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There will probably no longer be a fourth stimulus check for all Americans, but that does not mean that there are not various supports promoted from the federal government so that families can continue to face the current economic crisis derived from the coronavirus pandemic .
For this reason, the government headed by Joe Biden boosted several benefits that together add up to a considerable increase in income for some. For this reason, there are those who have low annual income can obtain a total of $ 3, 590 dollars through a combination of direct payments.
According to a study by the Institute on Taxation and Economic Policy (ITEP) the Expanded Child Tax Credit and the Expanded Earned Income Tax Credit , give families this opportunity who have the least in the whole country and thus considerably increase their income.
The analysis is based on policies implemented as part of President Joe Biden’s American Rescue Plan, according to Fox, the ITEP estimated that the provisions alone would boost the income of the 60 Poorest% of Americans on average of 11%.
This means that a family that earns between $ 39, 800 dollars and $ 51, 500 annual dollars could expect to receive a total profit equal to $ 2, 690 dollars. Meanwhile, a family that earns between $ 111, 300 dollars and $ 247, 400 dollars would receive $ 2, 247 dollars , in accordance with current law.
People who earn $ 601, 700 dollars or more would probably see around $ 40 dollars, according to researchers at the Institute on Taxation and Economic Policy. The extended Child Tax Credit is $ 3, 600 dollars for children under six and $ 3 , 000 dollars for children between 6 and 17 years.
The Internal Revenue Service (IRS) is paying half the total credit in monthly advance payments to as of 17 from July to December, while taxpayers will claim the rest when they file their return of 2021 in the tax season of 2022 .
The extended Earned Income Tax Credit maximum for taxes owed on 2022 is $ 1, 502 dollars for those who qualify without children, representing an increase of just over $ 500 USD ares.
The group’s calculations were based on what a taxpayer in each income category could expect from each loan. For example, a taxpayer with a median income of less than $ 21, 300 dollars would receive $ 1, 060 dollars of the Child Tax Credit and $ 320 Earned Income Tax Credit dollars.
In addition, the administration of President Joe Biden distributed various economic impact payments to families, but the analysis carried out by the ITEP takes into account only payments of $ 1, 400 sent in accordance with the Plan United States Rescue.
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