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Tuesday, February 7, 2023

Stimulus Check: Federal Aided Joy Ending Soon

Stimulus Check has provided a great amount of relief to all the citizens of America.

IRS has rolled out three sets of Stimulus Checks so far. The first and the second round of payments were $600 & $1200 respectively. The final round was rolled out recently. The third check dispatched was $1400. All the qualified citizens received their money as direct deposits.

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The Democrats have already earned the green signal to implement a social package worth $3.5 trillion. Before the bill is approved by the GOP, some internal issues need to be addressed. One thing that has been unanimously decided is the source of funding- Taxes. However, the percentage of levied taxes are being conflicted. The party has structured a spike in the tax rates for the top-earners. These will include wealthy citizens, top-level investors, high-end businesses, etc. 

Stimulus Check 2023: A Dull Affair

The Child Credit Tax will also keep coming in every month. A payment of $300 will be handed over to families having dependents. The household must earn $75000(individual) or $150,000(Joint) to qualify. California, along with other states will shell out $1000 for the teachers. Texas, Tennessee, Georgia, Florida & Colorado have also announced fundings for their teachers. 

The federal government of America laid down the eligibility criteria for receipt of Stimulus Checks. Citizens earning below $75000 will be provided with the maximum benefits. As the income would go higher, the amount of assistance would decrease. For households making over $160,000 annually, there was no provision of Stimulus Checks. Despite all these restrictions, some of the wealthiest families received the money.

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The payments are typically expected to reach the people within 45 days. Some of the money might take longer to improve the accuracy. People opting out of direct payments will have to wait longer for the money. Those payments will be dispatched within the first week of October. The payments will be done based on the ZIP code. The last three digits will be used for pinpointing the payments. 

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