Senate Majority Leader Mitch McConnell (R-KY) has introduced legislation to send checks to Americans to provide financial aid as the coronavirus puts millions out of work, find out how much you could get based on the size of your family; plus, 4 senators sold off millions of dollars after classified warning of coronavirus outbreak, and the majority of Americans now approve of President Donald Trump’s handling of the coronavirus pandemic.
McConnell coronavirus stimulus plan would pay Americans $1200 per person, $2400 per couple
Senate Majority Leader Mitch McConnell (R-KY) introduced legislation on Thursday that seeks to provide financial support of $1200 per person and $2400 per couple in the US due to income loss caused by the coronavirus outbreak.
Additionally, there will be $500 payments for each child.
The aid would phase down according to adjusted gross income levels, with a threshold of $75,000 for individuals and $50,000 per couple. The minimum payment is set at $600.
A rebate is also included, which will be reduced by $5 for each $100 of the taxpayer’s income that exceeds the legislations threshold.
Therefore, the amount would be reduced to zero for single taxpayers whose incomes exceed $99,000 or $198,000 for joint filers.
The IRS will determine income based on a taxpayer’s 2018 tax returns, or 2019 tax return in cases where there is no 2018 tax return.
Social Security retirement benefits, as well as certain compensation and pension benefits paid to veterans, are all considered qualifying income.
Feinstein and 3 Senators sold off millions in stocks before coronavirus crash
Four US senators, including Dianne Feinstein (D-CA), Jim Inhofe (R-OK), Kelly Loeffler (R-GA), and Richard Burr (R-NC), each sold off stocks amounting to millions of dollars within days following a classified Senate briefing on January 24 in which administration officials were warned of the threat of the coronavirus outbreak by the Senate Health and Foreign Relations committees, according to reports.
Questions are now being raised whether the action taken by the senators violated the STOCK Act, a law banning members of Congress from making financial trades based on information not available to the public.
Senator Feinstein and her husband sold at least $500,000 of stock in California biotech company Allogene Therapeutics, but various reports estimate the amount to be much higher, between $1.5 million and $6 million, between Jan. 31 and Feb. 18, according to a NY Times report.
Senator Loeffler and her husband sold off at between $1.2-3.1 million of stock altogether, according to various reports.
Both Feinstein and Loeffler are deflecting to their husbands, alleging they have no involvement in the financial decisions made by their spouses.
Various reports estimate that Senator Burr sold off roughly between $1.5 million of stocks in February, according to NPR.
Estimates place Inhofe’s stock selloffs between $628,000 and 1.72 million.
Poll: Majority of Americans approve of Trump’s management of coronavirus crisis
The latest ABC/Ipsos poll released today found that 55% of Americans approve of the way President Donald Trump is managing the public health crisis created by the coronavirus outbreak.
It marks a 12% rise from a similar poll published last week. In Friday’s poll, the number of Americans who disapproved of how President Trump is managing the crisis was 43%.