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A bill proposed by Senate Majority Leader Mitch McConnell, R-Ky., calls for sending checks of $1,200 to $2,400 to most Americans as a result of the economic damage stemming from the coronavirus outbreak.
Based on the language of the bill, most Social Security recipients should be covered.
But whether that will help or hurt seniors depends on the fine print of the legislation, which lawmakers are still wrestling with on Capitol Hill.
First, the measure calculates how much you receive from the government based on your 2018 tax return. And while that calls for $1,200 for individuals and $2,400 for those who are married and filing jointly, it can vary.
If your tax bill is below $600 as an individual, you get $600. If your tax liability is above $1,200, it would be capped at $1,200….