New @TaxFoundation estimates on the distribution of the modified stimulus design proposed in the Senate with lower income thresholds.
The change would reduce the cost by $15 to $20 billion and at least 6.5 million fewer filers would receive a partial payment.
The change would reduce the cost by $15 to $20 billion and at least 6.5 million fewer filers would receive a partial payment.
The @TaxFoundation estimate for the House proposal projects ~93 percent of filers receiving payment, compared to about 89 percent of filers under the Senate proposal. taxfoundation.org/ways-and-means…
The proposal would reduce the maximum income for receiving any payment from $150K to $80K for single filers, $200K to $160K for joint filers, and $150,000 to $120,000 for Head of Household filers.
As others have pointed out, these phase-outs create large implicit marginal tax rates, ranging from 28 percent for single filer to 56 percent for a HOH filer w/ 2 dependents.
Add in payroll tax, income tax, and phased-out tax credits, and the marginal rate could reach 100%.
Add in payroll tax, income tax, and phased-out tax credits, and the marginal rate could reach 100%.
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