In the Senate one of the stumbling blocks for a package of measures to support the population in connection with the 2019 coronavirus-nCoV is the direct payment of money to the Americans and their families by the Federal government, reports Fox News.
Hundreds of pages of the bill are the details on who can count on getting money and how this will require time.
Who has the right
The bill clarifies that everyone has the right to receive support, except for foreigners (non-residents) and those who can be used for further transfer of money to third parties.
“The elderly, veterans, the unemployed and Americans with low incomes also would be eligible,” said Wednesday, March 25, the Chairman of the Senate Finance Committee Chuck Grassley.
In the text of the bill says: to get money, persons who are required to file a tax return for the 2018 or 2019 because of social benefits, can provide information from the Form SSA-1099 (Statement to receive social security benefits) or Form RRB-1099.
The people filing the Declaration individually
Those who submit their tax returns as individuals, have the right to receive up to $1200 from the state. But this amount becomes less than for people whose income is more than $75 thousand a year. The bill says that payment is reduced by 5% of each dollar in excess of this mark, or $50 dollars for every $1000 in excess of $75 thousand.
Ultimately, this means that for people earning more than $75 thousand, the amount of compensation is smaller, the higher their earnings. And for those who earn $99 thousand or more, it decreases to zero.
The people filing the joint return
Couples filing a joint return are entitled to compensation up to $2400 plus an additional $500 per child. However, this amount is reduced for couples whose income is more than $150 thousand per year. The amount of compensation is reduced by 5% for every dollar above this level.
This means that the more people earn, the less money they will receive. This amount is reduced to zero for filing the joint return if they earn $198 thousand or more and have no children.
Persons seeking a Declaration as heads of households
Filing the Declaration as heads of households are eligible for payments up to $1200 and this amount increases by $500 for each child. But it will be less for people whose income is more than $112 million per year, although the degree of reduction of the payments, of course, depends on how many children they have.
Income will be taken into account on tax returns of people for 2019, but if they have not filed a Declaration this year, it will be considered Declaration for 2018.
When and how will people get the money
Payments under the bill will be made as fast as possible and not later than 31 December 2020. They will be carried out by direct money transfer to the account of the person specified for the tax refund or Federal payment in return for 2018 or 2019.
A notification will be sent to the last known address of the person within 15 days from the moment of transfer of money. There will be information about the method and amount of payment and phone number where you can call if you have not received the money.
As reported ForumDaily:
The Senate approved an unprecedented package of economic assistance of $2.2 trillion, which will go to business, workers and systems of health affected by the pandemic coronavirus.
The bill was supported unanimously, despite concerns on both sides, that the measures proposed were too ambitious or, on the contrary, not ambitious enough.
The vote was preceded by several days of negotiations amid a national crisis that Washington had not previously encountered.
The 880-page document is the draft law on economic assistance in U.S. history.