This Is A $0 Spending Bill
Senator Cory Booker wants his Democratic Senate colleague Kyrsten Sinema, who is resisting voting for the larger bill the House is working on, to say what she wants to include in the bill and not talk about the top line number.
He says that the Democrats’ bill, if calculated on the measure that Republicans used to calculate the 2017 tax cuts, would be a zero cost bill. In order to pay for the $3.5 trillion in spending over the next ten years, along with raising taxes on the wealthy and corporations, tax loopholes would be closed so that the wealthy and corporations would pay the taxes they can currently avoid.
Can I Contact The Irs For Additional Help With My Taxes
While you could try calling the IRS to check your status, the agency’s live phone assistance is extremely limited. You shouldn’t file a second tax return or contact the IRS about the status of your return.
The IRS is directing people to the Let Us Help You page on its website for more information. It also advises taxpayers to get in-person help at Taxpayer Assistance Centers. You can contact your local IRS office or call to make an appointment: 844-545-5640. You can also contact the Taxpayer Advocate Service if you’re eligible for assistance by calling them: 877-777-4778.
Though the chances of getting live assistance are slim, the IRS says you should only call the agency directly if it’s been 21 days or more since you filed your taxes online, or if the Where’s My Refund tool tells you to contact the IRS. You can call 800-829-1040 or 800-829-8374 during regular business hours.
A $2000 Stimulus Check Petition Is Close To 3 Million Signatures
A Change.org petition that has collected more than 2.9 million signatures calls on Congress to send out a fourth stimulus check of $2,000 for adults and $1,000 for children on a monthly basis for the remainder of the pandemic. The petition notes that “the recovery hasn’t reached many Americans” and points to the need for immediate checks and recurring payments so that “we can keep our heads above water.” While the Change.org petition is close to becoming one of the most popular on its website, whether it will have any effect is another question.
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Fourth Stimulus Check White House Says Possible Payment Up To Congress
May 12, 2021 / 06:55 AM EDT
May 12, 2021 / 06:55 AM EDT
While the IRS continues to send out weekly additional stimulus checks as part of the third round of Economic Impact Payments, many Americans are wondering if a fourth wave of COVID relief is possible.
The latest round of stimulus checks as part of President Joe Bidens $1.9 trillion American Rescue Plan have provided more than $385 billion in $1,400 payments to eligible recipients. Pandemic relief payments of $1,200 and $600 were included in the first two stimulus packages.
When asked directly about stimulus checks last week, White House press secretary Jen Psaki responded by saying, Well see what members of Congress propose, adding that the payments were not free.
On Monday, Biden announced that his administration will be sending relief checks to thousands of restaurants, but it remains unclear how likely a fourth stimulus check to Americans might be.
Today, were sending out the first relief checks to 16,000 hard-hit restaurants with help for many more to follow, Biden said. A lot more people are going to be employed.
While Republicans lawmakers have largely opposed relief checks, some Democrats and research groups have called on the president to push for not only a fourth check but ongoing payments until the end of the COVID-19 pandemic.
Consumer Spending And Personal Income: August Report
The Bureau of Economic Analysis has reported that in August, Consumer spending grew by $130.5 billion, or 0.8 percent in August. More modest increases were seen in terms of personal income with the gross number increasing to “$35.5 billion, or 0.2 percent at a monthly rate.”
The BEA traces in increases in income to higher wages and salaries as well as “increases in compensation as well as government social benefits, which reflect advance Child Tax Credit payments authorized by the American Rescue Plan.”
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Economic Recovery For Some
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Relief payments were intended to ease COVIDs economic impact and support the economy in the process. The third round of relief payments started back in March, courtesy of the American Rescue Plan . Over the following months, about 169 million people received up to $1,400 each. That accounted for nearly all of the $422 billion set aside. The ARP checks closely followed the $600 payments from January, which came nine months after the $1,200 payments from the pandemics early days. They seem to have worked, but have also helped many who didnt actually need the money.
In the third quarter of 2021, the U.S. economy grew at an annualized rate of 2.0 percent, according to the most recent estimate from the Bureau of Economic Analysis. Thats a major slowdown from the torrid pace in the second quarter, which saw 6.7 percent growth. The Conference Board forecasts continued though slower growth through the rest of the year. The countrys gross domestic product , an estimate of economic activity across the U.S., has surpassed pre-pandemic levels. By that general measure, the economy has fully recovered.
Consumer spending remains strong, with the rate up 1.7 percent in October, as compared to a 0.8 percent rise in September. Auto sales also show signs of returning, as production increases to fill the need. The increase, in general, is a positive sign for whats ahead in the holiday shopping season. Overall, goods spending remains above pre-pandemic levels.
They Include A $1200 Check In April 2020 $600 In December And The $1400 Payments Approved Last March Under President Joe Bidens
However, according to aarp, there will be an increase in cost of living adjustment. A fourth stimulus check is unlikely in 2022. Social security recipients are expected to get a 6% cola increase in 2022 one of the largest on record but rising medicare costs and inflation are eating away at most of this.
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Who Will Receive The Fourth Stimulus Payment
The funds for this fourth check will come from a $ 700 million program authorized to help workers in these sectors, he reported. At the moment the government of President Biden has not specified how this money will be distributed, but it is expected that about 20 million dollars will be allocated to workers in grocery stores, according to the reviewed medium.
Are 4th Stimulus Checks Really Happening
They arebut theyre not coming from the federal government like the last three stimulus checks did. This time, it all depends on what state you live in. Thats right, these fourth stimulus checks are being given out to some folks at the state and city levels now.
Back when the American Rescue Plan rolled out, all 50 states as a whole were given $195 billion to help fund their own economic recovery closer to home.1 Thats a lot of dough. But heres the catchthey dont have forever to spend that money. The states have to figure out what to spend the money on by the end of 2024, and then they have until the end of 2026 to use up all that cash.2 Those deadlines might sound super far away, but the clock is ticking here.
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Which Cities Are Giving Out 4th Stimulus Checks
Thats rightcities are now getting in on the stimulus check action too . See if your town made the list:
- Chicago
Low-income residents of The Windy City have been given stimulus checks at random. You read that right. Chicago will give out $500 checks to 5,000 people each month throughout 2022. Theyll be selected at random for this stimulus lottery.19
- Los Angeles
Like Chicago, LA is handing out payments to low-income residents for a year. Their program, called BIG:LEAP, will give 3,200 randomly chosen people $1,000 each month.20
- Pittsburgh
Pittsburghs program is called the Assured Cash Experiment and gives 200 low-income residents $500 each monthfor two years. The program will spend $2.5 million on lower-income zip codes.21
- Santa Ana
The close-by neighbors of LA are getting a stimulus program of their own called the Revive Santa Ana Resident Stimulus Program. It will give out $6 million to neighborhoods that fall below the poverty level in Santa Ana. Payments of $300 will be loaded onto prepaid debit cards and given out door to door to about 20,000 residents.22
- Seattle
Seattle has one of the more generous payouts on the list. The Seattle Relief Fund is a $16 million program that gives payments of $1,0003,000 to low-income residents of the Emerald City.23
Irs Continues To Encourage Eligible Families To Sign
A few estimates have shown that at least 18% of children eligible have not received the Child Tax Credit. Many of these children live in families where their parents are not required to pay federal income taxes. For that reason, the IRS does not have the necessary information to send the checks.
However, the IRS has worked to create a platform that allows families to sign up directly.
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How Long Has Passed Since The First Three Stimulus Checks Were Sent And How Has The Us Economy Changed
The three federal stimulus checks approved by Congress in made significant impacts on the US economy. In addition to other federal aid, the government was able to boost household incomes and avoid a total economic collapse.
Read our full coverage for more information on how the direct payments helped to improve household well-being.
In Capitol Visit Biden Tries To Make Peace With Feuding Democrats
Reuters – In a rare visit to the U.S. Capitol, President Joe Biden tried on Friday to end a fight between the moderate and progressive wings of his Democratic Party that threatened to torpedo his domestic agenda.
Faced with a moderate faction that wanted an immediate vote on a $1 trillion infrastructure bill and a progressive arm that wanted to wait until there was agreement on a sweeping $3.5 trillion bill to bolster social spending and fight climate change, Biden sought to split the difference.
The former senator told his caucus during a 40-minute meeting that they could delay a vote on the smaller bill and sharply scale back the larger one to around $2 trillion. But his message that there was no rush belied the fact that Congress faces multiple approaching critical deadlines.
“It doesn’t matter whether it’s in six minutes, six days or in six weeks. We’re going to get it done,” Biden said.
A source familiar with Biden’s remarks at the meeting said he told lawmakers, “Even a smaller bill can make historic investments.”
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Child Tax Credit: December End
Some families received another form of stimulus aid when the IRS in July deposited the first of six monthly cash payments into bank accounts of parents who qualify for the Child Tax Credit . Families on average received $423 in their first CTC payment, according to an analysis of Census data from the left-leaning advocacy group Economic Security Project.
Eligible families received up to $1,800 in cash through December, with the money parceled out in equal installments over the six months from July through December. The aid was due to the expanded CTC, which is part of President Joe Biden’s American Rescue Plan.
Families who qualify received $300 per month for each child under 6 and $250 for children between 6 to 17 years old. Several families that spoke to CBS MoneyWatch said the extra money would go toward child care, back-to-school supplies and other essentials.
While progressives and some Democrats urged lawmakers to continue the enhanced CTC, it appears stalled at the moment. That means families won’t receive a CTC payment in January or beyond.
What Other Aid Is Out There
While a fourth stimulus check is improbable, more direct payments to Americans have already been signed into law. Up until Labor Day, the jobless received extended unemployment benefits. The American Rescue Plan also includes an advance Child Tax Credit.
Under the revised Child Tax Credit, the Internal Revenue Service is paying out $3,600 per year for each child up to five years old and $3,000 per year for each child ages six through 17. Monthly payments of up to $300 per child started July 15 and will continue through December of 2021. The remainder is to be issued when the recipient files their 2021 taxes. The benefit does not depend on the recipients current tax burden. In other words, qualifying families will receive the full amount, regardless of how much or little they owe in taxes. Payments start to phase out beyond a $75,000 annual income for individuals and beyond $150,000 for married couples. The more generous credit will apply only for 2021, though Biden has stated his interest in extending it through 2025.
The ARP added $21.6 billion to the Emergency Rental Assistance Program, which is being distributed to state and local governments, who then assist households. Most of the $46 billion total has yet to reach tenants and landlords.
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Fourth Stimulus Check Would Provide Boost For Low Earners
After an underwhelming August jobs reports there were some suggestions that additional financial relief would be needed to provide support for low earning households. A study released recently in conjunction with the Capital One Marketplace Index found that 46% of lower earners would not have had enough money to cover their expenses last April without the third stimulus check from the federal government.
As the US braces for what could be a tough winter, a number of states and local authorities have opted to provide their own forms of direct support, with stimulus checks going out to residents.
Thanks to the American Rescue Plan, families across the country will begin receiving monthly Child Tax Credit payments today. In our community, nearly 3 in 4 children will receive these payments, putting money in the pockets of parents to help pay for mortgages, child care, summer learning, and more, as we continue to recover economically from the pandemic.”
The Child Tax Credit will deliver critical resources to families when they need it most, but lets be clear: families need support well beyond this pandemic. Im fighting in Congress to permanently expand these Child Tax Credit payments, so our families have the resources needed to thrive this month and into the future.
Rep. Lauren Underwood
Biden To Push More For Bills
The president on Saturday acknowledged criticism that he had not done more to drum up support for the bills by traveling around the country. He said the bills were designed to make life easier for ordinary Americans by making child care affordable, for example.
“There’s nothing in any of these pieces of legislation that’s radical, that is unreasonable,” Biden said. “I’m going to try to sell what I think the people, the American people, will buy.”
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Dems Continue Push For Child Tax Credit Extension
In a meeting with residents in Portland, Oregon, Sen. Ron Wyden was talking up the benefits of elements President Biden’s ambitious Build Back Better legislative agenda. A small number of moderate Democrats in the Senate have been unwilling to support the extension of the Child Tax Credit, but Wyden has reiterated the good that it could do for families in his constituency.
The second Golden State Stimulus has been sending checks to Californians since the start of September. Two-thirds of residents are eligible for the checks of between $500 and $1,100, depending on income and how many dependents an individual has.
To be eligible, you just need to file your 2020 tax return and be under the wage threshold. Compared to the first round of checks in 2020, the eligibility barrier is much greater people earning up to $75,000 can get the payment.
What Will Be Cut From The Reconciliation Bill If They Have To Slim It Down
The New Republic’s Timothy Noah undertook the exercise of evaluating which measures included in the $3.5 trillion spending bill could be cut while still maintain many of the most important and popular items.
Noah believes that lowering the Medicare eligibility age should be cut, because it is costly and has fairly widespread support, and thus could be included in a later bill.
Other items to be cut in Noah’s analysis include the:
– removal of dental coverage from Medicare
– removal of the Civilian Climate Corps
– limiting the number of families able to receive the Child Tax Credit, and other benefits .
With these cuts and more, Noah was able to get down to the $1.5 trillion mark that more conservative Democrats have said they could support.
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The Situation Of 3rd Stimulus Checks
According to the IRS, many families are already done with the amount they received from the 3rdStimulus Update. 3rd checks were distributed around May this year, which was already looking dire when the Pandemic unemployment funds stopped last month. Families are now unable to pay their bills and hoping to see things return to normal.
Next, we will give you a stimulus update on whats going on in the House of Representatives and the senate. This Stimulus Check Update is regarding the infrastructure bills worth around 4.7 Trillion dollars. France is upset with America, the UK, and Australia over the submarine deal. France instructed their officials to get their revenge on these countries.