Biden agrees to new cap on stimulus checks, axing funds for earners over $80K

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President Biden has agreed to lower the income cap for stimulus checks as part of his $1.9 trillion COVID-19 relief bill, The Post has learned.

The new limits sharply curtail eligibility for the checks and mean that people who earn more than $80,000 per year won’t be eligible for a share of the checks up to $1,400.

A Democratic source said that Biden signed off on a push from more moderate party members, who are influential in the evenly split Senate, to phase out the relief.

Adults who earn less than $75,000 per year will still get the full $1,400.

But rather than a sliding scale for earners between $75,000 and $100,000, smaller checks will only go to people earning up to $80,000.

People who earn more than $80,000 will get nothing under the Biden-approved plan, the source said.

For joint filers, the phase-out begins at $150,000 and ends at $160,000. A “head of household” category for parents begins a phase out at $112,500 and ends at $120,000.

The White House did not immediately respond to a request for comment.

The Senate is expected to pass the relief package this week over Republican objections that it is wasteful and poorly targeted to the pandemic.

A $400 weekly unemployment insurance supplement is expected to remain unchanged in the bill through August.

For parents, the bill also authorizes a $3,600 annual tax credit per child under age 6 and $3,000 per child up to age 17. Those funds also are phased out for earners over $75,000 or joint filers above $150,000. A family of four earning less than $150,000 could bank more than $14,000 from the bill, according to an analysis from CNBC.

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