Some families could receive up to $14,000 in Dems' stimulus bill
Some families could receive a windfall through the nearly $2T proposal
Congressional Democrats are plowing ahead with passing a nearly $2 trillion coronavirus relief bill that could provide a substantial financial boost to some American families.
The aid package includes a fresh round of stimulus checks worth $1,400 for individuals earning less than $75,000, and a major expansion of the long-standing Child Tax Credit. Between those two provisions, some American families could receive as much as $14,000, according to Ed Mills, a Washington policy analyst at Raymond James.
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Under legislation the House is poised to pass Friday evening, most American parents would receive $3,000 a year for every child ages 6 to 17 and $3,600 a year for every child under age 6. Families are normally entitled to up to $2,000 annually in refundable tax credits per child, an amount that was doubled by Republicans in 2017 with the passage of the Tax Cuts and Jobs Act.
The fully promised $1,400 cash payment would go to any individual earning $75,000 (or couples earning less than $150,000), as well as their dependents. The checks would phase out faster than previous rounds, cutting off individuals who earn more than $100,000 and couples earning more than $200,000.
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In an analysis published this week, Mills laid out how a family could receive up to $14,000: A family of four earning less than $150,000 will receive $5,600 -- $1,400 per person -- under the proposed legislation, on top of the $2,400 they received through the relief bill that Congress passed in December. That would bring their total stimulus payments to $8,000, Mills said.
That family could then receive between $6,000 and $7,200 under the revamped Child Tax Credit, which would be paid out in monthly sums beginning in July.
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"This support from the federal government is not offset by any tax increases, as it has the goal of stimulating the economy," Mills wrote. "We are in the middle of a new fiscal experiment, aimed at targeting support toward the bottom portion of the K-shaped recovery."