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Democrats plan on a tax overhaul that could generate $800 billion worth of funds that could give Americans two rounds of $1,400 stimulus checks.
A new round of stimulus checks may be coming as Democrats mull over an overhaul on international taxation.
A Democratic plan aimed at partially rolling back former President Donald Trump's 2017 tax law could help the federal government in securing around $800 billion, a tax expert at the American Enterprise Institute Kyle Pomerleau said.
"The international provisions, at most, will raise around $800 billion," Pomerleau told NBC News.
Two Rounds of $1,400 Stimulus Checks?
The figure is enough to fund two rounds of stimulus checks worth $1,400, similar to the checks President Joe Biden sent out under his $1.9 trillion American Rescue Plan.
Under the Democrat's tax overhaul plan, the government will increase taxes on multinational corporations as part of an effort to raise revenue to pay for President Biden's spending proposals, including child allowance, universal pre-k, and tuition-free community college.
"Our draft legislation would generate critical revenue to pay for priorities in Democrats' reconciliation bill, and encourage additional investment in our country and its workers," Senate Finance Committee Chairman Ron Wyden, D-OR, said in a statement, according to The Hill.
Wyden, who was joined by committee members Sherrod Brown, D-OH, and Mark Warner, D-VA, said they hope their tax proposal would gain widespread support from their Democratic colleagues, noting that the proposal would "fix our broken system" of rewarding companies that ship jobs overseas.
Brown, a progressive senator, also said the tax proposal could allow the federal government to invest in American workers and children.
Calls for the fourth round of stimulus payments have steadily earned support from Democratic lawmakers and the general population. A petition posted by Denver restaurant owner Stephanie Bonin in 2020 has earned 2,847,753 signatures and is near hitting its three million goal.
The petition calls for the U.S. Congress to send out $2,000 monthly recurring checks to every American adult and $1,000 recurring payments to every child throughout the COVID-19 pandemic.
Recurring Payments to Eligible Individuals
Rep. Ilhan Omar, D-MN, has also introduced the Sending Unconditional Payments to People Overcoming Resistances to Triumph (SUPPORT) Act, which would send $1,200 monthly recurring checks to eligible adults and $600 for children in guaranteed income.
The SUPPORT Act, which is co-sponsored by Reps. Cori Bush, D-MO, Dwight Evans, D-PA, Jamaal Bowman, D-NY, and Pramila Jayapal, D-CA, would launch a pilot program from 2023 to 2027. Under the pilot program, different communities would receive monthly checks.
Depending on the results of the pilot programs, the SUPPORT Act could begin sending the monthly stimulus checks to Americans earning less than $75,000 per year and heads of households earning less than $112,000 yearly by 2028.
Families with children would also receive an extra $600 per child, including those from the households of undocumented immigrants and people without bank accounts.
Despite the growing calls for the fourth round of stimulus checks, the U.S. government has yet to indicate any plans to propose legislation with measures that would send out another batch of relief payments to Americans who continue to struggle with the economic devastations of the coronavirus pandemic.
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