Saying lawmakers “need to take bold and swift action as soon as possible,” 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 and skyrocketing jobless claims.
The draft legislation, obtained by Fox News, would provide minimum payments of $600 for those with no federal tax liability, and aid would be phased down at adjusted gross 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 then 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 would determine income based on taxpayers’ 2018 tax returns, or 2019 tax returns in cases where there is no 2018 return — a provision that The Federalist’s Sean Davis called “idiotic,” given that many “jobs or businesses disappeared within the last month.”
Qualifying income includes earned income, as well as Social Security retirement benefits and certain compensation and pension benefits paid to veterans. This approach “ensures relief gets to low-income seniors and disabled veterans” as well, top Republicans said in their summary of the legislation. – READ MORE
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