In the last few hours, the execution of a new economic boost initiative has been confirmed: The increase in the amount of monthly payments up to $2,000 for millions of people in the United States. We tell you in detail.
In a surprising move, the Biden administration has revealed plans to raise certain monthly payments to a generous $2,000. This announcement comes amid widespread anticipation about an expected fourth stimulus check for residents in the country.
Although some states have already implemented their own versions of a “fourth stimulus check” through the Economic Impact Payment and other refunds, news of the increase in monthly payments has generated renewed interest and anticipation among potential recipients.
How much are the new stimulus checks?
In a statement, the Biden administration explained that the measure seeks to address the increasing rate of inflation, thus justifying the need to increase monthly payments from $1,800 to the new figure of $2,000. This increase will not only benefit seniors and veterans, but also low-income households and people with disabilities.
Who benefits from the new stimulus checks
Eligibility for the new monthly stimulus check will be subject to specific criteria established by the federal government. Those with an adjusted gross income (AGI) of up to $75,000 for individuals, up to $150,000 for married couples filing jointly, and up to $112,500 for heads of household are expected to be eligible for the financial boost.
President Joe Biden promised to provide a full explanation of the plan to increase the monthly payment to $2,000, ensuring that this measure will benefit a wide range of American citizens. As the proposal moves forward, the focus is on how this new economic boost will positively impact the economy and the lives of those who will receive it.