Coronavirus Stimulus Checks: On Average, Americans Got $3,450 In Stimulus Money In 2021

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Calls for fourth stimulus checks are growing louder, but it seems very unlikely that Congress will approve another round of stimulus checks. Even if we exclude fourth coronavirus stimulus checks, many Americans have (or will get) thousands of dollars in stimulus money in 2021.

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Coronavirus Stimulus Checks: How Much Money You Get In 2021

As per an analysis by the Institute on Taxation and Economic Policy, Americans with an income of less than $65,000 per year (or the bottom 60% of earners) would receive an average of $3,450 in stimulus money from the government this year. The stimulus money amount increases for those with lower salaries, and drops for those with higher salaries.

A point to note is that this analysis from the Institute on Taxation and Economic Policy doesn’t include the expanded child tax credit. So, the average stimulus amount would increase if we included the monthly CTC payments.

Following this analysis, a report from The Motley Fool carried out its own calculation to come up with the average amount that people in different income groups would get this year. The calculations include stimulus checks, child tax credits and earned income tax credit.

As per the calculation, those with annual income of $21,300 or below would get an average of $3,590 this year, those with $21,300 to $39,800 would get $3,340, those with $39,800 to $65,000 would get $3,370, those with $65,000 to $111,300 would get $3,540, those with $111,300 to $247,400 would get $2,830, those with $247,400 to $601,700 would get $280, while those with income of $601,700 and above would get $50.

Lower Income People Got Maximum Stimulus Money

As is expected, those with lower income will benefit the most from the stimulus money this year. In fact, households with income less than $21,300 are estimated to witness a 33% rise in their household income this year because of the stimulus money. On the other hand, those with higher income, for instance, between $111,300 and $247,400, would just get a 1.8% jump in their income.

Since the start of the pandemic last year, Congress has approved three rounds of stimulus checks. The first round was approved in March last year, and gave up to $1,200 to eligible recipients, as well as $500 per dependent.

In the second round, eligible recipients got up to $600, while in the third round, eligible recipients got up to $1,400.

Talking about the child tax credit, parents with qualifying children below 6 years would get up to $3,600, while those with children aged 6 through 17, would get up to $3,000.

Parents would get half of the credit in six monthly installments from July through December. This means up to $300 per month for kids under the age of 6 and up to $250 for those ages 6 to 17. The other half they would get when they file taxes next year.