Wondering how much money you can expect with the next stimulus check? The American Rescue Plan Act will provide $1,400 direct payments to individuals making up to $75,000 per year and expands the child tax credit up to $3,600 per child. It also extends a weekly $300 federal unemployment benefit through August.
In addition to these provisions, the $1.9 trillion package gives $30 billion to help landlords and renters, $50 billion for small business assistance, $160 billion for vaccine distribution, $130 billion to help schools reopen and $350 billion in aid to state and local governments.
The bill will now go to President Biden, who is expecting to sign it into law on Friday, March 12. Americans will begin receiving their payments by the end of March. The amount you will receive is based on your income in either 2019 or 2020, depending on when you file your 2020 tax return.
Personal finance website Grow has created a calculator that will help you determine how much you can expect to receive, based on your filing status, income and number of dependents you claim.
Single filers earning up to $75,000 and heads of household earning up to $112,500 will receive the full $1,400 payment. Married couples earning up to $150,000 will receive $2,800, and $1,400 for each dependent. This time, there will be a phase-out based on income. Single taxpayers who earn $80,000, heads of household that earn $120,000 or more and married couples who earn $160,000 or more will receive no payments.
Urban Institute has estimated that the American Rescue Plan Act will reduce the poverty rate to 8.7% this year, compared to the 13.7% it would be at without its passage.
“This legislation is about giving the backbone of this nation — the essential workers, the working people built this country, the people keep this country going — a fighting chance,” President Biden said in a statement.
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