Under the government’s original, $2 trillion stimulus package, eligible Americans are entitled to a one-time check of $1,200. However, depending on an individual’s adjusted gross income, that figure could either be a little less or a tad more than $1,200. Why exactly have some people received more than $1,200?
Unfortunately, for some individuals, they may not receive a stimulus check worth $1,200 due to their adjusted gross income. If you make more than $75,000 per year, you will see your payments decrease by 5 percent of the amount that your income exceeds that figure. On the other hand, some individuals will actually receive more than $1,200 under the CARES Act. Couples who file a joint tax return are entitled to $2,400. Additionally, if you claim any children as a dependent, you will receive an additional $500 per child on top of your $1,200. So, some American citizens can recieve more than $1,200 as a part of their economic impact payment.
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Even though there are still some who are waiting for their economic impact payments from the government, others have already begun to wonder whether a second stimulus package is on the way. After months of speculation, Republican lawmakers, including President Donald Trump, have seemingly gotten on board with coming up with another stimulus plan amidst the ongoing coronavirus pandemic. On Monday, Senate Majority Leader Mitch McConnell appeared at an event in Bardstown, Kentucky, during which he touched upon the topic of stimulus payments.
“I’ll be unveiling something, which will be a starting place, in a few weeks,” McConnell said. He added that new payments for individuals and families “could well be a part of it.” Trump has also publicly commented on the topic of enacting another stimulus package. On Wednesday, the president sat down for an interview with Fox News where the topic soon turned towards those economic impact payments. During the interview, he shared that he would be supportive of “larger” payments. “I support actually larger numbers than the Democrats, but it’s got to be done properly,” Trump said. “I want the money getting to people to be larger so they can spend it. I want the money to get there quickly and in a non-complicated fashion.” He added that he wanted the potential next stimulus package to include a “great incentive to work,” which is in reference to the $600 in additional unemployment benefits that came as a part of the CARES Act.
