Pelosi relief bill includes $880B in tax breaks, according to congressional scorekeeper
by Jay Heflin
| May 15, 2020 12:40 PM
Tax provisions contained in the HEROES Act House Democrats are expected to pass Friday would cost more than $880 billion over the next 10 years, according to the congressional tax scorekeeper, the Joint Committee on Taxation.
Accounting for nearly half of this cost is the $1,200 rebate payments to individuals, which will set federal government coffers back $412 billion.
The measure provides a $1,200 refundable tax credit for each family member that shall be paid out in advance payments. The bill increased the tax rebate for children from the last round of relief in the CARES Act, from $500 to $1,200, for up to three children. In other words, a family of five could get a rebate of as much as $6,000.
The credit phases out starting at $75,000 of taxable income for individuals, $112,500 for head of household filers, and $150,000 for joint filers. The bulk of all taxpayers will receive this payment. Of the roughly 170 million tax returns filed in 2019, 522 million have taxable income below $200,000, and 92 million had no tax liability at all, according to the JCT.
more
https://www.washingtonexaminer.com/news/pelosi-relief-bill-includes-880b-in-tax-breaks-according-to-congressional-scorekeeper
