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Thursday, October 28, 2021

Stimulus Check Update: This Is How Much You Will Receive This Year

The chances of another stimulus check payment are quite unlikely, but there is no harm in calculating how much you could potentially receive. The stark reality is that most of the American citizens have already received their dollars, or will be receiving their allotted sum into their bank accounts throughout the year.

According to an analysis conducted by the Institute on Taxation and Economic Policy, it was reported that the average American with an annual income below $65,000 would be receiving a sum of $3,450. 

Lower Income Households Will Benefit From The Stimulus Check

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Interestingly, the stimulus check amount increases for those with lower salaries and decreases for those with a higher salary. The sum of $3,450 does not necessarily include the money that has been paid from the expanded child tax credit that had been implemented in the early months of 2021.

According to The Motley Fool, the money received would be based on income tax brackets while including money from stimulus payments- which will be earned through child tax credits as well as an income tax credit. 

Households with a comparatively lower income would be benefiting the most from the stimulus check this year. Interestingly, those with a salary that goes under $21,300 would see a 33% increase in their overall income due to the stimulus bills passed by the legislators. As it stands, higher earners would be receiving a much smaller amount of relief simply because they will exceed the income thresholds that are required to qualify for the stimulus payment. 

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While there is the intent of the stimulus check to ensure that citizens have the opportunity to stay afloat under such perilous circumstances, there have been major concerns about the rising cases of COVID-19 under the Delta variant.

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