The second wave of coronavirus stimulus is likely to arrive by month’s end. Whether or not it would include stimulus checks, what amount and who would qualify is something that most Americans want to know. For now, there is not much information except for the speculation that the GOP will be targeting those with an income of $40,000 or less. There is now a calculator that will tell your coronavirus stimulus check amount if the cut-off income is $40,000.
Coronavirus stimulus check calculator using $40,000 cut-off
This calculator has been developed by researchers Jasmine Mah and Bogna Haponiuk as part of the Omni Calculator Project. The calculator considers several things, including your tax status, the number of dependents and other details to determine your eligibility, as well as the coronavirus stimulus check amount.
David Einhorn's Greenlight Capital returned -2.9% in the second quarter of 2021 compared to 8.5% for the S&P 500. According to a copy of the fund's letter, which ValueWalk has reviewed, longs contributed 5.2% in the quarter while short positions detracted 4.6%. Q2 2021 hedge fund letters, conferences and more Macro positions detracted 3.3% from Read More
“The latest update of a $40,000 cap triggered a lot of curiosity about what it could mean to millions of Americans,” Mah said. “I wanted to paint a picture to let people see how it could impact their lives, if it is ultimately voted in by the Senate.”
The calculator uses an income cut-off of $40,000 per person or $80,000 per married couple filing jointly. Its calculation is based on the amounts proposed in the HEROES Act.
Before you go ahead and use this calculator, you must know that nothing is confirmed yet. The $40,000 cut-off is just speculation for now. A lot could change when both Democrats and Republicans come together next week to discuss the next stimulus package.
Mah also admits that there would be changes to the bill before it is eventually approved, but getting a “general idea of how our lives will be over the coming months, it can be helpful.”
$40,000 cut-off: is it real?
The speculations regarding the $40,000 cut-off started after comments from Senate Majority Leader Mitch McConnell. Last week, McConnell noted that those earning $40,000 or less had been hit hard by the coronavirus pandemic.
Following McConnell’s remark, Jeff Stein, White House economics reporter for The Washington Post, noted that the $40,000 cut-off could indeed be real.
“Multiple sources say McConnell didn’t just throw out $40,000 as a cut-off haphazardly—consensus within GOP is moving that direction, which would sharply limit eligibility,” Stein said in a tweet.
If the $40,000 cut-off is approved, then many fear that stimulus checks may fail to meet the very objective of helping those who are most in need. Considering the checks would likely be based on the 2019 tax filing, they would exclude many Americans who faced economic challenges between 2019 and 2020.
As per the Policy Simulation Library, the $40,000 income cut-off would cover over 80 million Americans, or 45% of total filing units by expanded income groups. Stimulus checks under the CARES Act have already reached about 160 million households.