The problem is we are not providing meaningful help to those truly suffering. Why would we give money to the children of a family earning over $150,000 a year? Why would we give any money to those who have not suffered a financial setback?
60% of Americans have suffered a financial setback? Does that include those who benefited from the 17.25% increase stock market in the last year?
Excerpts from CBSNews.com
The second round of checks will have the same type of income phaseouts as in the CARES Act, with the stimulus check payments reduced for earnings above $75,000 per single person or $150,000 per married couple.
The amount of payment individuals receive will be reduced by $5 for every $100 of income earned above those thresholds, according to the House Appropriations committee.
Overall, almost everyone in the bottom 80% of the income distribution in the U.S. will receive a check, according to the Tax Foundation’s estimate. The share of filers who will receive a check dwindles for people whose incomes place them in the top 20% of earners, with very few taxpayers in the top 5% qualifying, the Tax Foundation estimated.
Of course, even if they don’t receive the $600 themselves, single people and couples with incomes above those thresholds would still receive payments for their children, as long as those children are under 17.