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Wednesday, October 27, 2021

Stimulus Check Update: High Earners Gets Lucky

Stimulus Check was designed to provide financial assistance to the needy. The government of Joe Biden declared the program in the month of March. The program stressed struggling households. Families that struggled with the adversities of the pandemic were given importance. However, it has been found out that many wealthy families received the check as well. Families earning well above $600,000 got benefited from Stimulus Check. According to a recent survey, a Stimulus Check worth $50 has been received by the high earners.  The money included $40 as direct stimulus assistance. The remaining $10 came as Child Credit. This has led to a series of protests. Common people are questioning the method of the government. They are doubting the government policy for determining eligibility for payment. 

Stimulus Check Assistance For Wealthy, How?

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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A plausible explanation for these families to receive the checks has been given. They seemed to have adjusted their gross income below the stipulated level. The government decided the eligibility after deductions were made. Some of the households played this card smartly. They decided to apply for a large number of deductions from their gross income. Most of them sold their investments. All these deductions resulted in the annual income going down. This paved the way for the families to claim the money. 

Stimulus Check for the third round has been dispatched. The $1400 check seems to be the last of the lot. A fourth-round has been teased by the people for a long time. However, the government does not seem too interested. 

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