Our Senate Majority Leader Mitch McConnell (R-KY) introduced a bill for the next phase of the coronavirus (COVID-19) stimulus. This bill if passed would create the criteria and amount of the stimulus given to individual Americans.  Talking about going big, it certainly looks like they are.

The bill’s text states that the U.S. Treasury will provide:

  • $1,200.00 to individual Americans making less than $75,000 a year
  • $500.00 per child

That would mean that a family of four in which the parents make less than $75,000 each would receive a check or deposit in the amount of $3,400.00

The amount of the check/deposit is reduced by $5 for every $100 a person earns over $75,000. 

Anyone who makes over $99,000.00 will receive nothing.

All of the income levels, marital status, and number of children will be based on your 2018 tax filings.

This bill if passed would also:

  1. Extend the April 15 tax filing date to July 15.
  2. Allow all individuals to postpone estimated tax payments due from the date of enactment until Oct. 15, 2020.
  3. Waive the 10% early withdrawal penalty for distributions up to $100,000 from qualified retirement accounts for coronavirus-related purposes.

Remember this is the text of a bill that must be voted on and passed but it does give us a sense of the numbers they are talking about.  Senator McConnell did pledge that the Senate will not return to their home states until the new legislation is passed.  He said:

"We need to take bold and swift action as soon as possible...The Senate is not going anywhere until we take action."

It certainly sounds bold to me.

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