Low-income families in the U.S. will be receiving up to $5,980 dollars of stimulus payment in 2022.
The payment earned income tax credit, is a federal benefit for low-wage earners depending on their family size.
It pays benefits as a percentage of a person’s income until a maximum limit is reached.
The payment is designed to help low-income families the most. A person with two kids may get a 40 percent credit of their earnings. The maximum is $5,980 until they hit an income of $42,000 and higher.
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Low-income workers without children can earn up to $543 usually, but if the American Rescue Act is passed, families were receiving $543 will get as much as $1,502.
The credit was created 50 years ago. It was extended multiple times and used as an economic stimulus until being turned into law in 1978.
