This Chart Shows How Much You’d Get From The Stimulus Package

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If you are among the many that could use a bit of financial relief right now, listen up!

As you may know, a third stimulus check has been fast tracked and it is currently in the final stages of being signed into a bill.

But the question remains – how much will this be?

While there has been talks of the remaining $1,400 (that was promised back when Trump was in office) things have been adjusted to help give more to those that need it most.

Luckily, the Institute On Taxation And Public Policy (ITEP) has done a deep dive on the numbers to figure out how much American families will receive under President Biden’s $1.9 trillion stimulus package, called the American Rescue Plan.

https://www.instagram.com/p/CKRg7gUg97b/

According to the ITEP, there would be payments of $1,400, plus the expansion of the earned income tax credits, and child tax credits.

Institute on Taxation and Economic Policy microsimulation model, February 2021

This means a large portion of the stimulus package will be as cash payments that are meant to be distributed to low- and middle-income Americans.

Institute on Taxation and Economic Policy microsimulation model, February 2021

As you can see, for households which make less than $21,300 per year as a family (or about $10,900 per partner), they would receive an average of $2,210 in a cash payment, $1,060 in the child tax credit, plus $320 in the earned income tax credit.

Families whose average income is $30,500, would get $2,460 in cash payments, $820 in child tax credits, and $60 in earned income tax credit.

Households with $51,500 would get $2,690 in cash payments, $660 in child tax credits and $20 in earned income tax credit.

As the household income level rises, the stimulus funds drop significantly. Households earning $85,000 a year should see a cash payment of $3,000, child tax credits of $620 and $10 earned income tax credits.

stimulus check

The highest tier at $1.8 million in annual income, are on track to receive $40 in cash payments, $10 in child tax credits, and zero for earned income tax credits.

This is just an estimation of what would be in the new stimulus bill but is a good way to better understand the different tier levels of cash payments, credits, and more.

You can check out the ITEP website to learn more.

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One Comment

  1. All I see is a lot of money going in the Democrats pocket

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