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Additional Benefits In The Economic Relief Package – CBS Sacramento – Sacramento, California

Sacramento, California 2021-03-19 12:57:52 –

(((CBS Detroit) — The third stimulus check has already reached those who need it. However, President Biden’s $ 1.9 trillion financial remedy package includes payments well in excess of $ 1,400. The American Rescue Plan Act includes a program to help families, communities and small businesses struggling to combat the COVID epidemic through testing, tracking and vaccination. Broadly speaking, it aims to relieve the financial pain caused by a pandemic. And some of the specific programs may also put more money in your pocket.

Exactly how much money depends on your financial situation. The programs and the rules surrounding them have changed slightly from the last two stimulus packages. When that money arrives depends on how the implementation will be implemented in the coming days, weeks, and even months.

read more: Third stimulus check: When will the $ 1,400 financial impact payment arrive?

The contents of the stimulus package are as follows:

Third round of stimulus check

Given $ 1,200 last spring and $ 600 this winter, it seemed like a third payment was imminent if the economy continued to stagnate. The $ 1,400 figure came after former President Trump demanded payment of $ 2,000 instead of $ 600 at the time. The Democratic Party quickly expressed a great deal of support and passed a bill in the House of Representatives that would more than triple the second stimulus check.

The larger second stimulus check never passed, but the numbers got stuck. When Democrats John Osov and Raphael Warnock won a special election in Georgia, it leaned Senate rule over their party. Efforts have gained even more momentum. When the Democratic Party opened a parliament with the president and both houses, they pushed for a third stimulus.

$ 1,400 is the top-line figure, but the number of recipients will increase or decrease depending on your income and dependents.

The previous two stimulus checks Adjusted gross income (AGI) A couple with an annual AGI of $ 75,000 or more and an AGI of $ 150,000 or more. (AGI is the sum of wages, interest, dividends, dependent allowances, severance pay distributions, and other sources of income minus certain deductions such as student loan interest, dependent allowance payments, and severance pay. For every dollar of income above the threshold, the previous two severance pay payments were reduced by 5%. Therefore, the $ 1,200 CARES Act payment was reduced to $ 0 for income above $ 99,000 ($ 198,000), and the $ 600 second stimulus was reduced to $ 0 for income above $ 87,000 ($ 174,000).

In early February, Maine Democratic Senator Joe Manchin and Republican Senator Susan Collins Fix “It is intended to cover the payment of financial impact to Americans suffering from the effects of COVID-19, including provisions to ensure that high-income taxpayers are not eligible. . “

The American Rescue Planning Act does not change the income threshold.However Phased abolition It happens much faster. Therefore, the threshold remains at $ 75,000 ($ 150,000), but anyone earning more than $ 80,000 ($ 160,000) will not receive anything. If the phasing out progresses at a constant rate, it means that people will receive $ 0.28 less for every $ 1 they earn beyond the limit. In other words, a person with an AGI of $ 76,000 should receive $ 1,120, a total of $ 280 for every additional $ 1,000 in income.

People with older dependents can see more money. Dependents are defined as those under the age of 17 who last lived in your household.American Rescue Planning Act Expand the pool The group includes college students and the elderly with certain types of disabilities. The change will result in an estimated 13.5 million additional people being eligible for incentive payments, with up to $ 1,400 per dependent being paid to eligible taxpayers. Dependent incentives are added to the total taxpayers, Phased abolition At the same rate.

Other assistance to the family

The third bailout will account for about $ 422 billion of the $ 1 trillion to support families. However, a small portion of the remaining money can also fit in your pocket. Family support also includes extended unemployment benefits and more generous child tax deductions.

Last week’s federal unemployment insurance bonus of $ 300 expired on March 14. The American Rescue Planning Act extends it to Labor Day. Recipients with household income of less than $ 150,000 First $ 10,200 With unemployment allowance.People covered by the Pandemic Emergency Unemployment Compensation (PEUC) for those who have run out of state benefits, and Pandemic Unemployment Support (PUA) for Freelancers and Gig Workers, In addition, the benefits will be extended until early September. PEUC will be exhausted after 53 weeks. PUA will expire after 79 weeks.

Under the revised Child Tax Deduction, the Internal Revenue Service (IRS) pays $ 3,600 per child up to the age of 5 and $ 3,000 per child between the ages of 6 and 17. From July to December 2021. The rest will be issued when the beneficiary declares the 2021 tax. (Many people expect that “regular” actually means monthly or even quarterly, but the IRS needs to determine that.) Profit is the recipient’s current tax burden. Does not depend on. In other words, eligible families receive the full amount regardless of whether they are obliged to pay taxes. Payments will begin to be phased out in excess of $ 75,000 per year for individuals and over $ 150,000 for couples. More generous credits will only apply in 2021, but Democrats will probably try to extend it.

read more: Third Stimulation Check: The next remedy payment may not be $ 1,400

The· Child and dependent deduction It also makes you more generous. The value of the credit is $ 4,000 for one child and $ 8,000 for two or more children. When the household’s AGI reaches $ 125,000, these amounts begin to decline. Credits previously peaked at $ 2,100, covering only about one-third of the covered costs. It has begun to be phased out with a $ 15,000 AGI.

The American Rescue Planning Act includes programs that save other money that could benefit many Americans. The stimulus will provide an additional $ 27 billion in rental assistance and $ 10 billion in mortgage assistance. Those who are unemployed and rely on purchasing health insurance through COBRA will see Uncle Sam paying premiums from April to the end of September. The cost of health insurance purchased through a government exchange is limited to 8.5% of an individual’s AGI.

Extensions Supplementary nutrition support program The (SNAP) bonus is also part of the American Rescue Plan Act.Additional 15 percent Benefits of SNAP What is offered by the second stimulus package will also be extended from June to September. The 15% bonus provides about $ 27 per person per month for food aid, or $ 100 or more for a family of four.

Remaining stimulation package

Financial remedies packages have much more than stimulus checks and other family assistance. The US Rescue Planning Act includes hundreds of billions of dollars to support communities and small businesses, and hundreds of billions of dollars to stop COVID and step up vaccination efforts.

States and provinces Tax income, 26 Democratic and Republican-led states are experiencing budget shortages. Public jobs and services have been reduced because most states are required by law to balance their budgets. As of mid-February, approximately 1.3 million state and local government jobs were lost, primarily in education. Budget shortages may also require tax increases.Assigned $ 360 billion, States and local governments can address this area of ​​critical need. This part of the plan $ 30.5 billion $ 15 billion for transit systems, $ 15 billion for airlines, and $ 10 billion for critical infrastructure. One of the hardest-hit industries during the pandemic, restaurants receive $ 25 billion.

The best way to get the economy back to normal is to minimize the threats people face when resuming their pre-pandemic life. It requires a bulked up COVID response. for that reason, $ 76 billion I’m heading for vaccines and tests. This includes approximately $ 48 billion to continue national testing and follow-up, $ 15 billion to improve vaccine distribution and management, $ 6 billion to improve R & D, and raise awareness. Includes $ 1 billion.

The school also received $ 128 billion to support the reopening effort, with an additional $ 39 billion reserved for the university. The bill reestablishes the requirement for employers to provide paid leave to those infected with COVID or who must be quarantined, facilitating the purchase of personal health insurance.

Why you still need another stimulus package

The economy shrank 3.5% in 2020. This is the biggest drop in the year since the end of World War II.Weekly Unemployment rate Approximately 770,000 people first took out unemployment insurance last week, maintaining historically high levels. (For reference, there were about 250,000 new unemployment applications in the typical pre-pandemic week.) An additional 282,000 people sought pandemic unemployment assistance.

As of the end of February, about 18.2 million people were receiving some kind of unemployment allowance. This is about 1 in 9 workers.The official unemployment rate is 6.2 percentGiven all those who dropped out of the workforce, the actual rate is probably close to 10 percent. On the bright side Employer added Last month there were an additional 379,000 jobs.

Economic recovery relies on widespread distribution of COVID vaccines. And efforts are underway to inoculate the people. Due to shortages and winter weather, vaccination centers had to be temporarily closed and vaccinations reduced in some areas. Many qualified people faced problems with their appointment schedules.Nevertheless, Americans 115 million times, 22.7% of the population have been vaccinated at least once and 12.3% have been fully vaccinated. The number of vaccinations continues to grow at a rate of more than 2 million per day.

The Food and Drug Administration recently approved Johnson & Johnson One-shot vaccine, Millions of doses have already been shipped.Biden has recently been a country Sufficient dose Vaccine all Americans by May. It will take longer to actually put the needle in your arm. Wearing a mask and general lack of normality may persist until 2022.Currently domestic COVID case The death toll is approaching 540,000, but more than 29.5 million.

Other news: Child Tax Deductions: How Extended Credit Works and Why It Means More Money For Parents

It was originally released on Monday, March 1st at 12:53 pm EST.

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