The big issue is whether eligibility for the $1,400 EIP#3 will be based on 2019 income, 2020 income, or maybe 2018 for the 7 million whose 2019 returns are still being processed. And then, for those who don't receive it, will it be added to the rebate recovery credit for 2020 -- which IRS could compute, once the return is processed -- or for 2021.
There's precedent for excluding part of unemployment benefits. I think the amount was $2,400, back in 2009. But pay no attention to the headline grabbers, who should just stick with their committee work. Not only would it mess up IRS, but many states that use federal AGI as a starting point for taxable income.
The sense of the Senate was that taxpayers with "higher incomes" should not receive EIP#3, but of course none of the people making $174K a year wanted to define that amount. The number $300K was thrown around, and I thought, where have they come anywhere close to that? But I don't remember how EIP#1 and EIP#2 were computed for families with a dozen kids. Maybe the income cutoff was that high, for them.,
Then there's the guy who invented Obamacare, back when it was promoted by conservatives like the Heritage Foundation, and installed it in Massachusetts. He recently popped up in Utah, promoting universal income for families with children, some or all of to replace EIC and CTC. That's the kind of Marxist Socialism we may see later this year. Unity in the Senate, brought to you by Mittens and Mitt.
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