After nearly two months of stalled talks between Democrats and the White House, representatives from both sides have finally resumed negotiations regarding a new stimulus package that includes a second direct payment of $ 1200.
This week, Democrats presented a new reduced version of the HEROES Act that they introduced in May and that at the time was not accepted by Republicans. Included in this updated bill is a second $ 1,200 stimulus check, which would be primarily for low and middle-income families, according to CBS.
This new HEROES Act will give checks to people who meet the same requirements that were taken into account in the CARES Act but also proposes giving money to more people than the first round of direct payments.
Taking these additions into account, if this law is passed, the following people would receive a stimulus check:
1. Individual taxpayers with income up to $ 75,000 would receive $ 1,200.
2. Head of household with incomes up to $ 112,500 would receive $ 1200
3. Married taxpayers with income up to $ 150,000 would receive $ 2,400.
Stimulus payments shrink by $ 5 for every $ 100 over the limit as income rises and vanish completely above certain thresholds: $ 198,000 in AGI for taxpayers filing a joint return, $ 136,500 for taxpayers filing as head of household, and $ 99,000 for all others.
4. These groups would also be given an additional $ 500 for each qualifying dependent they have.
It should be noted that, in the case of dependents, in the first stimulus check only children under 17 years of age received payments of $ 500, but now full-time students who are still dependent on their Parents and are younger than 24 and adult dependents also would be eligible for those $ 500 payments.
In other words, in this renewed HEROES Act, all dependents, regardless of their age, will receive the extra $ 500.
5. Another change Democrats are seeking is to make taxpayers with Taxpayer Identification Numbers and not just Social Security numbers eligible to receive the money.
6. Americans married to ITIN immigrants and their US-born children would also qualify to receive the payment.
These US citizens had previously been left out.