Third stimulus check calculator: how much could you receive?
As the House of Representatives prepares to vote on President Biden's American Rescue Plan, we take a look at how much the new direct payment is worth.
President Joe Biden's American Rescue Plan is set to be put to a vote in the House of Representatives tonight as the Democrats look to push through the $1.9 trillion proposal. The plan is very likely to include a booster $1,400 third stimulus check, a 'top up' $600 payment from January.
The Senate and the House have both voted in favour of a budget resolution, which will allow the Democrats to use a budgetary mechanism known as reconciliation to pass Biden's covid-19 relief bill without bipartisan support.
Third stimulus check: how much could each person receive?
The following parameters are based on previous checks and possible modifications based on the plan already released. As the bill hasn't yet been passed, negotiations could still change some details.
- Up to $1,400 for qualifying individuals. (Do I qualify?)
- $2,800 for couples who file a joint tax return.
- $1,400 for each dependent child under the age of 17.
- $1,400 for a qualifying adult dependent. (This is new for the third stimulus check: adult dependents weren’t included in the last round of stimulus checks, so it is possible that they may also qualify foran additional $600 retroactive payment)
Calls for stimulus checks to be more targeted
Lately there has been mounting pressure from both Republicans and Democrats to “target” stimulus payments to Americans who need them the most.
During a Senate 'vote-a-rama', held during the Congressional session that ruled on the use of reconciliation, there was considerable support for an amendment that would limit the eligibility requirements.
The bipartisan amendment was introduced by Republican Senator Susan Collins and Democrat Senator Joe Manchin and stated that “upper-income taxpayers” should not be sent the upcoming round of stimulus checks.
Manchin said of the amendment: "I don't think a single person on this floor would disagree to target the relief to our neighbours who are struggling," but added, "There are other families who have not missed a single paycheck as a result of this pandemic. It does not make sense to send a check to those individuals."
No exact limits were proposed in the non-binding amendment, but after being passed with a 99-1 vote is seems the Senate is open to implementing tighter restrictions when the bill reaches the floor there.
Forbes: Third Stimulus Calculator
To calculate the approximate amount you may qualify for based on your individual circumstances, Forbes have devised a calculator based on the CASH act and Biden’s announcement as of 14 January.