Overall, the payments were effective in helping those who were financially affected by the pandemic as the majority of households who had lost employment-based income received a payment.
That pattern was relatively consistent across all three rounds of stimulus checks. Census Bureau, about 92 percent of households earning less than $75,000 received the first Economic Impact Payment, compared to only 50 percent of households earning over $150,000. The share of households that received a payment was higher for lower- and middle-income households and gradually declined for those earning more than $75,000 a year - the income threshold at which the payments began to phase out for single individuals. Overall, the stimulus payments reached an estimated 85 percent of U.S. Census Bureau show the reach of those payments to such households. Data from household surveys published by the U.S. One of the primary goals of the payments was to alleviate the economic hardship Americans faced due to the pandemic - especially for lower-income Americans, who were more likely to have been affected financially. TWEET THIS Who Received Stimulus Payments? It took the IRS about 4 months to disburse about 90 percent of the CARES Act payments by comparison, it took only three to four weeks to disburse that proportion of payments under the Consolidated Appropriations Act and the American Rescue Plan. However, the second and third rounds of funding were disbursed much faster.
The Internal Revenue Service (IRS) has already sent out the majority of those payments. For each round of payments, the amount started phasing out at an income level of $75,000 for singles, $112,500 for heads of households, and $150,000 for married couples. The amount of each payment for married couples filing jointly was twice the size of the payment listed for singles above. NOTES: HOH refers to the head-of-household tax filing status. SOURCES: Various cost estimates from the Congressional Budget Office. The federal government is providing three rounds of direct payments, costing about $850 billion, to taxpayers However, the rate at which those payments phased out varied for each round - detailed in the table below.
WILL THERE BE ANOTHER STIMULUS CHECK FOR PEOPLE PLUS
That amount was larger than the first round of payments enacted under the Coronavirus Aid, Relief, and Economic Security (CARES) Act, which allowed for a maximum of $1,200 per person, plus $500 per qualifying child, and more than double the second round of payments under the Consolidated Appropriations Act, 2021, which provided up to $600 per person, plus $600 for each qualifying child.Īll three rounds of payments were primarily targeted at lower- and middle-income Americans, phasing out for incomes above $75,000 for single taxpayers, above $112,500 for taxpayers filing as head of household, and above $150,000 for married couples filing jointly. The most recent checks, included in the American Rescue Plan, were the largest - up to $1,400 per person, plus an additional $1,400 per eligible child.
The amount and eligibility requirements have varied for each round of payments. How Much Was Each Round of Stimulus Checks?
The way in which Americans have been spending that money has differed across each round of payments, and below, we explore how those spending patterns differ and how they may affect the economy. Those payments helped mitigate the loss of employment-based income for many households and temporarily eased the economic damage from the pandemic. As of early May 2021, the federal government has enacted legislation to provide about $850 billion of Economic Impact Payments, also referred to as stimulus checks, to taxpayers.
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