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IPFS News Link • Economy - Economics USA

Senate Lowers Cutoff For Covid Stimulus Checks To $80,000

•, by Tyler Durden

As Politico notes, the decision, which speeds up the phasing out of checks, reflects a demand from moderates to curb the ability of high-income earners to receive the stimulus payments.

Under the agreement, individuals who make up to $75,000 per year or couples who make up to $150,000 per year will still receive a $1,400 check. But the Senate bill, which as we noted earlier will be unveiled as soon as later today, substantially reduces the income window for receiving a partial check: Compared to $100,000 under the House bill the checks will now phase out completely at an income threshold of $80,000 for individuals under the Senate deal. For couples, the checks would phase out completely at an income threshold of $160,000 under the Senate deal, compared to $200,000 for the House bill. The phase-outs will start at $75,000 and $150,000 respectively.

This, as Breaking911 calculates, means that "stimulus checks will now go out to fewer people than under Trump"

While the Senate bill changes the checks, it's expected to keep the House-passed $400 per week unemployment payment, with payments scheduled to last until August.According to report, there had been a push by centrist Democrat Sen. Joe Manchin - who has emerged as the most powerful man in the Senate - to lower the payments to $300 per week, but the idea sparked broad opposition in the Senate Democratic Caucus.