Posted on April 20th, 2021
Stimulus checks are sent by the government to taxpayers in order to offer people more spending money, which is meant to boost the economy. If you received a stimulus check, this will not affect your right to file a toxic exposure claim or a VA claim. Therefore, you are still eligible for compensation if you are a victim of toxic exposure.
The purpose of stimulus checks is to stimulate the economy by providing consumers with additional spending money. Some taxpayers receive this money because it is intended to spur the economy by encouraging people to support retailers and manufacturers. A stimulus check can be part of a larger federal stimulus package meant to support the economy, which was the case of the stimulus payments that were part of the CARES Act in 2020 and the American Rescue Plan in 2021. Stimulus checks are either mailed to people or tax credit is applied to their tax filing. Between March 2020 and March 2021, the U.S. government sent people 3 rounds of stimulus payments to provide relief for economic hardship that was the result of the coronavirus pandemic. Similarly, stimulus checks were given to taxpayers during the 2008 financial crisis.
However, if you received one or multiple stimulus checks, you are still eligible for filing a toxic exposure or a VA claim, as this benefit does not affect your right to recovering the money you are entitled to from the liable parties. Our attorneys will help you file a toxic exposure or a VA claim to receive the financial compensation you deserve if your health was affected by exposure to hazardous agents, either in occupational settings or in the military. It is important to know that, if you are a veteran, you qualify for compensation both from the responsible companies whose dangerous products you were exposed to and from the VA. Regardless of the complexity of your situation, our legal team, whose main area of practice is toxic exposure, will provide you with quality legal assistance if you are a victim of toxic exposure.
Stimulus checks have been mailed to people throughout the country on several occasions by now. For instance, during the 2008 financial crisis, when the U.S. economy suffered a severe recession, the incoming Obama administration estimated that sending out stimulus checks would prevent unemployment rates from going beyond 8%. These payments were part of the Economic Stimulus Act of 2008, which was enacted during the administration of President George W. Bush. The U.S. government mailed stimulus checks to people with at least $3,000 in qualifying income from or in combination with Social Security benefits, VA benefits, Railroad Retirement benefits, and earned income. The checks amounted to:
The stimulus checks range in the sum of money according to the filing status of the taxpayer. Accordingly, joint taxpayers usually receive twice as much as those who file by themselves. In certain instances, people who had unpaid back taxes had their stimulus checks automatically applied to their outstanding balance. The research conducted by the National Bureau of Economic Research found that the means of delivery of stimulus checks make a difference to the general spending patterns of consumers. Thereby, implementing stimulus by sending checks resulted in increased consumer spending activity. Nevertheless, applying tax credits equal to the amount of money provided in a stimulus check did not result in increased consumer spending activity.
In March 2020, the U.S. government approved a bill to send people stimulus checks to provide relief for economic difficulties caused by the coronavirus pandemic. The CARES Act specified tax rebates of $1,200 per adult and $500 per qualifying child. The amount of the rebate phases out for incomes above $75,000 per year for individuals and $150,000 for joint filers. The second round of $600 stimulus checks was sent out in December 2020. Subsequently, in March 2021, the American Rescue Plan Act came into effect. It entailed direct stimulus payments of $1,400 to people making $75,000 or less per year.
In a recession, which includes that caused by the coronavirus pandemic, a stimulus check can encourage businesses and individuals to spend more of their disposable income. With higher consumption, demand will increase and, in turn, businesses will employ more workers. With a higher demand for work, wages will increase, which will subsequently stimulate consumption. In 2008, multiple studies found that stimulus checks, in combination with other fiscal and monetary policy measures, decreased the unemployment rate and increased GDP. Nonetheless, it was not conclusive as to how much of the positive effect can be attributed to the checks themselves.
In conclusion, stimulus checks do not affect your right to seek financial compensation if you were affected by toxic exposure. Therefore, if you are a victim of toxic exposure that occurred either in occupational settings or in the military, you may be eligible for compensation, which our resourceful legal team can help you recover from the responsible parties. While the legal process is quite complex and tedious, it will require minimal involvement on your part, as we know that the majority of people who are struggling with diseases caused by toxic exposure are in a lot of physical and emotional pain.
Accordingly, the only documents we will need from you are your employment or military records, which you must retrieve, and your medical records, which will be used as evidence to support your toxic exposure or VA claim. Eventually, following claim submission, you may receive the sum of money you are entitled to if you choose to work with our law firm. Lastly, it is important to know that working with us is free of charge unless we obtain financial compensation for you, as we operate on a contingency fee basis.