Democratic 2020 U.S. presidential nominee Joe Biden points to the crowd after speaking at his election rally, after the news media announced that Biden has won the 2020 U.S. presidential election over President Donald Trump, in Wilmington, Delaware, U.S., November 7, 2020. REUTERS/Jim Bourg
Last updated on July 18th, 2023 at 01:22 pm
Press Secretary Jen Psaki said that a family of four making less than $150,000 with school-age kids would get $8,200 in stimulus cash and tax credits.
Video of Press Secretary Psaki:
Psaki said at the White House Daily Briefing:
As the president said last week once the rescue plan is signed we will get payments out this month. Treasury and IRS are working tirelessly to make that happen. The IRS and are building on lessons learned from previous rounds to increase the number of households that will the electronic payments which are substantially faster than checks.
Many of you have asked good questions about how this works. We will answer some of them. For households to have already filed their income tax return for, 2020 the IRS will use that information to determine eligibility and size of payments for households that haven’t yet filed for, 2020, the IRS will review records from, 2019, to determine eligibility and the size of payment including those who use non-filer portal for previous rounds of payment which is a question somebody asked about yesterday. For tax returns with direct deposit or bank account information, the IRS will be able to send money electronically. We are not taking anything for granted we are pushing the finish line here.
With parents making under $150,000 a year combined with kids in school ages — will get $5600 in direct payment. Because of the tax credit will at $2600 in addition to that. That’s $8200 in the pockets of this family as they try to weather the storm on top of additional money in this bill to reopen school safely, get shots in arms, and jobs.
This bill is an economic game-changer for millions of American families, as they get both immediate and sustained stimulus. 58.3% of American families earn less than $75,000/year, so the Biden stimulus will boost their incomes by more than ten percent.
After decades of Republicans funneling taxpayer money to the wealthy and corporations, the Biden stimulus is going to help Americans and their families with cash in their pockets so that they can pay bills and keep a roof over their heads.
The Biden stimulus is a revolutionary change from the way stimulus has been done in the United States over the past fifty years. Biden and the Democrats are giving aid to those who need it most. The era of the rich getting richer off of the taxpayers might finally be coming to an end.
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