Stimulus package could mean payment of $ 14,000 for families of four

They analyze how a family of four could receive up to $ 14,000 from the stimulus package. The House of Representatives on Saturday approv...

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  • They analyze how a family of four could receive up to $ 14,000 from the stimulus package.
  • The House of Representatives on Saturday approved Biden’s stimulus package that would represent payments of $ 14,000 to qualifying families.
  • They claim that the $ 14,000 for some families is a much larger figure than the $ 1,400 check.

The stimulus package just approved by the House of Representatives could mean, if completed, payments of $ 14,000 for families of four.

Newsweek He outlined this Saturday that the stimulus bill aims to help Americans affected by the coronavirus pandemic, but an analysis explains that direct payments of $ 1,400 to individuals are less important than windfall gains that some families could make.

The House of Representatives approved this morning the US $ 1.9 trillion Rescue Plan that is expected to be amended by the Upper House of Congress before being returned to the House of Representatives.

The aid package approved today includes a new round of stimulus checks of $ 1,400 for individuals with full amounts for those with incomes up to $ 75,000 and married couples earning up to $ 150,000, Newsweek recalled.

Payments would be phased out for those earning up to $ 100,000 or $ 200,000 for couples.

Although the $ 1,400 payment has been targeted as the main benefit of the package, an analysis by financial services firm Raymond James has said that a much larger sum set aside for some families should be the figure that stands out.

Newsweek noted that that analysis, written by Ed Mills, a Washington policy analyst, and institutional equity strategist Tavis McCourt, described how a family of four making less than $ 150,000 a year would get $ 5,600, or $ 1,400 per person.

This is in addition to the $ 2,400 they received through the aid bill that Congress passed in December 2020, for a total of $ 8,000.

Add to that extra money under the revamped Child Tax Credit. At the moment, families receive $ 2,000 per child under 17 if their income is less than $ 200,000 for individuals, or $ 400,000 for a married couple.

stimulus package

But the new proposal is to increase that to $ 3,600 per child up to age 6 and $ 3,000 between ages 6 and 17, for married couples with less than $ 150,000 in annual income.

So, according to the analysis released by Newsweek, that would mean between $ 6,000 and $ 7,200, which added to the $ 8,000 figure would represent federal aid of at least $ 14,000 for a family of four.

“The whole focus has been on the $ 1,400 when in reality, for a family of four, they should be focusing on the $ 14,000,” Mills said, according to a CNBC report cited by Newsweek.

In his analysis published this week, Mills concluded that “a universal basic income (UBI) test has come to the United States,” referring to the payment of an untethered monthly stipend.

He added: “This is a direct result of the pandemic-related relief bills and executive actions from Washington, DC The market and political question will be: ‘How long will it last?’

“This support from the federal government is not offset by any tax increases, as it is intended to stimulate the economy,” Mills wrote, “we are in the middle of a new fiscal experiment, aimed at focusing support toward the bottom of the K-shaped recovery ”.

Legislation passed by Democrats also includes a weekly unemployment insurance increase of $ 400 through Aug. 29, $ 8.5 billion in funding for COVID-19 vaccines and $ 350 billion for state and local governments, Newsweek said.

Mundo Hispánico – February 27

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