According to an analysis carried out by the Institute on Taxation and Economic Policy, it has been reported that citizens have received an average stimulus check amount of $3,450. The sum has been spent on the bottom 60% of earners throughout the country.
This sum is applicable to everyone who has qualified for the third round of payments, and whose annual income is less than $65,000. It would also be prudent for a said applicant to have been qualified for both the earned income tax credits as well as the expanded CTC stimulus payment.
Stimulus Check Payments Have Really helped the Lower-Income Households
Steve Wamhoff, the director of federal tax policy at the Institute, has stated that the citizens who need the monetary help from the government are actually getting it. For, as expected, the lower earners have been benefiting the most from the stimulus check and other financial help offered by the Joe Biden administration.
It is being reported that households with an annual income of less than $21,300 would be expecting a rise in their income by around 33% in 2021. As a whole, households that are living under that income range will be going away with a sum of $3,590.
Households that have been making a sum between $21,300 and $39,800 will be receiving a sum of $3,340 from the government. Incidentally, those who will be making a sum between $39.800 and $65,000 will be receiving a sum of $3,370. Households with a high range of income will be receiving less relief because there are a few income thresholds that one needs to qualify for the stimulus check payments to be fully applicable to them.
Now, this begs the question- is the fourth stimulus check at all likely? As we already know, most of the legislators in Congress as well as the members of the public have already called for Congress to pass another stimulus aid while the country braces for the Delta variant. It needs to be seen just how far that motion will be successful.