On Monday, President Donald Trump floated around hints regarding the next stimulus package. The President stated that the package would be released in the following weeks — also “very generous.”
Here's the exchange that went between President Donald Trump and Joe St. George during an interview:
Joe St. George: I have a lot of viewers in Florida, Ohio, Wisconsin, Michigan— who are still struggling economically.
Joe St. George: Sir, they spent all of that for a stimulus check— are you gonna get them a second stimulus check?
President Donald Trump: Yeah, we are— we had this going better than anybody's ever seen before. We had the best job numbers, the best economics, the best economy we've ever had— and then we had the virus come in from China. And now we're rebuilding it again. We will be doing another stimulus package. It'll be very good, it'll be very generous.
Joe St. George: How much?
President Donald Trump: You'll find out about it. You'll find out.
Joe St. George: When are you gonna do it? When are you gonna announce?
President Donald Trump: I think over the next couple of weeks from now.
The complete details have yet to reach the public-surface, whether the second round of stimulus checks are on the works for the Americans, or whether President Donald Trump's administration will commence another stimulus bill that may include checks.
The White House press office, when requested for clarification, replied by delivering the transcript of the interview, according to Forbes.
“President Trump has signaled his openness to the idea of more checks before, as has the White House, though he has been more enthusiastic about the prospect of a payroll tax cut to prop up the labor market instead,” Forbes stated.
The House has already approved a bill that calls for a stimulus check, just like the one available in the Cares Act (a $1,200 check for adults and as many as three dependent children). This indicates a family of 2 adults and 3 children would be eligible for a $6,000 stimulus check. But the price tag is hefty: $3 trillion.
However, the bill may not be approved by the Republican-controlled Senate, where Mitch McConnell seeks to reduce the amount to 1 trillion dollars. It is anticipated that the two opposing sides will renew negotiations in the coming weeks.
Under the Cares Act, Americans qualify for payments up to $1,200, but that amount reduced for those with an adjusted gross income higher than $75,000 a year.
The $1,200 payment declined by 5% of every dollar above $75,000, or $50 for every $1,000.
The benefit didn't apply for Americans with wages over $99,000.
Married couples with combined incomes up to $150,000 only got $2,400, subject to the same phase-out that applies to individuals. The payments were completely phased out for couples generating $198,000 or more. Families also got $500 per dependent child under the age of 16.
About 120 million U.S. taxpayers qualified for direct payments from the federal government under the bill, according to an analysis by one think tank.