Estimates for the Senate Democratic Plan (Booker-Bennet-Brown proposal) assume full payments for 2020, meaning $4,500 for each person in a household.
The payments are phased out at a rate of 5 percent of adjusted gross income (AGI) exceeding $180,000 for married couples and $90,000 for unmarried taxpayers.
The Senate GOP plan provides payments of up to $2,400 for married couples and $1,200 for unmarried taxpayers, limited by the taxpayer’s tax liability before taking into account refundable tax credits.
Those too poor to have tax liability of that level may receive credits of up to half those amounts ($1,200/$600) if they have earnings and/or Social Security income or pension income of at least $2,500 or meet other requirements that prevent very poor people from accessing the credit.
An additional $500 per child is also provided for families that meet those requirements.
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 unmarried taxpayers.