The House of Representatives passed a $1.9 trillion relief package focused on economic relief following the COVID-19 pandemic. The bill was signed into law at the White House on Thursday.1
Beyond the much-discussed $1,400 stimulus checks, the relief bill offers many levels of stimulus, including funds for vaccine distribution, expansions of tax credits, expanded unemployment payments, and controversial aid to state and local governments.1
One sticking point was a phase-out range for the stimulus checks, which will affect those earning more than $75,000 annually and capped for those earning $80,000 or more ($150,00-$160,000 for married couples).1
This is a massive bill with many aspects, over 60% of which may be considered geared to Democrat special-interest groups, and has no shortage of provisions for individuals and businesses at all levels. Naturally, you may have questions about the bill, and how it might affect you and your family. I welcome a chance to discuss this with you and answer any questions you may have.
1. CNBC.com, March 10, 2021
Today’s summary of the stimulus package is for informational purposes only and is not a replacement for real-life advice. Make sure to consult your tax, legal, or accounting professional before modifying any part of your 2021 tax strategy based on the new stimulus package.
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