DENVER (KDVR) — If a $2,000 stimulus bill passes, Coloradans would see another $6 billion in their cratered economy from the federal coffers.
Sen. Chuck Schumer, the soon-to-be Senate Majority Leader, said he plans to make $2,000 checks his first order of business once the new presidential administration and new Senate are set on Jan. 20.
With Colorado’s 2.1 million households and growing, this will add up.
Last March’s CARES Act allocated $290 billion for direct payments to households who made under $75,000 a year or $150,000 for jointly filing couples. From there, families and couples and individuals receive less as their annual income grows. Payments peter out near $90k for single filers and $180k for couples.
Most recent available IRS data from the 2018 tax year counted 2,765,420 tax returns from Colorado.
The good news is the overwhelming majority of Coloradans will get something, and a small majority will get the full amount.
Of Colorado’s tax filers, both individual and joint, 68% make less than $75,000 a year.
Not all these filers qualify for stimulus. Many may owe debt or have not paid taxes or some other disqualifying factor.
Still, an estimate is edifying about the financial costs at stake.
If every qualifying household in Colorado claimed a conservative $1,000, meaning roughly half claim a single dependent in addition to their joint filing status, the state would require $5.14 billion just to satisfy these filers alone.
This estimate does not include the varying amounts necessary to pay Colorado filers who make more than $75,000 but less than the cutoff.
There are just under 700,000 such filers. Assuming they are paid, on average, half the amount of the fully qualified, it would take another $705 million to pay them stimulus as well.
Working off this $6 billion for Coloradans, the direct payout portion of a $2,000 stimulus would be roughly $353 billion for the entire country in payments alone.