This week, Democratic candidates won both races in Georgia and took control of the U.S. Senate. This marks a maritime change in Washington and potentially the financial life of Americans.
With Democrats controlling the White House and Congress for the first time in more than a decade, President-elect Joe Biden’s legislative agenda will face fewer oppositions. This is what needs to be taken into account in the laws and provisions of the coming months.
Another round of stimulus payments
Late last year, the House passed a bill to increase incentive payments to $ 2,000, compared to $ 600 per adult and per child for people with adjusted gross incomes of less than $ 75,000. Ultimately, the push for greater control faced opposition from the Republican-controlled Senate and legislation ran out of time. As of Jan. 7, the Internal Revenue Service had sent about $ 129 billion in $ 600 payments.
The change of control of the Senate means a new calculation. On Wednesday, Sen. Chuck Schumer, ready to be the new majority leader in the Senate, said one of the first moves Democrats will make is to authorize the $ 2,000 payments.
If Congress authorizes stimulus payments of $ 2,000 per adult and dependents, many higher-income households that have not received money in the previous two rounds of payments could get partial payments because of the details of the calculations that reduce payments to measure. which increase revenue.