On Friday, the IRS and Treasury sent the last, capping off a (here’s ). But even before the deadline hit, new details of a potential were already on ‘s lips. If Biden gets his way, some important could change — including more than double the .
If Biden’s plan passes as is stimulus check proposal (PDF) would approve a payment of up to $1,400 per, not the $2,000 as many had thought. The idea would be to”raise” the $600 second stimulus check maximum to $2,000, when combining the per-person payment maximums. Biden’s also includes a $400 .
Biden’s stimulus proposal is the first step toward a third stimulus payment during the nation’s unrelenting, one that could see strong opposition to its passage (more on that below). It also raises a tremendous number of questions about the timeline for sending the checks; would go toward dependents this time; if it would include more ; and if would be counted in the final bill. Here’s what we know so far.
Why would the check be for $1,400 instead of $2,000?
Ironically, President Donald Trump — who wasand faces his — set when he initially delayed signing and demanded to raise the $600 ceiling on the .
“We will finish the job of getting $2,000 in cash relief to people who need it most,” Biden said Jan. 14 in a press conference. “Even for people who have kept their jobs, getting this check is really important,” noting that workers who worry about job security or getting sick would gain peace of mind, and could also immediately spend the money on food and rent. “$2,000 is going to go a long way to ease that pain,” he said.
We can’t say for certain why Biden chose $1,400 as the maximum instead of $2,000, but there has been opposition to a $2,000 stimulus payment. Combined with the $600 check that went out, a full $,2000 maximum would bring a combined total of up to $2,600 per person, without calculating in dependents. If Biden is trying to keep the proposal below $2 trillion, a larger stimulus check could push hisover the threshold.
How soon could a $1,400 stimulus check be approved?
Biden didn’t indicate when he would attempt to push through his, and it isn’t clear if the IRS would automatically send checks to recipients as they , or if the money would be wrapped up into a that everyone who doesn’t get a their second check will have to claim as part of filing for taxes.
2 proposed changes to stimulus check qualifications
Biden proposes two changes that have been popular among Democratic lawmakers:
A mixed status household refers to households with one or more people who are not US citizens, for example, if the parents are not US citizens, but their children, who were born in the US, are. The second stimulus checks.
What could stand in the way of a $1,400 third stimulus check?
There’s already pushback from Democrats in more ways than one. With, opposition from just one Democratic senator could sink the party’s hopes for a large third stimulus check.
“$2,000 means $2,000. $2,000 does not mean $1,400,″ Alexandria Ocasio-Cortez said Thursday to The Washington Post, referring to Biden’s earlier and repeated commitment to a $2,000 stimulus check.
On the other end of the spectrum, Sen. Joe Manchin, a centrist Democrat from West Virginia, expressed concern multiple times about the cost of a third stimulus check and suggested the financial aid could be better focused on those most in need of the money.
“How is the money that we invest now going to help us best to get jobs back and get people employed? And I can’t tell you that sending another check out is gonna do that to a person that’s “open” to hearing President-elect Joe Biden’s case for a larger stimulus check, but prioritizes .,” Manchin said Jan. 8, later reportedly indicating he was
Many Republicans are expected to object to a new, high-priced stimulus package, especially one with that could more than. With a soon-to-be , Schumer is counting on pushing the legislation through, especially with incoming Vice President-elect Kamala Harris set to act as a tiebreaker.
A third stimulus check could deliver more money multiple ways
A larger maximum total per person is the obvious way your household would see more money from a third check than from the second, but there’s more to it than that. Since the upper limit for the, with an extra , the way , more people hit the upper income limit for receiving a second payment, which means they at all.
A third stimulus check could:
Here are other ways ain your pocket.
For more information, here’s other funding that could be in the, how to and .