Stimulus Checks were designed by the government of Joe Biden. When the country was plagued by the covid-19 virus, these funds came as a boon. The findings have aided the needs of the common people in a great way. People used this money to pay off their debts. Some people added the amounts to their savings. As there have been enough Stimulus Checks, it’s time to evaluate the average benefits received. The recent survey has shown the average amount received from checks tallied at $3450
Stimulus Checks Only Benefitted The Low-Income People?
A stimulus check for the third time has been sent by the IRS. It has included the $1400 amount for those who didn’t receive it. It also provided for the difference amount that was not received by some people. Apart from these, there are unemployment bonuses, child tax credits, etc. All these checks added up to provide significant relief to the common people. But did this funding only help the poorer section of the society?
The earners at the bottom have received $3450 from the government. This amount does not consider the expanded child tax credit. People earning below $21300 yearly are the most beneficial. They will be witnessing a 33% hike in their income.
The high earners on the other hand did not seem to benefit much. The people earning high wages will only witness a meager 1.8% rise in income. These people had an annual income between $111,300 to $247,400.
Stimulus Checks were designed to get the people out of the pandemic stress. However, with the threat of the Delta Strain lurking another lockdown seems inevitable. It remains to be seen that whether the fourth checks are announced or not. Earlier, Congress did not seem interested in favor of such funding.