The stimulus check income limit, or third stimulus check eligibility, will determine who does and doesn’t qualify for another round of direct payments from the government.
For a while it seemed a $75,000 income would remain the stimulus check eligibility threshold, meaning anyone who qualified for the first $1,200 check or second $600 check would receive the third one. But lawmakers from both parties have proposed alternative stimulus check income limits, changing who might get payments the next time around.
According to President Joe Biden’s latest plan, single-filers earning up to $75,000 and joint-filers earning up to $150,000 are eligible for a full payments of $1,400 or $2,800, respectively.
Although the newly-inaugurated President will provide a final signature for a forthcoming stimulus bill, lawmakers can introduce their own proposals or modifications for the direct payments portion. Even Treasury Secretary Janet Yellen has chimed in, suggesting a $60,000 income limit for the third stimulus check.
In an interview with CNN’s Jake Tapper (via The Hill,) Yellen said the White House is negotiating with Congress “to define what’s fair” as far as third stimulus check eligibility is concerned.
This comes after Senator Joe Manchin (D-WV), called for a $50,00 per year stimulus check income limit. According to Forbes, Manchin’s proposed threshold is $25,000 per year less than the threshold for the first two stimulus checks.
Meanwhile, Senator Bernie Sanders (D-VT) called suggested income limits like Manchin’s “unbelievable.” In a tweet, the new Senate Budget Committee chairman appears against lowering the eligibility threshold.
Unbelievable. There are some Dems who want to lower the income eligibility for direct payments from $75,000 to $50,000 for individuals, and $150,000 to $100,000 for couples. In other words, working class people who got checks from Trump would not get them from Biden. Brilliant!February 7, 2021
As it stands, several lawmakers are attempting to pass President Joe Biden’s $1.9 trillion package as-is using a budget process that would allow simple majorities to pass spending measures related to stimulus efforts.
House Speaker Nancy Pelosi released a statement last week (via The Washington Post) saying she hopes to see the existing plan passed by the end of February. This places the third stimulus check timeline in March — one year since the pandemic began.