GOP Coronavirus Stimulus Plan Would Give $1,200 to Individuals, Couples Receive $2,400

By  //  March 19, 2020

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Plus $500 payments for each child

ABOVE VIDEO: McConnell’s coronavirus stimulus plan would provide payments of $1,200 per person and $2,400 for couples.

(FOX NEWS) – Saying lawmakers “need to take bold and swift action as soon as possible,” Senate Majority Leader Mitch McConnell on Thursday introduced legislation to provide as much as $1,200 per person and $2,400 per couple in the U.S. amid the coronavirus outbreak and skyrocketing jobless claims.

The draft legislation, obtained by Fox News, would provide minimum payments of $600, and aid would be phased down at adjusted gross income thresholds of $75,000 for individuals and $150,000 per couple. Additionally, there would be $500 payments for each child.

The rebate amount is slated to then be reduced by $5 for each $100 a taxpayer’s income exceeds the legislation’s threshold. The amount is therefore reduced to zero for single taxpayers with incomes exceeding $99,000 and $198,000 for joint filers.

The IRS would determine income based on taxpayers’ 2018 tax returns, or 2019 tax returns in cases where there is no 2018 return — a provision that The Federalist’s Sean Davis called “idiotic,” given that many “jobs or businesses disappeared within the last month.”

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