The burning question everyone seems to be asking right now: how much will the second stimulus be? The real question Americans should be asking however is how much will they receive from the second stimulus check? There are several proposals regarding the amount the second check could contain, Congress just has to reach a decision.
— Gregory Shelton (@gregorymelody) August 4, 2020
Democrats of the Senate have proposed a $2,000 a month plan, this has no chance of passing the Senate. Another proposal, while not given in detail, comes from President Trump who would like to see Americans get more than the original $1,200. The third and fourth proposals are the most likely to make it to the end, each proposing one-time payments of $1,000 or $1,200. Of course at first glance most people would immediately go for the $1,200, simply because it seems like more at face value. But it’s important to know what goes into each plan.
Let’s say for both proposals you fall under the criteria earning you the max amount. We’ll also add in dependents to show what those with kids may expect from each plan.
A single person with two dependents could expect $2,200 under this proposal. A married/joint filing with the same amount of dependents could expect $3,400. Let’s break down the married/joint filer.
- Married/Joint Filer- $2,400
- 1st Dependent- $500
- 2nd Dependent- $500
Under the $1,200 proposal each adult in the marriage receives $1,200, combined with $500 per dependent, bringing them $3,400. The single person only receives $1,200, along with the $500 per dependent giving them $2,200.
Married or joint filers under this plan with two dependents would receive a total of $4,000. How do they make more under this proposal if the amount is less? Well, let’s take a look.
- Married/joint filer- $2,000
- 1st Dependent- $1,000
- 2nd Dependent- $1,000
Under this proposal each person receives $1,000, giving them $2,000 as a couple. Add the dependents which receive $1,000 each and they come out with $4,000. A single person with two dependents would look to receive $3,000 under this plan.
While the $1,200 looks good at first, when one looks into the details, the $1,000 proposal will actually give you more money (if you have dependents). This is why it’s important to understand the details of each plan.
Copyright 2020, TheSurvivalGuide.com