With the possibility of third stimulus checks looming, the question is, are you qualified to receive it or not? Now that the income limits have been set and announced for the latest stimulus checks, it is good news for most middle earners as they are still eligible to receive the relief payments.
Democrats proposed stimulus checks to fewer Americans
The news that there will be no change in the salary threshold requirements from that of the Trump administration to the existing one for stimulus checks might sound like a no-news story, but it's not.
A few weeks ago, the Democrats proposed offering checks to fewer people, which had several opponents angrily claiming that they had already reneged on their pledge to give out $2,000 stimulus checks.
And while the $2,000 independent checks have still not become a reality, the $1,400 stimulus checks are happening, and the good news is that the requirements for receiving them have not changed.
Republican "moderates" and a couple of centrist Democrats had wanted to lower the salary threshold from $75,000 to $50,000, from which the gain would begin to phase out. The net result of this move will give less than 29 million people the money for no good cause, breaking a pledge to voters.
The Biden administration suggested that this kind of reform was "open to negotiate," which is a bad policy, as Bernie Sanders pointed out on Twitter, it is bad politics.
Unbelievable. There are some Dems who want to lower the income eligibility for direct payments from $75,000 to $50,000 for individuals, and $150,000 to $100,000 for couples. In other words, working class people who got checks from Trump would not get them from Biden. Brilliant!
— Bernie Sanders (@BernieSanders) February 7, 2021
According to Fatherly on MSN, Sanders and the party's left-wing unsurprisingly threw a fit, and their attempts held the thresholds used for the first two rounds of stimulus payments intact in the new plan.
But while most people are likely to get the same amount of cash they did under Trump, the Democrats have lowered the overall money that can be made to gain any cash at all.
Read also: Americans Argue They Might Not Qualify for $1,400 Stimulus Checks; 'Targeted Attack' on Middle Class
Sanders says anyone earning $75,000 should get full payment
U.S. Senator Bernie Sanders, the new chairman of the Senate Budget Committee, will form the final $1.9 trillion coronavirus stimulus bill, as per NJ.com.
On Sunday, Sanders said the $1,400 direct payments should go to Americans who earn $75,000 or less.
Sanders opposed plans to allocate the total payments to anyone making $50,000, which was part of a strategy to avoid getting a share of the revenue from wealthier taxpayers. Checks could flow to households earning $300,000 or more under the initial plan.
The senator said the requirements for people should be $75,000 and $150,000 for married couples, much as President Donald Trump signed into law during the first two rounds of stimulus checks. Those making less than $100,000 and couples making less than $200,000 have earned lower revenue-based benefits.
"It's also a bit absurd, from a political perspective, that under Trump, these people would get the benefit, but under [President Joe] Biden, who is fighting hard for this country's working class, they wouldn't get that full benefit," Sanders said.
A budget resolution to start a legislative procedure known as reconciliation was approved last week by Congress, which would avoid a Senate boycott and encourage Democrats without any Republican support to approve the stimulus bill.
Although Biden has spoken of working on the bill with Republicans, Sen. Bill Cassidy, R-Louisiana, said that was not the case, citing the President's disapproval of the alternative $618 billion budget package proposed by him and nine other Republicans in the Senate. Biden said it was too small.
Senate Republicans have confirmed that, with overwhelming bipartisan support, the previous stimulus proposals were approved. But it came after GOP senators sought and failed to pass their bills without any Democratic objectives.
Since the House passed the $2 trillion-dollar stimulus measures, Republicans still could not compromise with congressional Democrats.
Read also: Pelosi Claims $1,400 Third Stimulus Check To Pass Before February Ends
Stimulus checks should go to Americans who put them to savings
The proposed third round of stimulus checks should be allocated to Americans even though the funds will not be automatically invested back into the economy by any of those who receive the payments, experts say.
Republicans and some liberal Democrats have proposed lowering the payment amount or decreasing the income level to $50,000 or less for people to earn benefits.
According to Newsweek on MSN, arguments regarding the greater volume and higher tax threshold have also claimed that more individuals who earn the benefit will either invest the money or use it instead of using it to pay loans, apparently defeating the immediate purpose of stimulating the economy.
However, multiple economists refute the idea that not instantly investing the money would work against the stimulus plan, arguing that the economy would eventually feel the effects.
