New Family-Focused Stimulus Check Plan Introduced by Four Republican Senators
The proposal from Senators Cassidy, Daines, Romney and Rubio would provide $1,000 payments to all American citizens, regardless of age or dependent status.
There's a new stimulus check proposal on the table. This one is coming from four Republican senators: Sens. Cassidy (La.), Daines (Mont.), Romney (Utah), and Rubio (Fla.). They want the next stimulus check payments to focus on families, because other federal relief measures, such as enhanced unemployment benefits, are not adjusted for family size. So, their plan is to send a $1,000 stimulus payment to all American citizens equally, regardless of age or dependent status. That means money will be available for families with adult dependents, including those with disabilities or college students.
Like the first-round payments under the CARES Act, the proposed second-round stimulus checks would be reduced for people with a higher income. If you're single, married but filing a separate tax return, or a qualifying widow(er), the phase-out would kick in if your adjusted gross income (AGI) is above $75,000. If you're a head-of-household filer, the AGI threshold would be $112,500. If you're married filing a joint tax return, it would be $150,000.
The senators' stimulus check proposal is structured like the CARES Act plan in other ways, too. For instance, nonresident aliens would not get a check. Anyone who could be claimed as a dependent on someone else's tax return would not get one, either (although the person who claims them as a dependent would get an extra $1,000). You would also have to have a Social Security number to receive a payment.
Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
To illustrate the focus on families, the senators note that a mom and dad with two dependent children would get $4,000 under their plan (assuming there was no phase-out). Under the CARES Act, that same family only got $3,400. A single parent with two children would get $3,000 under the senators' plan, while that family only got $2,200 under the CARES Act. And so on, and so on.
Rocky Mengle was a Senior Tax Editor for Kiplinger from October 2018 to January 2023 with more than 20 years of experience covering federal and state tax developments. Before coming to Kiplinger, Rocky worked for Wolters Kluwer Tax & Accounting, and Kleinrock Publishing, where he provided breaking news and guidance for CPAs, tax attorneys, and other tax professionals. He has also been quoted as an expert by USA Today, Forbes, U.S. News & World Report, Reuters, Accounting Today, and other media outlets. Rocky holds a law degree from the University of Connecticut and a B.A. in History from Salisbury University.
-
Starbucks BOGO and New Sweet and Spicy Drinks
For a limited time, Starbucks is announcing four new "swicy" drinks that are both spicy and sweet.
By Kathryn Pomroy Published
-
Stock Market Today: Dow Slips After Travelers' Earnings Miss
The property and casualty insurer posted a bottom-line miss as catastrophe losses spiked.
By Karee Venema Published
-
'Instant' EV Tax Credits Are a Hit: $580M Paid This Year
EV Credits Claiming federal electric vehicle tax credits at the point of sale is a new and popular option in 2024.
By Kelley R. Taylor Last updated
-
Retirees Face Significant Tax Bills Due to Fraud
Fraud A new report sheds light on how older adult scam victims end up with big tax bills and lost retirement savings.
By Kelley R. Taylor Last updated
-
Tax Day: Is the Post Office Open Late?
Tax Filing Tax Day means some people need to mail their federal income tax returns.
By Kelley R. Taylor Published
-
High Earners: Beware of These Illegal Schemes to Lower Taxes
Tax Schemes The IRS says high-income filers are targets for several illegal tax schemes.
By Katelyn Washington Last updated
-
Mailing Your Tax Return This Year? What to Know Before You Do
Tax Filing There are plenty of reasons not to mail your tax return this year, but here’s what you should know if you are.
By Katelyn Washington Last updated
-
IRS Warning: Beware of Smishing and 'Helper' Tax Scams
Scams Tax season is a time to look out for email and text message scams.
By Kelley R. Taylor Last updated
-
Most Expensive States to Live in for Homeowners
Property Taxes High property tax bills make the places on this list the most expensive states for homeowners to live in.
By Katelyn Washington Last updated
-
Don’t Miss This $2,500 Tax Break for Paying Your Student Loan
Tax Deductions Do you qualify for the student loan interest deduction this year?
By Katelyn Washington Last updated