On Thursday, Senate Republicans unveiled a $1 trillion economic stimulus plan intended to deliver critical aid to businesses and the American public. Here are some of the potential highlights from online reports:
- One-time payment of $1,200 to individuals who reported less than $75,000 on their 2018 tax returns (would not be available to those with adjusted gross incomes above $99,000; additional limitations will apply based on Adjusted Gross Income levels).
- One-time payment of $2,400 to married couples who filed taxes jointly and made less than $150,000 based on their 2018 tax returns (would not be available to those with joint incomes of more than $198,000; additional limitations will apply based on Adjusted Gross Income levels).
- An additional $500 for every dependent child. Certain limitations may potentially apply.
Americans with at least $2,500 of qualified income, but who do not earn enough to pay income tax, would receive a smaller benefit of $600 ($1,200 for couples filing jointly). Subject to certain limitations.
Again, this legislation is still pending. We’ll keep you apprised of further updates. Contact Cg for more information.