Joe Biden is launching his presidency with an approval-ratings elixir: $1,400 stimulus checks for all. What stands between that proposed check and your bank account? A lot. Will you get one? And when? Read on.
WHAT’S THE SITUATION HERE?
Last week, Biden proposed the American Rescue Plan relief package, which in addition to direct payments to Americans in the form of $1,400 stimulus checks, includes endless chunks of funding for Congresspeople to squabble over, such as $30 billion in rental assistance, $20 billion in transit funding, and $170 billion in school reopening support. But most Americans have their eyes on those $1,400 stimulus checks.
HOW MUCH WILL MY CHECK ACTUALLY BE?
The full amount is for people who earn less than $75,000 (or $150,000 for married couples). If you earn more than that, you’ll get less. This colorful line chart from the Tax Foundation (three paragraphs down) helps you see your situation at a glance.
IS THE $1,400 FIGURE DEFINITE?
Nothing’s definite! This is America in 2021. Both sides of the aisle support stimulus checks for coronavirus relief, and economic distress is on the upswing, so $1,400 checks may well hold, or they may even go higher: Republicans, including Senator Marco Rubio of Florida, have pushed for $2,000 checks. Anything could happen, though.