It may be months before a vaccine against the COVID-19 virus is available to everyone. But it may be just a month or so before most people get their
It may be months before a vaccine against the COVID-19 virus is available to everyone. But it may be just a month or so before most people get their prescription renewed for a second round of recovery rebates. Well, that’s assuming that Republicans and Democrats can iron out their differences on unemployment insurance, aid to states and localities, increased business deductions for three-martini lunches, among other contentious issues.
Most likely, those second round of payments will have the same basic structure as the recovery rebates (rebranded last spring as the economic impact payments) authorized by the Coronavirus Aid, Relief, and Economic Security (CARES) Act: up to $1,200 for a single person and as much as $2,400 for a married couple. And people probably will still be eligible for the full rebate if their income is below $75,000 (or $150,000 if married), with the amounts gradually phasing out as income rises above those thresholds.
But average payments to recipients could be higher than under the CARES Act: $60 more if the rebates in this week’s Senate Republican bill—the Health, Economic Assistance, Liability Protection, and Schools (HEALS) Act—are enacted or $410 more if the final bill instead includes the rebates from the Health and Economic Recovery Omnibus Emergency Solutions (HEROES) Act, which was passed by the House in May.
Why the increase? Lawmakers in…