Stimulus Checks and Economy
POSTED March 9, 2021
As of Monday March 8th, the US Government prepares to release the third round of the stimulus checks and the amount will be dependant on if you have done your taxes or if you make over $75,000 a year. Biden is trying to get the IRS to move faster so that he can get the stimulus checks out quicker. If the bill were to be passed by March 12, the stimulus checks would be deposited into people’s accounts very soon. The IRS has to see when people get their tax returns to dictate how much money everyone should get. If people do not do their taxes for 2020 then the IRS will go off of their taxes from 2019.
President Biden is also trying to raise the minimum wage to $15 per hour hopefully by 2025, which would help people earn a livable wage mean to fund the government more money would be taken out of checks for taxes. For the lower paid people and the people that lost their jobs tend to get more money from the stimulus check. This check is for mothers and fathers to not go into debt for 3-4 months, so that they can buy food and other things that are desperately needed.
These stimulus checks are to help people get a little ahead so they don’t have to worry about money for a few months. The IRS is working really hard to get the checks out as quickly as possible they can and they are taking every precaution seriously. The short-term the stimulus checks should help the ones in need and the long-term minimum wage is to help stable income.