Trump is Sending $1200 to Everybody
Updated: Mar 27, 2020
With the United States in the midst of an unprecedented war like none that its ever faced before, the government and the citizens of the U.S struggle to adapt during the COVID-19 pandemic. The Trump Administration, the CDC, the WHO and even local governments struggle to keep the faint heart that is economy beating. Americans all from every walk of life are experiencing an interruption of daily life and activities, many of these disruptions being that of limited or a complete discontinuity of work. Less work in the homes of Americans have brought a halt to the American economy. After weeks of deliberations and proposals of various plans, both President Trump's Administration and Senate Republicans have perhaps landed on a plan to put cash in the hands of the American people.
Sunday afternoon, the Senate released an updated version of the Coronavirus Aid, Relief and Economic Security (CARES) Act. The bill builds upon an earlier version of the CARES Act and is intended to be a third round of federal government support in the wake of the coronavirus public health crisis and associated economic fallout, following the $8.3 billion in public health support passed two weeks ago and the Families First Coronavirus Response Act. The act proposes the dispersement of $1,200 to each adult in a household and the dispersement of $500 per child. However, it has been outlined that benefits will decrease based upon the total annual income per household; benefits will decrease at a rate of $5 for every $100 in additional income over the predetermined tax thresholds. The thresholds start at $75,000 in adjusted gross income for singles, $112,500 for heads of household, and $150,000 for married couples with joint filings; it would phase out entirely by $99,000 for singles and $198,000 for couples (with no children).
The CARES Act is a positive step forward to provide economic relief to individuals and businesses facing hardship or economic ruin due to this crisis. The means of delivery of these funds have yet to be finalized, with Senate Republicans urging payments be sent via mail, and other Senate leaders urging the method of dispersement remain consistent with tax filings of 2019. With the last vote in favor of the implementation of the CARES Act falling significantly short of the minimum required votes to sign into law, it may be a longer wait for financial and economic relief for the American people.