Joe Biden launches his presidency with an elixir of approval: $1,400 stimulus checks for all. What’s between that proposed check and your bank account? A lot. Will you get one? And when? Read more.
What’s the situation here?
Last week, Biden proposed the American Rescue Plan aid package, which in addition to direct payments to Americans in the form of $1,400 stimulus checks, includes endless pieces of funding for congressmen to haggle over, such as $30 billion in housing assistance, $20 billion in transit financing and $170 billion in aid for school reopening. But most Americans have their eyes on those $1,400 incentive checks.
How much will my check actually amount to?
The full amount is for people making less than $75,000 (or $150,000 for married couples). If you earn more, you get less. This colorful line diagram from the Tax Authorities (three paragraphs further) helps you to see your situation at a glance.
Is the $1,400 amount final?
Nothing is final! This is America in 2021. Both sides of the aisle are supporting stimulus checks for coronavirus relief, and economic distress is mounting, so the $1,400 checks may hold up well, or they may even go higher: Republicans, including Senator Marco Rubio of Florida, have pushed for $2,000 checks. However, anything can happen.
When will the money come?
Just ask Mitch McConnell, the Senate minority leader after Wednesday. Congress must pass an emergency bill, and McConnell’s track record isn’t one of speed: As the majority leader last year, he repeatedly postponed, even as millions of Americans were financially endangered, sparking an epic nine-month lawsuit for a second one. to provide assistance. stimulus check package.
Why can’t they pass the bill as soon as possible?
Republicans will likely spin to lower the $1.9 trillion price tag, and they have some power here: The bill will likely require 10 Republican votes to pass the Senate. (It takes 60 votes to clear the Senate. After today, Democrats and Republicans will each have 50 seats.) Turning around and negotiating takes time. But unlike last year when the stalemate reigned, the Democrats will now be running the House, Senate and White House, so things will speed up just a little bit, but expect a month or two, not weeks. Then the payment will take a few weeks. Stay tuned.