Biden Compromises on Stimulus Checks
If you were counting on a $1,400. stimulus check, you might be disappointed. If you are single and made more than $80,000 or filed jointly and earned more than $160,000 you will get zilch, according to a compromise Joe Biden agreed to today.
Under the new proposal blessed by Mr. Biden, individuals earning more than $80,000 and households with incomes exceeding $160,000 would be disqualified from receiving stimulus checks. The caps are $20,000 lower than they were in the last round, wiping out payments for millions of Americans.
The plan would send $1,400 checks to individuals earning up to $75,000, single parents with children earning $112,500 and couples making $150,000, with the amount gradually falling for people with larger incomes.
Between 8 and 12 million people who received past stimulus checks are expected not to received this new round. [More...]
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