House Democrats on Monday introduced a bill that rejected a plan by some Senate Democrats to limit the eligibility for the next round of stimulus payments, The Washington Post reports.
House Ways and Means Chairman Richard Neal introduced a bill that would send $1,400 payments to all individuals earning up to $75,000 per year and couples making up to $150,000 per year.
The bill comes as centrist Democrats like West Virginia Sen. Joe Manchin push to limit the income eligibility to $50,000 per person. Treasury Secretary Janet Yellen has suggested settling at a $60,000 income cap.
Under the House proposal, payments would shrink to those making over $75,000 and those making over $100,000 would not receive any payment.
The income will be based on 2019 or 2020 income tax returns.
New child income tax credit:
The House Democratic plan also includes a new child income tax credit that would offer $250 per child between 6 and 17 and $300 per child under 6.
The payments would phase out to singles earning over $75,000 per year or couples earning over $150,000 per year.
The bill would also increase subsidies to those receiving insurance through Obamacare for two years.
“Our nation is struggling, the virus is still not contained, and the American people are counting on Congress to meet this moment with bold, immediate action,” Neal said in a statement.
How long to extend unemployment?
The proposal, which would raise the federal minimum wage, provide funds to cash-strapped cities and states, fund school reopening, and help small businesses, would also extend federal unemployment benefits and increase them to $400 per week through August.
Senate Finance Chairman Ron Wyden said the unemployment benefits should be extended through September.
“[I] am going to work to find a resolution that preserves both relief payments and jobless,” Wyden said. “We can do both.”
