January 12, 2021

Yahoo! Finance: $2,000 stimulus checks would be a massive boost for America’s poorest

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America’s poorest families would see their incomes grow by more than quarter if the $2,000 stimulus check proposal that President-elect Joe Biden supports passes, according to a new analysis.

The 20% of households with the lowest incomes would see their annual income increase by 29% if Congress passes the provision under the CASH Act, the Institute on Taxation and Economic Policy (ITEP) found.

“That’s going to be a significant boost in their income,” Steve Wamhoff, director of federal tax policy at ITEP, told Yahoo Money. “For people who work for Congress or people who work in policy, we can easily forget just how little money some people have.” Read more