Stimulus Check provided a huge relief for the struggling citizens of America. They were announced by Joe Biden to stabilize the economy. Reports depict these checks to have prevented the economy from falling apart. People used these checks to pay off debts. Some others used these to add to their savings. Let us now discuss the amount of money received in 2021.
Stimulus Check Benefits The Low Scalers
The checks have already been distributed by the IRS to the people. A study has shown that on average, people have received $3450 as stimuli. Most of the citizens have received handsome funding from the government. The money was deposited directly into their bank accounts. However, the benefits of the fundings seemed to have unequal impacts.
The funding from the government seemed to benefit the low incomes. An individual earning under $65000 was expected to get $3450 from the checks. This amount increases as one goes down the salary scale. The mentioned amount of money also does not include the child credit provisions. These people have flourished and enjoyed a healthy financial condition.
These numbers change once we go up the salary hierarchy. Individuals earning on a high scale did not benefit much. These citizens received a meager $50 as Stimulus Check. This seems to be an unequal distribution of the benefits. The people earning less than $21300 will benefit the most. They will experience a spike of 33% in income. Whereas people earning $111300 & $247400 will see only a 1.8% hike.
This happened mostly due to some reasons. The people drawing a high salary were not eligible for some of the norms. Stimulus Check for the fourth time did not seem to interest the President. The final decision regarding this rests with Congress. However, they said to have been open to all sorts of ideas.