Some hopefully helpful updates on how UI forgiveness plan works:
-- Applies to UI benefits in 2020; 21 doesn't count
-- You can file amended return if you've already filed
-- The $150K cut-off is *across filing types* - singles/HOH/joint
-- Cost ~$25B
Plz keep your qs coming
My understanding for the many people asking this question is that you can still file an amended return
Hello everybody. It is a little after midnight. The Senate is currently voting on a plan to cut unemployment benefits so they end July 18. It will pass. However, in a few hours they will take a separate vote to have unemployment benefits end Sept. 6 instead.
Could be sooner than a few hours! But not sure how much sooner
A very tired-sounding Sen. Sherrod Brown (D-Ohio) announces the Portman amendment fails, realizes his mistake and then says it has in fact passed 50-49
Dem aide trumpets agreement "ACCEPTED BY MANCHIN" (caps mine) to approve UI through Sept. 6 at $300/week. Includes tax forgiveness on $10K in UI below $150K annula income
Biden's initial plan: UI at $400 through end of September
Here's how UI unfolded -->
1/ Biden: $400/week through Sept
2/ House Ds: $400/week through August
3/ Senate Deal 1 (early today): $300/week through Sept. + up to $10K in tax forgiveness
Senate Finance Chair Wyden disappointed UI drop to $300, praises extension to first week of Sept -- rather than expiration in August w/ Congress out of session
"Having a cliff in August is a prescription for chaos. Our priority was avoiding that; we have been able to do that"
NEW: Biden-Senate compromise on curtailing stimulus payments results in ~12 million fewer adults & ~5 million fewer children receiving benefit, per @iteptweets analysis
~280 million overall still eligible for payments, ITEP says
Progressives blowback vs Biden-Senate D plan limiting eligibility on $1,400 checks
@AOC: "I dont understand the political or economic wisdom in allowing Trump to give more people relief checks than a Democratic administration. People went far too long without relief last year...
....if anything we should be more generous, not more stingy. It’s also an insensitive compromise for the roughly 80% of Americans that live in urban areas, which are known for higher costs of living"
UPDATE: Some senior Dems are looking at lowering threshold on stimulus payments so they start phasing out above $50K for single taxpayers; $75K for heads of households; & $100K for married couples
Stressing here: Talks fluid, conversations are ongoing
John Friedman: "Targeting stimulus payments to [poorer] households would ... better support households most in need"
@MattBruenig: “This is ... the illusion of targeting ...[and] will end up hurting tens of millions of people who are currently in need but weren’t in 2019.”
Latest we expect on checks, *as of now*, per aides:
-- $600 per adult; $600 per kid
-- No family cap
-- Adult dependents DO qualify, unlike Cares
-- Same phase-out as Cares (diminishes +$75K, ends +$99K)
-- Incorporates Rubio mixed status family bill
*IF* this ends up being right -- For a family of 4 with 2 unemployment parents, that would mean adding $2,400 in checks ($600 x 4) but losing $3,600 in UI ($300 x 6 x 2) -- down $1,200 from Romney-Manchin