Forum Thread

Senate Approves Bill to Fast Track Stimulus Relief Package

Reply to ThreadDisplaying 3 Posts
  • Are you sure you want to delete this post?
        

    The Senate has officially approved the new stimulus relief bill. For the life of me I can't understand why, but the vote came right down the line at 51/50, with VP Harris being the tie-breaking vote. The bill will now go through the congressional committees with the aim of being fully released sometime in March. It's a shame to me that it's taking this long, but at least we're getting somewhere now.

    Another pretty major update from today is the info that there will be a cap on who will be receiving the new stimulus checks. As of now it hasn't been officially announced exactly what the income limit would be that determines who wouldn't get the stimulus check. I think it's a great idea to have that limit in there. The only logical gripe I've heard from anyone that thinks the stimulus checks are a bad idea is that the money would be going to a bunch of people who didn't exactly need it. Even though I understand and largely agree with that, I don't think it should of held up the process as long as it has. It didn't matter in the beginning when everyone got their first stimulus checks.

  • Are you sure you want to delete this post?
        
    I agree with caps as well. Though would be nice if the IRS could make an exception for those that made above cap levels on their last tax returns BUT they suffered significant hardships that now make them eligible. Would mean getting the stimulus as a tax credit so you could prove the financial hardship somehow, but there are those that have been hit hard, like small business owners, that could use the funds. Unless I missed something and that will also be a part of the process?
  • Are you sure you want to delete this post?
        

    It looks like the cap will be the same as prior stimulus checks.

    "The new Democrat plan proposes stimulus payments for individual taxpayers earning up to $75,000 and joint filers making up to $150,000. But whereas the first and second rounds of stimulus payments phased out checks on a sliding scale of $5 for every $100 over the income limit, the new plan cuts off high earners at $100,000 for individuals and $200,000 for couples." - SmartAsset

    I'm ok with that. It's streamlined and focuses on getting money to people who need it the most. My only concern is for the people who had a great 2019 but got hammered in 2020. There were a lot of people who didn't get stimulus checks when they needed it the most because of their 2019 income. I hope Congressional negotiators figure out a way to address that.