The 3rd stimulus check is to be provided to every taxpayer and people who depend on them. The worth of the check is 1400 dollars. The news comes after the American Rescue Plan’s 1.9 trillion dollars was passed by the House Democrats. And the provision of this bill is included in the plan. People who earn about 75,000 in Adjusted Gross Income will be eligible to receive this amount. But also married couples who make about 1,50,000 dollars will get the stimulus check. The amount will also be given to anyone who depends on their taxpayer’s income.
In simpler words, a family of 4 will be eligible for a total amount of 5,600 dollars. After these income thresholds, these payments will phase out. At this point, people who individually make 1,00,000 dollars every year will not be eligible for the stimulus check. This also includes couples who earn at least 2,00,000 dollars yearly. But this time, unlike both the previous times this check was distributed, adult dependents will also qualify.
Stimulus Checks Are Used For Rents Or Other Necessities
These stimulus checks will arrive as soon as this coming month. Hence, due to the unlikeness of the other two checks, this one will reach more than 26 million Americans now. This will include elders, college students, and others. Several have had delays in unemployment insurances and other income ways. Hence, the stimulus check will help them gain slight stability.
Critics have pointed out that these checks should only reach people in dire, extreme need. They noted that the older checks were spent on food and rent. Last time, in January, people increased their personal spending. The rise was reportedly 2.4%.