The IRS is in “a better position” to send out stimulus checks. But if an agreement isn’t made by Friday, Americans will wait for a second check.

The IRS is in “a better position” to send out stimulus checks. But if an agreement isn’t made by Friday, Americans will wait for a second check.

The IRS is in “a better position” to send out stimulus checks in August than the agency was in April, according to union representatives for the IRS. 
Chad Hooper, national president of the Professional Managers Association, which counts IRS managers among its members,  told CNBC on Tuesday that the Friday deadline is key to getting checks out this month: “The infrastructure is already in place to administer such a payment,” he said. 
That timeliness is key, given that the first round of economic relief measures — like a $600 unemployment supplement — expired at the end of July, while some 16.3 million Americans remain without jobs.  
Earlier this week, Treasury Secretary Steve Mnuchin said “if we can get a fair deal, we’re willing to do it this week,” when asked about a stimulus plan during an interview with CNBC. However, lawmakers appear to still be deadlocked after more than two weeks of negotiations. 
While both parties want another $1,200 check going to eligible Americans, the rest of their stimulus plans hang in the balance, especially points having to do with unemployment benefits. 
Eligibility for the second check will likely be the same as the first, with those making $75,000 and under receiving the full amount, and a reduced amount going to those who are making between the $75,000-$99,000. Those who have make more than $99,000 will not be receiving a check. 
Right now, Republicans are standing by the HEALS Act, which reduces unemployment benefits from $600 to $200 for thr first two months. After that, the plan will move to 70% wage replacement. Democrats, meanwhile, have proposed the HEROS Act, which keeps the $600 unemployment benefit in place until 2021. 
“We are looking at middle class income tax cuts and capital gains tax cuts to spur investment and jobs and liquidity,” White House economic adviser Larry Kudlow told reporters Wednesday of the ongoing negotiations.” We’ve been looking at that. Those things surfaced a while back. In another era we used to call them tax cuts 2.0. The president has never lost those thoughts. He is a tax cutter in direct contrast to the Biden team, which are tax raisers.”

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