The U.S. President indicated that it is time to think “big”.
President Joe Biden appears to have allied himself with the stance of more progressive Democratic Party leaders and social Democrat Bernie Sanders by stating his inclination to maintain the $75,000 and $150,000 thresholds as a requirement to receive the full $1,400 stimulus check amount.
In a meeting with business leaders in the Oval Office this week, Biden answered in the affirmative when asked if he supported the above calculation.
He added, “I think we’re in a position to think big.”
The Democrat’s remarks add weight to the idea of following the same eligibility guidelines of the previous stimulus laws under which the $1,200 and $600 payments were distributed, respectively.
Under previous statutes, individuals filing tax returns with the Internal Revenue Service (IRS) with adjusted gross incomes up to $75,000 and up to $150,000 for married couples filing jointly would receive the full payment.
For taxpayers reporting income above those amounts, the payment amount is reduced by $5 for every $100 above the $75,000 and $150,000 thresholds.
Individual filers with incomes above $99,000 and those reporting combined incomes of $198,000 with no children are not eligible.
It is unclear whether lawmakers will include additional provisions so that the gradual reduction of the payment to zero is not spread as far out, but that possibility is also circulating in press reports.
Yesterday, Wednesday, the House Ways and Means Committee began drafting the section of the bill that would include the $1,400 payments, as well as the weekly extension of the additional $400 unemployment assistance.
Other committees are doing the same with the sections of the bill that fall under their jurisdiction, as a previous step to present the final proposal that must come down to a vote in both the House and the Senate.
Meanwhile, committee chairman Richard Neal presented on Monday a bill that could serve as the basis for the drafting of the third stimulus check. The bill maintains the $75,000 and $150,000 thresholds.