$2000 a Month Retroactive Second Stimulus Check - What are the actual odds?

News is swirling around again about the $2000 a month retroactive second stimulus check and I wanted to take a minute to dive into the facts and talk about the stimulus package in question and odds that this actually could happen.

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Representative Ro Khanna is saying there is even more reason now than even to have a $2000 monthly stimulus check. He Tweeted about it the other day saying some people still haven’t received their first check, people still have bills to pay, and we need $2000 a month stimulus.

Just for reference Representative Khanna was a part of the Emergency Money for the People Act that was proposed back in April.

The proposal included $2,000 every month to nearly all U.S. citizens until employment reaches a specific ratio.

Here’s the specifics of the proposal:

-Eligible Americans would receive $2,000 in cash per month guaranteed for at least six months.

-These monthly cash payments would continue until the employment to population ratio for people ages 16 and older is greater than 60%. The employment to population ratio is the number of working age people currently employed divided by the number of total working age people. It currently sits at around 51%.

-The monthly cash payments would not count as income and would not be taxable

-The monthly cash payments would not impact anyone’s ability to qualify for an income-based federal or state assistance program. Meaning earning more from these programs will not disqualify you from other programs.
Here’s who would qualify:

-Every American adult age 16 and older making less than $130,000 annually would receive $2,000 a month;

-Married couples earning less than $260,000 would receive at least $4,000 per month;

-Qualifying families with children will receive an additional $500 per child, with funds capped at a maximum of three children.

Here’s some examples of how much you would receive:

if you earn $100,000 of adjusted gross income per year and are a single tax filer, you would receive $2,000 a month.

If you are married with no children and earn a combined $180,000 a year, you would receive $4,000 a month.

If you are married with two children and earn a combined $200,000 a year, you would receive $5,000 a month.

If you are married with five children and earn a combined $200,000 a year, you would receive a maximum of $5,500 a month because the $500 per dependent payment is only available for three children.

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Disclaimer
This presentation does not constitute legal or tax advice. It is provided solely for informational and educational purposes and does not fully address the complexity of the issues or all the steps businesses must take under applicable laws. You should consult your professional advisers regarding your individual situation. Max Maher undertakes no obligation to update the information in this presentation, and no representations are made that the content is error-free.

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