NEW Stimulus Package Proposal: Retroactive $2,000/Month Checks May 8th

We have some exciting news in the republican-controlled senate today.

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We have a proposal in the senate for monthly $2000 recurring stimulus checks in the senate right now. This bill would make retroactive payments all the way back to march so that means if its passed in June you may receive a check of up to $8,000 for the months between march and june, and then $2,000 thereafter until the crisis is over.

This payment would last until 3 months after the department of health and human services declares the health emergency is over which frankly, lets be honest, that might take a while, like a year or two.

Funds are not taxable - just a tax credit!

There are some income stipulations. If you earn an AGI under $100k as individual, $150K as head of household and $200k as married, you will receive the full amount. There is a phaseout as your income exceeds these numbers.

Now if you have a family or children your numbers are gonna be different

Each dependent would receive an additional $2k dollars, up to 3 dependents. So a family of 2 adults and 3 children would receive up to $10k per month, and possibly a retroactive check of $40,000.

Lets get into the income based phaseout. The phaseout is 10% so for every $1000 over the AGI income limit, your benefit would be reduced by $100.
If you're single and you make over $120,000, you won’t receive anything,
If you're head of household with one child/dependent and you make over $190,000, you won’t receive anything. This phasout cap goes up by $20,000 for every additional child.

If you're married with no children and you make over $240,000, you won’t receive anything. For every additional dependent you have this, phaseout cap goes up by $20,000
Married with one dependent - $260K
Married with two dependents - $280K
Married with 3 dependents - $300K - which is cutoff since you cant claim anymore than 3 dependents

The AGI used to determine these limits is based on youre 2019 tax return, if you haven’t filed that then its based on your $2018 tax return.

There is a provision in the bill prohibiting debt collectors from collecting on debt owed by the individual receiving the stimulus. This was a problem with the previous stimulus bill.

There is no detail on child support AT THIS TIME.

This stimulus bill would solve a lot of issues for example, the mortgage forbearance problem and rent cancellation as well as widespread unemployment.

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Видео NEW Stimulus Package Proposal: Retroactive $2,000/Month Checks May 8th канала Ian Seabrook