Tax Change as a Percentage of Income, by Income Group
Impacts of Payment in CASH Act compared to December 2020 COVID Relief Package 2020, United States
Phases out at a rate of 5% of AGI over $75,000/$112,500/$150,000. Payments are allowed to individuals with a Social Security Number even if an adult in their household uses an ITIN, providing additional benefits not shown here. *CASH ACT: Cash payment of $2,000 per filer/spouse and $2,000 for each dependent (any dependent). This shows the combined impact of the $600 payment already provided by Congress and the CASH Act provision increasing it to $2,000 per person.
This estimate does not include the CASH Act provision expanding the CARES Act's $500 payment to include dependents who are not children.
**December 2020 COVID Relief Package: Cash payment of $600 per filer/spouse and $600 for each child dependent (no adult dependents).
Source:Institute on Taxation and Economic Policy (ITEP) Tax Model, January 2021