The $1,200 payout for individuals who made less than $75,000 from the first stimulus will be matched in next week’s plan, as will the $2,400 joint filing for couples who made under $150,000.
An additional $500 will be available for each child in a household.
While the exact language has to be worked out, if the second stimulus check is the same as the first, this is how it will be structured.
It would give an advance on a refundable tax credit of $1,200 to qualifying Americans plus an additional $500 for dependent children under 17 years old.
The qualification is income-based:
- Single filers who earn less than $75,000 a year will get the full benefit. Those who earn more will see their check reduced by 5% of the amount they earn over $75,000.
- Joint filers who earn less than $150,000 a year will get the full benefit. Those who earn more will see their check reduced by 5% of the amount they earn over $150,000.