WASHINGTON, D.C. (KNWA/KFTA) — Senator Tom Cotton (R-Ark.) is proposing a coronavirus response plan that would cut tax-rebate checks of $1000 to “low- and middle-income Americans.”
The plan would apply to every adult tax-filer making less than $100,000 per year, along with an additional $500 for each claimed dependent. Married couples filing jointly that make less than $200,000 per year would be eligible for a $2000 tax-rebate check.
Eligible filers would still receive full rebate checks regardless of tax liability, Cotton says.
“Americans who lose shifts or business during the virus emergency will need our help to make ends meet. We ought to rush checks to working- and middle-class Americans and have it in their mailbox in a matter of days, not weeks. The federal government has done this before to shore up the economy, in 2001 and 2008,” the senator said in a release on Tuesday.
The three-pronged plan also calls for expanded eligibility and suspension of certain requirements for existing federal assistance programs, including Temporary Assistance for Needy Families (TANF) and Unemployment Insurance (UI).
These changes would expire at the end of the crisis, according to the proposed plan.
Cotton’s plan would also increase the cap on small-business disaster loans, up from $2 million to $20 million and grant low-interest loans to businesses immediately.
You can read the full text of Cotton’s Coronavirus Response Plan here.