Since the coronavirus pandemic remains a problem in the United States, there has been one major topic on many Americans' minds — stimulus checks. While many individuals are concerned about an additional stimulus package, others are still focusing on the original $1,200 economic impact payments sent out to eligible Americans as a part of the government's $2 trillion stimulus package that they passed in March. In fact, if you are wondering why you might receive less than $1,200, there's actually a pretty straightforward reason behind why you, and others, may receive less than the typical amount for your economic impact payment.
The CARES Act that the White House and Congress agreed to in March entitled eligible Americans to a one-time payment of $1,200 (or $2,400 for couples filing a joint tax return). Those who have an adjusted gross income of $75,000 or less were entitled to receive that $1,200 payment. However, those who have an adjusted gross income that exceeds $75,000 will see those payments begin to decrease in value. Americans who make more than $75,000 will see their payment drop by 5 percent of the amount that your income exceeds that figure. So, if you were wondering why your economic impact payment was less than $1,200, wonder no longer.
Even though some are still focusing on the first round of stimulus payments, others are looking towards the future regarding another financial plan from the government. Over the past several months, President Donald Trump has spoken out about the possibility of having another round of stimulus payments. Most recently, he shared that he was open to the idea during an interview with Fox News. Although, he also said that he was interested in putting together "larger" payments than those that were given to eligible Americans via the CARES Act.
"I support actually larger numbers than the Democrats, but it's got to be done properly," Trump said on Wednesday. "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 wants the next stimulus package to create a "great incentive to work," which is in reference to the $600 bonus in unemployment benefits that was entitled to Americans under the CARES Act.