The Trump administration proposed mailing out checks of up to $1,000 to American adults to quickly pump hundreds of billions of dollars into the economy, which is being negatively impacted by coronavirus. Here’s how they could do it:
WASHINGTON - As the coronavirus threatens to push the global economy into recession, the Trump administration is rolling out an unusual idea: handing out free money.
The payments were directly deposited into bank accounts by the U.S. Internal Revenue Service to taxpayers who filed their taxes electronically, or came as paper checks to other taxpayers. Individuals who didn’t make enough to pay federal taxes still had to file an IRS statement that year to get a payment.
Advocates say it would have a more immediate effect than other proposals, such as a payroll tax cut, because the government could get money into peoples’ hands within a matter of months and those dollars would quickly circulate back into the economy. It might be too soon to consider direct payments, as it is not yet clear how the coronavirus will affect the economy, some economists say. While airlines and restaurants are likely to be hard hit, Amazon.com Inc announced on Monday that it plans to hire 100,000 workers to deal with a surge of home delivery orders, and it could take months for the Federal Reserve’s aggressive monetary response to have an impact.
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