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December 21, 2022
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December 16, 2022
Statement from Secretary of the Treasury Janet L. Yellen on the European Union Directive Implementing a Global Minimum Tax
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The Treasury Department, the Bureau of the Fiscal Service, and the Internal Revenue Service (IRS) rapidly sent out three rounds of direct relief payments during the COVID-19 crisis, and payments from the third round continue to be disbursed to Americans.
Starting in March 2020, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) provided Economic Impact Payments of up to $1,200 per adult for eligible individuals and $500 per qualifying child under age 17. The payments were reduced for individuals with adjusted gross income (AGI) greater than $75,000 ($150,000 for married couples filing a joint return). For a family of four, these Economic Impact Payments provided up to $3,400 of direct financial relief.
The COVID-related Tax Relief Act of 2020, enacted in late December 2020, authorized additional payments of up to $600 per adult for eligible individuals and up to $600 for each qualifying child under age 17. The AGI thresholds at which the payments began to be reduced were identical to those under the CARES Act.
The American Rescue Plan Act of 2021 (American Rescue Plan), enacted in early March 2021, provided Economic Impact Payments of up to $1,400 for eligible individuals or $2,800 for married couples filing jointly, plus $1,400 for each qualifying dependent, including adult dependents.
- For this third round of Economic Impact Payments, the American Rescue Plan requires an additional “plus-up” payment, which is based on information (such as a recently filed 2020 tax return) that the IRS receives after making the initial payment to the eligible individual.
- In addition, the American Rescue Plan increases direct financial relief to American families by providing $1,400 payments for all qualifying dependents of a family, rather than just qualifying children under age 17.
Normally, a taxpayer will qualify for the full amount of Economic Impact Payment if they have AGI of up to $75,000 for singles and married persons filing a separate return, up to $112,500 for heads of household, and up to $150,000 for married couples filing joint returns and surviving spouses. Payment amounts are reduced for eligible individuals with AGI above those levels.