National Impact of Tax Rebate Proposal in the CARES Act
The modified Senate GOP plan provides payments of up to $2,400 for married couples and $1,200 for unmarried taxpayers plus $500 for each child under age 17. The payments are phased out at a rate of 5 percent of adjusted gross income (AGI) exceeding $150,000 for married couples and $75,000 for singles and $112,500 for single parents. The modified Senate GOP plan restricts immediate payments to filers and Social Security recipients, meaning some who are eligible for a rebate may not receive it right away. ITEP estimates here assume that everyone eligible for a rebate eventually receives one.
Source:Institute on Taxation and Economic Policy (ITEP) Tax Model, March 2020