Read more on this subject: Economy – Economics USA
News Story Source: https://www.zerohedge.com, by Tyler Durden
While markets wait to see what the final size and scope of the proposed $1.9 trillion Biden stimulus will be, what we know currently about the key support components is the following:
"Economic Impact Payments" of $1,400 per person plus an additional $1,400 per dependent phasing out starting at $75,000 for single, $112,500 for head of households and $150,000 for married (fully phased out at $100,000 for single,$150,000 for head of households and $200,000 for married)
Temporary enhanced Child Tax Credit: Fully refundable $3600 per child age under 6 and $3000 per child age 6-17 with gradual phase out of $50 for each $1000 over the threshold of $75,000 for single, $112,500 for head of households, and $150,000 for married. Credits are paid out monthly in even increments starting July 2021 through June 2022 (e.g. $300 for age under 6, or $250 for age 6-17 per month per child).
What does that mean in practical terms?
As BofA economist Joseph Song explains, the big winne
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