Is a $2,000 second stimulus check still possible? Yes…although it's not likely. Even though President Trump signed a massive COVID relief and government funding bill that authorizes $600 second-round stimulus checks, Democrats are still pushing for $2,000 payments. In fact, the House of Representatives, which is controlled by Democrats, just passed a bill – the CASH Act of 2020 – that would increase the amount of your second stimulus check from $600 to $2,000 – and do more.
Perhaps the most surprising aspect of this round of political wrangling over stimulus checks is that President Trump and congressional Democrats are actually on the same side. Both want to increase the second stimulus check amount to $2,000, and Democrats didn't renew their efforts to seek the higher amount until after the president objected to the $600 payments in the COVID relief bill. They say politics makes strange bedfellows, and this is a good example of that. Now we'll have to see if Republicans in the Senate will jump on the bandwagon.
[Stay on top of all the new stimulus bill developments – Sign up for the Kiplinger Today E-Newsletter. It's FREE!]
Stimulus Checks for Dependents
In addition to stimulus check base amount of $600 per eligible person, the COVID relief bill already signed into law provides an additional $600 for each child in your family who is 16 years of age or younger. If enacted, the CASH Act would boost the extra per-child amount to $2,000. So, for example, a family of four would get an $8,000 second stimulus check instead of a $2,400 payment.
Plus, more families would receive the extra amount under the House bill. The COVID relief bill only permits additional payments for children age 16 and younger. However, the CASH Act would also tack on an additional amount for older children, elderly parents living with you, or anyone else who you support and can claim as a dependent on your tax return.
The House bill would also retroactively amend the law authorizing the first round of stimulus checks (the CARES Act) so that all dependents would qualify for the extra $500 payments allowed for children age 16 and younger. As a result, if the CASH Act is enacted, families with dependents who didn't get a first-round additional payment would
What Will Senate Republicans Do?
We know there are some Republican senators who support higher second stimulus check amounts. Sen. Josh Hawley (R-Mo.), for example, teamed up with Sen. Bernie Sanders (I-Vt.) to push for $2,000 second stimulus checks before Congress passed the COVID relief bill. Sen. Lindsey Graham (R-S.C.) has also expressed support for $2,000 checks. Constituents who are struggling financially because of the pandemic could also pressure Republican senators to get on board. Plus, let's not forget that President Trump is also behind the effort, which may be enough to trigger a vote for larger payments by some Republican senators.
However, at this point, conventional wisdom says that the CASH Act will die in the Senate. So far, Majority Leader Mitch McConnell (R-Ky.) and most of his Republican colleagues have remained silent of late on the idea of increasing the $600 checks to $2,000. This is interpreted as a lack of support for the House bill. The price tag for increased payments is the main concern.
The situation is fluid, though – so stay tuned. We'll report any new developments as they occur. In the meantime, you can find more information about the $600 second stimulus checks already authorized by the COVID relief bill at Your Second Stimulus Check: How Much? When? And Other FAQs.
"payment" - Google News
December 29, 2020 at 06:01AM
https://ift.tt/3mXVRLv
Second Stimulus Check Update: House Passes Bill for $2,000 Payments - Kiplinger's Personal Finance
"payment" - Google News
https://ift.tt/3bV4HFe
https://ift.tt/2VYfp89
Bagikan Berita Ini
0 Response to "Second Stimulus Check Update: House Passes Bill for $2,000 Payments - Kiplinger's Personal Finance"
Post a Comment