This week Democratic candidates won both runoff races in Georgia and took control of the US Senate. This marks a sea change in Washington and potentially the financial life of Americans.
For the first time in more than a decade, with Democrats in control of the White House and Congress, President-Elect Joe Biden’s legislative agenda will face less opposition. The laws and provisions have to be seen in the coming months.
Another round of incentive payment
At the end of last year, the House passed a bill to increase incentive payments from $ 600 per adult to $ 600 per adult for individuals with adjusted gross income under $ 75,000. Eventually the Republican-controlled Senate faced opposition to large checks, and the law ran out of time. As of January 7, the Internal Revenue Service had sent approximately $ 129 billion in $ 600 payments.
The change in control of the Senate means that a new calculus will come to bear. On Wednesday, Sen. Chuck Schumer, headed to be the new majority leader in the Senate, said that one of the first steps taken by Democrats is to authorize the $ 2,000 payment.
If Congress authorizes an incentive payment of $ 2,000 per adult and dependent, many upper-income families have not received money in the last two rounds of payments, calculating details that shrink payments as income increases. Partial payment due to