Handing out free money is apparently going out of style. That said, make $75,000 in West Virginia, and you’re probably living okay, but make $80,000 in…
(by Half Dollar) Here’s a quick update on the status of the latest round of free money from Uncle Sam: They’re scaling back.
Indeed, when the Federal government decides who will be the winners and who will be the losers, everybody loses, really.
Of course, getting one of those free checks from Uncle Sam can make one feel like a winner, albeit temporarily, so in one sense I suppose it’s true that there will be winners, but in another sense, there could be a huge difference in the standard of living, or the quality of life, between an individual earning $75,000 per year and an individual earning $80,000 per year, depending on where one resides.
Live in a big, expensive city and make $80,000 per year?
Good luck with that.
Live in “flyover America” and make $75,000 per year?
Have fun shopping on Uncle Sam’s dime, courtesy of Uncle Joe.
That’s about where things stand right now when it comes to the latest Federal fiscal stimulus package in general, and the stimulus checks specifically.
From CNN (bold added for emphasis and commentary):
A Democratic source tells CNN that Biden has signed off on making the stimulus checks’ salary eligibility more targeted in the Senate bill, to accommodate a request from moderates.
- Phase out begins at $75,000 for single filers (same as House bill); now ends at $80,000
- Phase out begins at $112,500 for head of household (same as House bill); now ends at $120,000
- Phase out begins at $150,000 for joint filers (Same as House bill) — now ends at $160,000
Under this proposal, this means, for example, if you are a single filer making more than $80,000 a year, you would not receive a stimulus check, where as under previous proposal you could earn up to $100,000 before the amount of stimulus you would qualify for was completely phased out.
Our “elected” “leaders” in Washington sure know best, don’t they?