Second Stimulus Check: How Much Would a New IRS Payment Give You?

by Hunter Miller

Millions of Americans continue to wonder if the government plans to give out a second stimulus check. Many lawmakers and politicians have shared their ideas on the situation at this point. However, no final decision has been made.

According to Senator Majority Leader Mitch McConnell, answers to questions about the second stimulus bill will come sooner than later. While speaking at an event in Kentucky, McConnell addressed the issue. “We’ll come together behind [another stimulus] package,”the senator said. “All of that will be revealed in the next week or two.”

Congress approved the first stimulus payment back in March. The $3 trillion bill sent all qualifying recipients up to $1,200, with a maximum of $6,000 for families. According to White House economic advisor Larry Kudlow, the second stimulus check may likely be smaller than the first, Fox Business reports.

In recent weeks, Majority Leader McConnell indicated there may be a $1 trillion cap on the second stimulus package. House Speaker Nancy Pelosi believes says the amount seems insufficient. “A trillion dollars is, OK, that’s an interesting starting point, but it doesn’t come anywhere near,” Pelosi said on July 9, according to CNET.

Speaker Pelosi continued by adding: “We need $1 trillion for state and local [assistance]. We need another $1 trillion for unemployment insurance and direct payments. We need something like that, but probably not as much, for the [coronavirus] testing, tracing, treatment,” she said. “What doesn’t measure up is, ‘Oh, it can only be a trillion dollars.'”

In contrast to Speaker Pelosi’s statements, McConnell says the next stimulus payment won’t surpass the amount of the first. “I can’t tell you what the amount is likely to be at this point, but it won’t be $3 trillion,” he said.

Second Stimulus Check: Likely Possibilities

Leaders in Washington are reportedly discussing a number of options. Check out the most likely scenarios below:

  1. Individuals may receive nothing as stimulus efforts could focus on tax breaks for businesses.
  2. Qualifying ndividuals may receive an amount less than $1,200.
  3. An amount more than the proposed Heroes Act, as referenced by President Trump on July 1.
  4. A collection of economists recommend $2,000 “Emergency Money” until the economy recovers.
  5. Sen. Kamala Harris proposes a $2,000 monthly payment through the end of the pandemic.
  6. Rep. Ro Khanna proposes $2,000 a month for up to a year.
  7. The US Travel Association proposed a $4,000 temporary travel tax credit.
  8. Vice President Mike Pence proposed a payroll tax cut.

While these are the options reportedly up for discussion, no final decisions passed through both houses of Congress yet.

[H/T CNET]

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