Fourth Stimulus Check Update: Wealthy People Received $1,400, Will It Affect New Direct Payments? – By Lauren Dubois (IB Times) / July 3 2021
Federal stimulus checks to aid those impacted by the COVID-19 Pandemic became a powerful tool to help the economy rebound from the damage that was done by businesses being forced to close or operate at reduced capacities. However, while some of the wealthiest Americans were not supposed to be eligible for the direct payments, as it turns out, new IRS data shows that some did receive at least the third payment—which happened to be the highest amount.
IRS data shows that 127,751 payments were sent out to those with an adjusted gross income above $200,00, for a total of $392.3 million paid, CNBC reports. This was a surprise because the American Rescue Plan passed Congress after the income thresholds of those eligible for a check were lowered slightly from the first two rounds of checks.
The third payments were supposed to go out only to those with an adjusted gross income of up to $75,000 for individuals, $112,500 for heads of household and $150,000 for those who were married and filing jointly.
The amount that then went to those making $200,000 or more was out of a total of 163.5 million total payments which came to a $389.9 billion price tag.
