Update: It will be tied to income. The centerpiece of the Senate Republican proposal — crafted with support from the White House — is a direct payment to qualified Americans of up to $1,200. Married couples could get $2,400. Taxpayers who earn more than $75,000 annually will begin to see that payment reduced by $5 for every $100 they earn over the $75,000 threshold, with those who make more than $99,000 getting nothing. Families with children would get $500 per child, Politico reported.
Graham is opposed. Graham, and like some other Republicans, wants to beef up the unemployment insurance system instead, as well as boosting loans for small businesses.
“I personally think if we’re going help people we ought to direct the cash payments maybe as a supplement to unemployment, not to the people that are still working everyday,” said Senate Appropriations Committee Chairman Richard Shelby (R-Ala.). “Just a blanket cash check to everyone in America who is making $75,000… I don’t know the logic of that. I could see tying it to unemployment, maybe boosting it for people who are going be laid off for a while.”
Oddly, Graham also wants to pass out permanent residency — EB-5 — to Red Chinese and others in this country.
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Original Story
McConnell’s coronavirus stimulus plan would provide payments of $1,200 per person, $2,400 for a couple, but it will be tied to income.
Senate Majority Leader Mitch McConnell on Thursday introduced legislation to provide as much as $1,200 per person and $2,400 per couple in the U.S. amid the coronavirus outbreak.
The draft legislation, obtained by Fox News, would provide minimum payments of $600, and aid would be phased down at income thresholds of $75,000 for individuals and $150,000 per couple. Additionally, there would be $500 payments for each child.
The rebate amount is slated to be reduced by $5 for each $100 a taxpayer’s income exceeds the legislation’s threshold. The amount is therefore reduced to zero for single taxpayers with incomes exceeding $99,000 and $198,000 for joint filers. The IRS will determine income based on taxpayers’ 2018 tax returns.
There are business-related provisions as well, including a delay of employer payroll taxes, a delay of estimated tax payments for corporations, and modifications for net operating losses.
Hopefully, they have a plan for cutting the debt down the road. We are at $23.5 trillion now with a trillion-dollar deficit before the trillion-dollar stimulus.
READ MCCONNELL’S STIMULUS PROPOSAL
McConnell coronavirus stimu… by Fox News on Scribd
Correction: We had to correct this article after publication. The title was misleading.
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