See Who’d Be Eligible For Coronavirus Checks Under Senate GOP Plan
(The direct payments to many Americans would be means-tested based on their income)
Under the plan, the details of which were revealed on the Senate floor by Majority Leader Mitch McConnell, R-Ky., individuals making up to $75,000 annually would be eligible for a $1,200 check from the federal government.
The cash would be delivered in a one-time payment. President Donald Trump and Secretary of the Treasury Steven Mnuchin had in recent days pushed for Americans to get two payments.
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Married couples who file their taxes jointly would have to make less than $150,000 to qualify for their payment, which would be $2,400.
From there, according to McConnell’s proposal, the payments would decrease. For individuals, the sum of the payment would fall by $5 for each $100 earned over $75,000.
For married couples earning more than $150,000, the payment would also decline gradually, and it would phase out completely for couples making more than $198,000, according to the plan.
The checks, however, would reduce to $600 (or $1,200 for married couples) for taxpayers who have little or no income tax liability but have at least $2,500 in qualifying income, according to a GOP summary of the plan.
“These recommendations would blunt the impact for most Americans and limit the damage to the U.S. economy,” Senate Finance Committee Chairman Chuck Grassley, R-Iowa, said in a statement. “These recommendations won’t be the end of the congressional response to the coronavirus.”
The income levels the government would review to make the cash payout determinations would be based on 2018 tax returns, McConnell said.
The direct cash payment proposal is part of a broader stimulus package to combat the economic effects of the coronavirus pandemic.