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]
