COVID-19 has disrupted everything, economies are operating below their normal capacity, and it is at this time, you’ll realise how good it is for governments to have safety nets particularly for low income earners.
The U.S government has done exactly that in one of his biggest political victories, Joe Biden has signed the COVID-19 Relief Bill a move that will see Americans receiving $1,400 each.
The bill provides for a direct payment of $1,400 for a single taxpayer, or $2,800 for a married couple who files jointly, and an additional $1,400 per dependent. So a family of four could receive $5,600. But not everyone gets the money. Married couples with adjusted gross incomes up to $150,000 a year are eligible for the full amount, and individuals with adjusted gross incomes up to $75,000 a year are eligible for the full amount.
The size of the payments is reduced for individuals earning between $75,000 and $80,000. And there are no payments for individuals earning above $80,000 a year. Similarly, there are partial payments for couples earning between $150,000 and $160,000, with no money for couples earning above $160,000 or their dependents.
Lucky Americans!
