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Saturday, May 28, 2022

Stimulus Check Update: Americans With An Annual Income Over $21K To Receive More

As informed by the data issued by the Institute on Tax and Economic Policy, most of the citizens have already received a stimulus check worth $3,000. Interestingly, the amount a person would receive is directly dependent on how they have gone out and filed their income taxes. This also justifies how people who had an annual income of over $100,000 per year have been able to get the same amount as citizens with an annual income below $21,300. 

Salary Cap For Stimulus Check Payments

As it stands, this has led to stimulus check payments coming with severe income limits which have negated high earners from receiving cash. The first couple of stimulus payments had payments of up to $1,200 and $600, with the income limit kept up to $99,000 for single people, and a sum of $198,000 for married couples. The third round of payments has set the amount at $1,400- as the Biden administration has conveniently lowered the salary cap. 

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The stimulus check payments were phased out for those singles, whose annual income was more than $80,000, married couples whose annual income was more than $160,000. For heads of households, the income cap was kept at $120,000. Previously, a head of household who earned a lot could make as much stimulus money as a person from the lower level on the income spectrum. It has been reported by the Institute on Tax and Economic Policy that low-income citizens were the ones most benefited from the stimulus programs. 

Currently, there have been several calls for a fourth stimulus check, as the Covid-19 cases have continued to surge in the country with the Delta variant spreading through. Yet, it is not ascertained if Congress would actually bring this petition to a possibility. 

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