The proposal is part of Phase Three of federal coronavirus relief funding, according to the Senate Finance Committee website.
Senate Finance Committee Chairman Chuck Grassley, R-Iowa, along with Senate Majority Whip John Thune, R-S.D., among other top Senate Republicans, released tax policy recommendations Wednesday for the “Phase 3” congressional response to the economic impact of the coronavirus.
“Preventing the spread of the coronavirus will take a financial toll on individuals, families and businesses,” said Grassley. “These recommendations would blunt the impact for most Americans and limit the damage to the U.S. economy. We can contain this deadly virus without destroying livelihoods or the nation’s economy. These recommendations take bold steps to curb the economic fallout as we work as a country to contain this pandemic. These recommendations won’t be the end of the congressional response to the coronavirus.”
As chairman of the Finance Cmte 2day I introduced legis to send checks of $1200 to most taxpayers+an extra $500 for every child. We can combat coronavirus & protect our economy/working families at the same time. Dems should join us & pass ASAP!
— ChuckGrassley (@ChuckGrassley) March 19, 2020
Sen. Thune also noted in the press release Thursday, that the federal government can demonstrate “that it can take swift and bold action to help blunt the effects the coronavirus is having on workers and our economy. Every day in this fight is critical, which is why I support this effort that would provide additional relief to American families and small businesses upended by this collective and unseen enemy. While this won’t solve all of the problems our nation is facing overnight, cash payments to middle- and low-income families will provide direct support as quickly as possible. The time to act is now.”
Read the full proposal here.
The Senate is not going anywhere until we act. Senate Republicans are here and ready to work with our Democratic colleagues and the Administration to get results as soon as possible.
Let’s get this done for the country. https://t.co/E8ZSyDrISN
— Leader McConnell (@senatemajldr) March 19, 2020
NBC News reports the proposal will offer $1,200 per individual and $2,400 per couple filing jointly for those making $75,000 or less. For those earning between $75,000-$99,000, it scales down from $1,200.
Those earning $99,000 or more would not receive federal funding as part of the cash payment proposal.
The plan would also add $500 per child in order to support families, especially with schools and colleges moving to an online format.
NEW: Senate GOP direct cash payment proposal as part of Phase III of coronavirus relief funding:
• $75k and under: $1,200 for individual, $2,400 for couple filing jointly
• $75k-99k: scales down from $1,200
• $99k+: no payments
• Adds $500 per child
Based on 2018 tax return
— NBC News (@NBCNews) March 19, 2020