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1 1 (July 23, 2020)

handle is hein.amenin/aeiaddg0001 and id is 1 raw text is: Key Points ,ith unempioyment rates still at a histor ic hi and the coror.avirus surging ir.. many parts of the US, Congres is delhierating another round of economic impact payments siilar to those i ncluded in the Coronairus Aid, Reief,l rd E flconomic -ecurity Act. Ihe original economic impact payments reched the vast majority of households with income below $7500 per year, accordirg to data froim the US Census Bureau's weekly Household Pulse Survey These households were more likely than higher-incone house- holds to expe;r nmploynment disruptons, tnd they overwhemingly used the payments to c, v-erc ngqirg expenses, n-flecting greter economc n-ed among this group, Fewer households in. the top :ncomne groups experienced employmert disruptiorns, ard many put their impact pay'ents toward savings or debt, making the payments to these households poorly targeted and a questioriabie soure of economic stimulus. Lawvmakers should inrlude a second round of econormic rnpact payrnernts in relief legIslatin but turget it to thc -se who, need ths supic, rt the most and will use it to stimulate the ecorm.y. President Donald Trump signed the CoronaOins Aid, Relief, and Economic Securty ,CAES) Act on Mardl 2- ..o.a2, hh, among ozherthoigs, authorized econoomic impact payments as a way to dclivcr financial support quickly to IIS huseholids. The economic impact pay- ments provided $tZuu for ever, individual tax filer wth an adjusted gross income under $71ooo and eve head of household tax filer under Sz,5oo. Mar- tied couples filing a joint tax return with an adjusted gross income under Sfo,ooo could rece've a,4oo. The impact panents decreased five cents for every dollar above these income thresholds. 'his neant a macured household filing jointy :cciyed $o if their adjusted gross icome was above $mo8,aoio By the beginning of June 2020, the US Depa:rt:nt of Trea- sury issued i5y million economic impact payments worth more than Sz67 billion. Republican and Democratic lawnmakers, including the president, have expressed support for another paxlnent, though they disagree on how a new round of payments should look. As a one-time allocation, eco'otnic impact payments can be a quick and easy wa to distribute money to US households, serving seve'ral purposes. Payments can supplement unem- ploxment compensaton for households that lost employment income. They can also provide resources to stnggli ngworke rsvdico are not eligible for unemploy- miert compensation, and they can cover unexpected , ,j , [ : : -

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