A $2,000 payment would give a 60 percent majority of Americans, those with annual incomes under $65,000, an average income boost of 11 percent, according to a reportreleased last week by the Institute on Taxation and Economic Policy. The bottom 20 percent, those with incomes below $21,300 per year, would see a substantial average income increase of 29 percent.
The report says that the $600 checks that recently went out to a majority of Americans amounted to an increase of around 3 percent for the bottom 60 percent and 8 percent for the bottom 20 percent. The $2,000 checks will become reality if the Caring for Americans with Supplemental Help (CASH) Act is signed into law. The bill passed in the House late last month in response following backlash over what may viewed as the inadequacy of $600 payments. It has not been voted on in the Senate. Read more