Republican senators propose $1,000 stimulus checks – CNBC

Sen. Marco Rubio, R-Fla. listens at left as Republican presidential candidate, former Massachusetts Gov. Mitt Romney speaks during a news conference prior to a town hall-style meeting in Aston, Pa., Monday, April 23, 2012.

Jae C. Hong | AP

A second set of stimulus checks could be on the way, but the ink on the deal hasn't dried yet.

On Thursday, a group of Republican senators introduced a bill that would lower the sum the government sends out to $1,000. Previous Republican and Democrat proposals have called for $1,200 checks to adults and $500 to dependents.

Under the terms of the new bill, the $1,000 checks would be sent to all Americans, regardless of their age or dependent status.

The bill is called the Coronavirus Assistance for American Families Act. It was proposed by Sens. Bill Cassidy, R-La.; Steve Daines, R-Mont.; Mitt Romney, R-Utah; and Marco Rubio, R-Fla.

In order to qualify, both adults and dependents would need valid Social Security numbers. Under the bill, a qualifying family of four could potentially receive $4,000 $600 more than they received in the CARES Act.

Unlike the CARES Act, this proposal would include all adult dependents, including college students and individuals with disabilities.

"Much of the burden of the pandemic has fallen on parents and children," Cassidy said in a statement. "This legislation prioritizes their needs by providing resources for school supplies, childcare, and other unexpected expenses."

Single and married taxpayers with no children would receive less compared to the first stimulus checks. Single individuals would get up to $200 less, while married couples would see up to a $400 reduction.

Democrats have also advocated for raising dependent pay with the second round of stimulus checks. The HEROES Act, passed by the House in May, called for $1,200 per dependent for up to three per family. Under that plan, families could receive as much as $6,000 total.

Under this new Republican proposal, the income qualifications would be the same as the first checks. Individuals with income of up to $75,000, heads of households making up to $112,500 and married couples earning up to $150,000 would be eligible for full stipends. Checks would be reduced by 5% for every dollar above those thresholds.

Consequently, the thresholds at which the checks would phase out would be slightly lower than the first round, according to the Tax Foundation. Individuals with income above $95,000 would not receive payments, rather than the $99,000 cut off in the CARES Act. Those who are married and filing jointly would not receive checks for income over $190,000, down from $198,000 in the first round.

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Republican senators propose $1,000 stimulus checks - CNBC