Show
FILE - This May 8, 2008, file photo shows blank checks on an idle press at the Philadelphia Regional Financial Center, which disburses payments on behalf of federal agencies in Philadelphia. (AP Photo/Matt Rourke, File)AP As of right now, there are no plans for a fourth stimulus check in 2022. That doesn’t mean efforts for additional financial assistance amid the coronavirus pandemic are done. A petition calling for $2,000 checks for U.S. adults and $1,000 for children has been signed by 2.97 million people. If it reaches 3 million signatures, the petition will become one of Change.org’s most-signed petitions. And while that petition has garnered millions of signatures and widespread attention, it appears unlikely it will move Congress to act. Instead, efforts are underway to extend the expanded Child Tax Credit, a measure passed during March’s American Rescue Plan. The child tax pays parents up to $300 a month for children ages 5 and younger and $250 per child age 6-17. The remainder of the money – up to $1,800 – can be claimed when filing 2021 taxes in 2022. The payments started in July and are set to end in December unless extended by Congress. The $2.2 trillion Build Back Better bill, passed by the House on Nov. 19 and currently before the U. S. Senate would extend the monthly payments through 2022, short of President Joe Biden’s proposal to stretch them into 2025. That measure faces an uphill battle. Passage of the bill requires a simple majority but at least two Democratic Senators, Krysten Sinema of Arizona and Joe Manchin of West Virginia, have expressed concerns about aspects of the bill. If the Senate adjusts or makes amendments to the bill, it would have to return to the House for approval before going to Biden for his signature. How that will play out remains to be seen and it appears unlikely it will be passed in time for monthly checks to continue uninterruped. The final child tax credit payment is set to begin distribution Dec. 15. Who will receive stimulus funds in 2022? Parents who welcomed a child in 2021 could be eligible for additional money in 2022. The third round of stimulus payments included up to $1,400 per person and came on the heels of $1,200 and $600 checks sent in March 2020 and December 2020, respectively. According to the IRS, because the third round of stimulus payments was based on information from 2020 or 2019 tax returns, qualifying new parents can claim their $1,400 through the Recovery Rebate Credit when they file their 2021 taxes. Parents with 2021 newborns are also eligible to receive the child tax credit payment, paid through a lump sum of up to $3,600 when filing taxes. You can see more here. If you purchase a product or register for an account through one of the links on our site, we may receive compensation. The US federal government responded to the coronavirus pandemic by sending out stimulus checks to help low-income and medium-income Americans, with one stimulus check of $1,200 in April 2020, another stimulus check of $600 in December 2020 and then a third stimulus check of $1,400 in March 2021. However, a fourth stimulus check it not likely to be on the way. So, why won't there be a fourth stimulus check? Well, there are a variety of reasons and we outline the government's arguments against a fourth stimulus payment being sent out through the Internal Revenue Service (IRS). Inflation is one reason why there won't there be a fourth stimulus checkRising inflation is a major concern in the USA right now, with the rate hitting 7.5% for January of 2022. When the last of the stimulus checks came out, in March of 2021, inflation was just 2.6%. Some believe that the stimulus checks helped start the spike in inflation and, whether that's true or not, another stimulus check wouldn't help that situation. With unemployment numbers improving, don't expect a fourth stimulus checkThe stimulus checks were sent out at a time when the economy was stagnant, as a result of coronavirus restrictions. There was a need for a boost, but now the economy is recovering naturally. The pre-coronavirus pandemic unemployment rate was 3.7% and it got all the way down to 3.8% in February 2022, so it's basically back to what it was. This is good news in general as more and more Americans are earning an income again, which reduces the need for another stimulus check in the view of politicians. A fourth stimulus check isn't a priority for politiciansThe third explanation for the lack of a fourth stimulus check is the simple fact that politicians aren't doing anything to make it happen. Some don't think there is a need, partly because of the two reasons outlined above, while others have other priorities right now. Even before the gas prices crisis and the Russian invasion of Ukraine, calls for a fourth stimulus check were growing quieter. Republicans were even joined by some Democrats in being against the idea of a fourth stimulus check, so there weren't many calls for one because the politicians knew it'd be impossible to pass anyway. Are we getting a stimulus check in 2022?This rebate was split into two equal payments, delivered in June and August 2022. The funds were sent automatically to taxpayers who filed a 2021 state return. If you file your 2021 state income tax return by May 31, 2023, you'll receive your rebate by direct deposit or check.
Will there be a 4th stimulus check update?The current Congress is not going to provide another stimulus check. The last payment, authorized by the American Rescue Plan Act, was passed along party line votes through a special process called reconciliation.
Are we getting a stimulus check in October 2022?Per the government site, “Direct deposit MCTR payments for Californians who received Golden State Stimulus (GSS) I or II are expected to be issued to bank accounts from October 7, 2022 through October 25, 2022, with the remaining direct deposits occurring between October 28, 2022 and November 14, 2022.”
Is there going to be a fourth stimulus checks for people on Social Security?After the original stimulus checks, some lawmakers did push for another stimulus check, but the social spending plan stalled in Congress in late 2021. Congress has not been planning to provide beneficiaries with stimulus money.
|
Is there going to be fourth stimulus check
Related Posts
Copyright © 2024 en.frojeostern Inc.
