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The idea of a digital dollar fueling emergency payments to Americans is moot. House Democrats have removed all mention of a “digital dollar” and a “digital wallet” in the latest version of its counterproposal to the senate relief package, reversing an earlier draft that included a new digital payment strategy.
The 1,404-page revamped proposal, Take Responsibility for Workers and Families Act, has removed former references to a digital dollar.
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A previous version outlined a plan to use a digital dollar that would have been maintained by the central banking system, sending relief funds to eligible US residents via a digital wallet in an effort to mitigate the economic fallout from the coronavirus
According to the current draft, US residents would receive $1,500 per person, plus $1,500 per child.
“Economic Assistance Amount
For purposes of this section, the term ‘economic assistance amount’ means, with respect to any taxpayer for any taxable year, the sum of
(1) $1,500 ($3,000 in the case of a joint return), plus
(2) $1,500 multiplied by the number of qualifying children (within the meaning of section 24(c)) of the taxpayer for such taxable year (not in excess of 3 such children).”
Recipients reaching $150,000, $112,500 and $75,000 thresholds for a joint return, head of household and all other cases, respectively, would be expected to repay the funds.
Meanwhile Democrats and Republicans are still working on a comprehensive emergency package worth upwards of $1.5 trillion. The developing bill comprises a number of proposals including individual cash payments and emergency funds for hard hit industries such as hospitals, airports and public transportation.
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