden detailed his proposals for additional stimulus on Thursday, which included plans to distribute more direct aid to U.S. households.
The Biden administration plans to give eligible Americans an additional $ 1,400, which exceeds their total second-round payments to $ 2,000, an amount backed by Democrats and incumbent President Donald Trump.
“An additional $ 1,400 per person in direct checks will help hard-hit households cover their expenses, spend money on local businesses in their communities and boost the economy,” the team said. Biden in a statement.
Trump urged lawmakers to increase the check from $ 600 to $ 2,000 when Congress passed the last aid bill in December, but met resistance from Republicans who are reluctant to increase the national debt .
IRS FACES FRIDAY DEADLINE TO SEND $ 600 IN ECONOMIC IMPACT PAYMENTS
Biden’s comprehensive package, which also includes expanded unemployment benefits, an aggressive vaccination plan and a federal minimum wage hike, is expected to cost around $ 1.9 trillion.
Democrats could potentially pass some of the measures without the support of Republicans via the expedited budget reconciliation process, which requires a simple majority.
The eligibility conditions for the stimulus check were not specifically detailed – although the qualification was extended to adult dependents.
If the criteria remain the same as the current cycle, people earning up to $ 75,000, or $ 150,000 for married couples, would be eligible. Beyond these income thresholds, payments began to disappear at a rate of $ 5 per $ 100 of additional income.
Individuals earning over $ 87,000 and married couples earning over $ 174,000 are not eligible.
CLICK HERE TO LEARN MORE ABOUT FOX BUSINESS
Meanwhile, the IRS could face issues sending the checks as it nears the start of the 2021 filing season later this month.
Lawmakers included a Friday deadline in December legislation for the IRS to send payments of $ 600 to allow the tax agency to focus on reporting season.
As previously reported by FOX Business, the National Taxpayer Advocate has warned that challenges related to the pandemic will affect both the IRS and taxpayers through 2021, as the agency still had millions of returns it did. had not yet processed since the last reporting season.
LEARN MORE ABOUT FOX BUSINESS BY CLICKING HERE