the coronavirus crisis
Senate Republicans unveiled their proposal for sending out cash to Americans amid the COVID-19 coronavirus outbreak, but as is, a large number wouldn't receive the full amounts.
Under the economic stimulus plan released Thursday, payments of up to $1,200 would be sent out to individuals and $2,400 to married couples, though the amount phases out for single filers making $75,000 a year and joint filers making $150,000 a year. But The Wall Street Journal notes that "individuals need to have qualifying income of at least $2,500 or income tax liability to get the minimum payment of $600." This is based on their 2018 tax return.
Looking at IRS data, economist Kyle Pomerleau estimates that about 64 million filers who earn less than $50,000 won't get the full rebate amount of $1,200 or $2,400, as "for a single filer, income must be at least about $23k to get the full $1,200," and "for married couple filing jointly, AGI must be about $47k to get the full $2,400," he writes.
The Journal notes, though, that some senators from both parties are dissatisfied with this aspect of the plan. Sen. Josh Hawley (R-Mo.) said Thursday, "Relief to families in this emergency shouldn't be regressive. Lower-income families shouldn't be penalized." Sen. Mitt Romney (R-Utah) voiced a similar concern, tweeting that "the current bill has promise but it shouldn't give lower earners smaller checks." Romney earlier this week proposed sending a $1,000 check to all American adults.
Senate Majority Leader Mitch McConnell (R-Ky.), Politico reports, is aiming for an agreement on the stimulus bill by Friday evening and for it to be passed by Monday.