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Low-income Americans can expect to see a significant income boost if the Caring for Americans with Supplemental Help Act passes in the Senate.
The House passed the CASH Act on Dec. 28, which would increase stimulus payments from $600 to $2,000, among other measures. According to a report published last week by the Institute on Taxation and Economic Policy — a left leaning think-tank — this increase would have a significant impact on the lowest-income 60% of people.
Those with projected incomes below $65,000 in 2020 would see an 11% increase in income with $2,000 payments, and for those with projected incomes of less than $21,300 in 2020, a $2,000 stimulus check would increase their earnings by about 29%. The $600 checks would increase income by only 8%, according to the report.
After the first stimulus payment of $1,200, many Democratic lawmakers criticized the second $600 payment as too small, saying that it is not enough to help Americans still dealing with the effects of the pandemic.
Rep. Alexandria Ocasio-Cortez of New York urged Americans on Twitter to tell their representatives $600 is not sufficient and said, “If there’s an amount that’s too little, or any other red line you want them to vote NO on, then you need to tell them that.”
In contrast to the $600 payments, the CASH Act would include payments for dependents aged 17 or older, along with families who have at least one member filing taxes with an Individual Taxpayer Identification Number.
The CASH Act now awaits approval in the Senate.
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Source:: Business Insider