Second Stimulus Check: Will Retirees Be Left Out of Second Payments?

by Hunter Miller

Even though seniors and retirees might be the most at risk for the coronavirus, the government may not be giving them a second stimulus check. The latest reports on a potential second payment indicate that lawmakers may set the income threshold as low as $40,000.

The average income for seniors is $44,992, according to The Motley Fool. This means many could miss the cut for a second stimulus check.

Politicians such as Senate Majority Leader Mitch McConnell mentioned the $40,000 cap multiple times in recent weeks. “I think the people who have been hit the hardest are people who make about $40,000 a year or less,” he said.

On Monday, the United States Senate returned from a two-week recess. The lawmakers continued crafting a virus aid package. McConnell’s office is writing the legislation, according to the Associated Press.

In March, Congress passed the Cares Act. The legislation included a one-time $1,200 stimulus check for adults. However, Congress set the threshold at $75,000 for single taxpayers and $150,000 for joint taxpayers.

The Latest on a Second Stimulus Check

In contrast to previous reports, McConnell may consider a higher income threshold. The price tag on the next bill could swell over $1 trillion. The proposed bill is a counter-offer to Speaker Nancy Pelosi’s $3 trillion House-passed plan.

According to the AP, McConnell’s package sends direct cash payments to Americans possibly below $75,000. Other aspects of the bill include small business loans and a five-year liability shield against what he calls a potential “epidemic” of COVID-19 lawsuits.

President Trump’s hopes for the next bill aren’t popular with all Republicans. The President wants a full repeal of the 15.3% payroll tax. According to experts, this alone would cost $600 billion. GOP leaders reportedly voiced support for only a partial payroll tax cut.

Furthermore, President Trump reportedly doesn’t support the amount of funding for new coronavirus testing in McConnell’s proposal.

The deadline to pass the bill is July 31.

[H/T Pop Culture]