Fewer People May Qualify for the $1,400 Stimulus Payments

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After promising another round of stimulus payments worth $1,400 to many Americans, President Joe Biden has reportedly signaled that he is open to restricting the number of people who would receive them, based on their income.

Democrats are reportedly considering sending the $1,400 payments to individuals earning up to $50,000, and $2,800 to married couples earning up to $100,000 (plus $1,400 per child), according to The Washington Post. That’s a decrease from the first and second round of checks, which started phasing out at $75,000 for individuals and $150,000 for couples.

Meanwhile, Republicans have proposed sending $1,000 checks to individuals earning up to $40,000 per year ($80,000 for couples), phasing out completely at $50,000.

The Democrats’ plan is not public yet, so many details are not available, including what year the income requirements would be based on.

While 85% of Americans qualify for a payment under the earlier income threshold, according to The Washington Post, 71% qualify when it is decreased to the $50,000 limitation.

Biden and many Democrats believe a third round of payments is needed to help cash-strapped families pay their bills and other expenses. But some have said a more targeted approach would get the money to families most in need.

www.cnbc.com/2021/02/04/fewer-people-may-qualify-for-the-1400-dollar-stimulus-payments-heres-why.html

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