Politics can really confuse things in the minds of citizens going about their daily business. The direct benefits of the COVID Economic Relief Bill are a case in point. We have heard more than rumblings of discontent in Congress over eight months. We decided to publish what it means directly for U.S. Citizens.
Unpacking the Direct Benefits of COVID Economic Relief Bill
First, we turned to the National Conference of State Legislatures for advice. Because this is a non-partisan organization with a mission ‘to advance the effectiveness, independence and integrity of U.S. legislatures. And moreover to foster interstate cooperation and facilitate the exchange of information among legislatures.’ That’s quite a lot to take in but the point is they are independent.
The confusion among citizens partly stems from the fact the Bill contains a host of other administrative measures. These govern how the rest of the funds from the Coronavirus Aid, Relief, and Economic Security CARES Act budget shall be spent. And that, by all accounts is a partisan matter.
Direct Benefits to U.S. Citizens Under the Now-Agreed Terms
1… Direct payments of $600 to individuals earning up to $75,000 a year
2… Direct payments of $1,200 to couples earning up to $150,000 a year
3… An extra $600 for dependent children that are under 17 years old
But the payments to adults reduce by 5% with higher adjusted incomes. And they fall away completely if these are greater than $87,000 (or $174,000 if filed jointly). Income calculations are in terms of 2019 taxes.
Where there are no filed returns, then retired and disabled workers, supplemental security income recipients, and veterans receiving VA benefits could still qualify. There are other, indirect tax advantages in these measures including those in the image at the start of this post.
This completes our summary of the direct benefits of the COVID economic relief bill, as advised by National Conference of State Legislatures.
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Preview Image: COVID Relief Rebates 2020
