President Biden has agreed to reduce the income cap for incentive checks as part of a $ 1.9 trillion COVID-19 relief bill, The Post has confirmed.
The new limits curb eligibility for fast checks and this means that those who earn more than $ 80,000 per year will not be eligible for a share of checks up to $ 1,400.
A Democratic source said Biden made a push to relieve more liberal party members, who are influential in the equally divided Senate.
Adults earning less than $ 75,000 per year will still receive the full $ 1,400.
But instead of a sliding scale for earners between $ 75,000 and $ 100,000, smaller checks will only go to people earning up to $ 80,000.
The source said that people earning more than $ 80,000 will get nothing under the Biden-approved plan.
For joint filers, the phase-out starts at $ 150,000 and ends at $ 160,000. The “Head of Household” category for parents starts at one stage at $ 112,500 and ends at $ 120,000.
The White House did not immediately respond to a request for comment.
Democrats gave the change mixed reviews ahead of what was expected to be a marathon series of amendment votes.
Sen. Michael Bennett (D-Colo.) Said, “I think this is a reasonable way to bring it to a successful conclusion.”
Sen. Debbie Stabenow (D-Mix) said, “Shortening the stage, I think it’s a fair compromise.”
But Sen. Maria Kentwell (D-Wash) said she had doubts. “I think the package was originally designed, it’s good to go,” she said.
The House passed the bill last week and will have to ratify the changes. Other changes were forced by a Senate lawmaker who ruled the upper chamber, which included a $ 15 federal minimum wage, $ 140 million for the California Rail Project, or $ 1.5 million for the Seaway International Bridge between Massway, New York and Canada. Were not included. Those items were included in the House version.
The Senate hopes to pass a relief package this week over Republican objections that it is useless and poorly targeted for the epidemic.
The $ 400 weekly unemployment insurance supplement bill is expected to remain unchanged and last through August.
For parents, the bill entitles a $ 3,600 annual tax credit per child under age 6 and $ 3,000 per child until age 17. Those funds also earn $ 150,000 plus $ 75,000, or for joint filers. A family of four with incomes below $ 150,000 can bank more than $ 14,000 per bill Analysis from CNBC.
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