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The Senate Stimulus Bill is referred to as the Republican version. The Senate has a rule that any bill requires 60% approval to pass. Therefore, the Senate which is Republican lead, is meeting with Democrats to craft a bill that can pass.
The current Senate version is different than many facebook posts. The Senate has changed several previsions that were a problem.
The Coronavirus Aid, Relief, and Economic Security (CARES) Act, or the “phase three” coronavirus bill, includes, as of now, cash measures totaling $301 billion per the Tax Foundation.
This new Senate version is simple. Adults get $1200 each and $500 for children upto $75,000 single, $112,500 for heads of household, and $150,000 for married couples filing jointly. Over these amounts a phase out occurs at $5/$100 salary to $99,000 for singles and $198,000 for couples no children.
The Senate eliminated the minimum income requirement and there is no phase in amount which paid the middle class more than the poor. All this is gone. These were the major Democratic rightful complaints. For example, the poor elderly living only on social security and not required to file a tax return where not going to receive a payment. The very poor who also did not file tax returns would not of received a payment. The Senate solved both of these problems by directly using Federal Agency figures.
- The current version gets money to all poor Americans. Before is only covered 80%. The change covers 100% of the poor including the elderly only on social security.
- Older Americans on Social Security without tax filing will have their SS benefits calculated directly from the SS administration. The same for the poor though Federal agency.
- The 2019 income tax form is used unless it has not been filed Then the 2018 is used. At one point, the Senate was going to allow people to choose which one to use, but that would delay and complicate the process.
- The Tax filing and tax payment deadline is now July 15. All penalties are waved till then.
- The Senate version is what is called a one off check. A check for the full amount is paid at one time. Treasury Sec. Mnuchin had asked for two installments. The Democrats want two installments. But, the total amount would still be the negotiated amount just split into two payments. For example the total is $1200 with it paid in two $600 payments about 4 to 6 weeks apart. The Democrats have pushed for a higher amount around $2000. Not a bad idea but paid in two installment of $1000 each. The one check does not mean there is no more stimulus payments, just that Congress, the Senate and the House, has to agree on an additional one. It is not authorized at this time. The Senate version wants to wait and see if more is needed before it is authorized and how much is needed whether more or less than $1200, not unreasonable.
- The House version , called the Democratic version, is facing criticism from many sources since Speaker Pelosi decided Monday morning to include money for progressive issues in the Democratic Version. This includes billions for Green initiatives, Planned Parenthood, and others non-Covid19 projects. And the real head scratcher, $35 MILLION for the Kennedy Center for the Arts in Washington DC. These all maybe good or bad programs but none involve CoVid19 crisis. This is why many are attacking Pelosi and her ilk defending the items. It is just wrong at this time of crisis when the nation needs to come together, that a party would use it for their private agendas. Wrong is Wrong and it is Wrong too profit in a time of crisis.
- This is the same as the gentleman who brought 17,000 bottles of hand sanitizer and attempted to profit from selling it on-line. Society pressured stopped him. Society, ie social media, needs to do the same to Pelosi. Both D and R need to unite to stop this obvious wrong.
The Senate version and the House version will go to a joint committee made up of members of both parties and both chambers. This version is then voted on by both chambers , with the Republican controlled Senate (52%) needing 60% to pass and the Democratic controlled House just 50%.