Federal stimulus checks designed to help people affected by the COVID-19 pandemic have become a powerful tool to help the economy rebound from the damage caused by companies that have been forced to shut down or reduce production capacity.However, while some of the wealthiest Americans should not be eligible for direct payment, It turns out that the new IRS data shows that some people did receive at least the third payment—which happened to be the highest amount.
According to data from the US Internal Revenue Service, 127,751 payments were issued to people with adjusted total incomes of more than US$200,000, and a total of US$392.3 million was paid. NBC Finance Channel report. This was an accident, because the US rescue plan passed Congress after the income threshold for those eligible for checks was slightly lower than the previous two rounds of checks.
The third payment should only be issued to individuals whose adjusted gross income does not exceed US$75,000, household heads of US$112,500, and married and co-declaring individuals of US$150,000.
Then the amount paid to people with an annual income of $200,000 or more is a total of $163.5 million in total payments, which is $389.9 million.
The same survey results from an analysis by the Bureau of Labor Statistics also found that the most payments were allocated to four states—California, Texas, Florida, and New York. These four states are the most populous states in the United States.
A spokesperson for the US Internal Revenue Service said that as for those whose income is significantly higher than the threshold, households with sufficient eligible dependants and income-adjusted households are still eligible.
Rich people receiving payments and not using them cause concern About the impact As things shifted to the private sector again, the stimulus plan examined the economy, and the government is not expected to release that much money. While some people are able to use the funds received for investment or savings, others are forced to use it for necessities such as food or to pay bills and try to get out of debt.Payment pair found Reduced amount Some families face financial difficulties during the pandemic.
Because of their impact on many people, calls for a fourth inspection or a plan implemented by the government are increasing, which will create Automatic stable payment If a certain economic threshold is reached—for example, a certain number of people are unemployed, this information will be sent to Americans. In this case, these payments will be automatically paid to eligible Americans until the economy stabilizes.
The Biden administration did not Completely ruled out the possibility Stimulate payments in the future, although the focus has now shifted to other places. However, some people will soon see some money enter their accounts, Expanding child tax credits Funds will be deposited directly into eligible accounts every month until December. These payments will pay $300 for each dependent under the age of 6, and an additional $250 for each dependent between the ages of 6-17.
It is expected that this payment will begin to arrive on July 15th.
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