My family earns $200,000 a year and I think we deserve a full $1,200 stimulus check. Instead, we only received $200. We pay high taxes and we could really use the money. Why can't people like me get a full payment?
Unfortunately, we are one of the families who only got a $200 stimulus payment. We have a family of five that we provide for, but because one of our kids would have owed around $800 in federal taxes and would benefit more from us not claiming her, we allowed her to file on her own. She was then able to receive a refund instead of owing taxes due to claiming the educational tax credit we couldn’t claim because of the government's income threshold.
Some people are receiving an extra $600 in unemployment benefits, which will end soon unless the administration extends it. If the government gave $1,200 or more to individuals earning $200,000 or $400,000 a year, that would obviously cost billions more. Congress is already sending stimulus payments worth $250 billion to 150 million households. They have to draw a line in the sand. The economic impact payment is technically an advance payment of a tax credit on your 2020 return.
To put your complaint in context: The Urban Institute, a nonpartisan policy research group in Washington, D.C., estimates that no stimulus checks, no expansions to SNAP or unemployment benefits beyond the regular payments would lead to an annual poverty rate of 12.4% . The administration’s response lowered that poverty rate to 9.2% , it estimated. These people are not tax cheats. They are, for the most part, trying to survive.
Also see: I hate that my friends still get help from their parents and were born into money. I want to stop comparing. How can I do this?
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