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Coronavirus stimulus checks: How Biden’s and GOP proposals differ

The GOP’s scaled-down $618 billion stimulus plan includes another round of stimulus payments, but the amount and the income thresholds are lower than what President Joe Biden proposed in his $1.9 trillion stimulus package.

Under Biden’s plan, more people would get a stimulus check and the average payment would be higher than the GOP’s plan provides. Almost 95% of tax filers would receive a check under Biden’s plan, with an average payment of $2,273. On the other hand, around 74% of taxpayers would get a payment under the GOP proposal, averaging $982, according to estimates by the Tax Foundation.

Biden’s plan would also be more expensive — costing $465 billion — versus the GOP’s $220 billion price tag for the direct payments.

Under Biden’s stimulus plan, eligible recipients would get a $1,400 payment plus $1,400 for all dependents, while qualifying Americans would receive a $1,000 payment plus $500 for all dependents under the Republican proposal.

Who qualifies for a payment under the Republican plan also differs. Single filers who make up to $40,000 are eligible for the full payment, and those who earn under $50,000 qualify for a reduced check. Under Biden’s plan, single filers who make up to $75,000 qualify for the full payment, while those who earn less than $100,00 get a phased-out payment.

WASHINGTON, DC - APRIL 29: U.S. President Donald Trump's name appears on the coronavirus economic assistance checks that were sent to citizens across the country April 29, 2020 in Washington, DC. The initial 88 million payments totaling nearly $158 billion were sent by the Treasury Department last week as most of the country remains under stay-at-home orders due to the COVID-19 pandemic. (Photo by Chip Somodevilla/Getty Images)
U.S. President Donald Trump’s name appears on the coronavirus economic assistance checks that were sent to citizens across the country April 29, 2020 in Washington, DC. (Photo by Chip Somodevilla/Getty Images)

The bottom 20% of U.S. households would see a bigger lift from Biden’s plan, with an average $2,172 payment boosting their annual after-tax income by 25%. Under the Republican plan, the same group’s income would increase by 15% after receiving a $1,278 average payment.

The top 80% to 90% of U.S. households would get an average payment of $2,456 under Biden’s plan, but just $33 on average under the GOP plan.

https://money.yahoo.com/coronavirus-stimulus-checks-how-biden-and-gop-proposals-differ-175350639.html

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