Democrats on the House Ways and Means Committee, which is responsible for $900 billion or nearly half of Biden’s overall plan, laid out its framework ahead of markup, which will begin on Wednesday.
One notable part of the House Committee plan was the income thresholds for the economic impact payments.
Sen. Joe Manchin, D-W.Va., along with Sen. Susan Collins, R-Maine, passed an amendment last week to COVID-19 relief that would prevent the $1,400 in direct checks in Biden’s proposal from going to “upper-income taxpayers.”
That amendment is ultimately symbolic and nonbinding and does not specify at what level a person qualifies as upper income.
Here’s the details on the phase out income range for stimulus checks by tax filing status:
|Tax Filing Status||Stimulus Check||Phase Out Income Range|
|Head of Household||$1,400||$112,000-$150,000|
The phase out range is based on the person’s Adjusted Gross Income. The low end of the range is when the stimulus check amount begins to shrink. At the high end of the range, the checks are reduced to $0.
The details in the House outline include how dependents will be handled and how they will determine the AGI:
The proposal by the Ways and Means Committee, which plans to vote on it by week’s end, would also expand tax credits for families with children, for lower-earning people and for Americans who buy health insurance on marketplaces created by former President Barack Obama’s Affordable Care Act. It would also provide health care subsidies for some unemployed workers.
Spending by Ways and Means, one of Congress’ most powerful committees, is expected to exceed $900 billion, nearly half of Biden’s overall plan. The House Education and Labor Committee also previewed its plans on Monday, a roughly $350 billion package that includes $130 billion to help schools reopen safely, $40 billion for colleges battered by the pandemic and gradually raising the federal minimum wage to $15 an hour.
Top Democrats hope the House will approve the complete bill later this month and send a final House-Senate version to Biden for his signature before mid-March, when crucial emergency unemployment benefits will otherwise expire.
The Associated Press contributed to this report.