Biden blocks $1,400 stimulus checks for 16 millions Americans after tightening income eligibility

(FOX BUSINESS) – More than 16 million Americans will no longer qualify for a third stimulus check under stricter eligibility parameters endorsed this week by President Biden.

That's according to a preliminary analysis published by the left-leaning Institute on Taxation and Economic Policy, which found that a plan by moderate Democrats to curtail benefits for higher-income earners will cut off cash payments for roughly 11.8 million adults and 4.6 million children.

Under the latest proposal, Americans earning $75,000 or less would still receive the fully promised $1,400 payment. But the checks would phase out faster for individuals at higher income levels than in the version passed Saturday by House Democrats, with individuals making $80,000 a year or more and couples making $160,000 a year, or higher, no longer qualifying for the money.

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