Many Americans should be encouraged that the government is likely to pay them $1,200 apiece amid the coronavirus economic downturn.
There’s one problem, however: The money may not stretch very far — because the rent is too darn high.
Last week, Congress ushered in a $2 trillion stimulus bill aimed at propping up the economy. With it, many low- and middle-income taxpayers will have their wallets padded with payments from the government.
Individuals who earn up to $75,000 in adjusted gross income are eligible for $1,200 payments. Meanwhile, those who are married and file jointly with up to $150,000 in income are eligible for $2,400.
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The payments phase out completely at $99,000 in income for individuals and $198,000 for joint filers with no children.
Because many Americans don’t…