Success of COVID-19 Stimulus Checks Prompts Bill to Authorize Ongoing Payments

(Motley Fool) — Coronavirus stimulus checks issued in 2020 and 2021 had an undeniable impact on American families. They helped to keep people out of poverty during an economically challenging time. And, in fact, they helped increase household income above pre-pandemic levels for some individuals and families.

Since depositing money directly into people’s bank accounts proved to both be popular and successful at reducing poverty, some lawmakers are now calling for more monthly payments to be issued.

In fact, on Friday July 30, Rep. Ilhan Omar introduced a bill called the Sending Unconditional Payments to People Overcoming Resistances to Triumph (SUPPORT) Act that would provide payments of $1,200 per month per adult and $600 per month per child. This money would be offered on an ongoing basis, as opposed to the one-time payments made available in each of the three coronavirus relief bills.

The SUPPORT Act would do just that. Under the terms of the act, a new Treasury Department would be created to oversee a $2.5 billion grant that would fund local pilot programs for offering regular direct payments to Americans.

Based on the outcomes of those pilot programs, the federal government would subsequently implement a guaranteed income program for all Americans. The program would provide:

  • $1,200 per month for U.S. residents over the age of 18
  • $600 per month for child dependents

The payments would begin phasing out once income hit $75,000 for single taxpayers; $150,000 for married joint filers; and $112,500 for heads of household.

If the bill passed, pilot programs would begin distributing money to Americans in eligible communities as early as 2023. The national program providing funds to all eligible Americans would begin in 2028. Click here to read the source articlestimulus Original Article By: Christy Bieber

Rising Dough

Rising Dough - the question(s) that we need to think about from the reading.Could stimulus checks lead to a universal basic income? What affect would this do to the economy if passed?

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