Is Congress Talking About A Fourth Stimulus Check
There are no signs that lawmakers in Washington, D.C. are in serious discussions about a fourth direct payment stimulus check. While there have been calls by the public and from some lawmakers for recurring payments, there has been practically nothing in terms of action.
Emails and phone calls to the White House, Sen. Bernie Sanders, I-Vt., who is chair of the Senate Budget Committee, and Rep. John Yarmuth, D-Ky., chair of the House Budget Committee, asking if such payments are under discussion were not returned.
One pandemic-related stimulus that is being considered for an extension is the monthly advance child tax credit. It raised the previous tax credit from $2,000 at tax time to $3,000-$3,600 with the option of monthly payments. A one-year extension is part of the Build Back Better bill that passed the House. But Sen. Joe Manchin, D-W.V., announced Sunday he would not vote for it. With no Republicans on board, passage of the bill is doomed unless an alternative is found.
A group of Democrats sent a letter to Biden in back in May , but the letter did not get into specifics and nothing else came of it.
A change.org petition started by Denver restaurant owner Stephanie Bonin in 2020 called on Congress to pass regular checks of $2,000 for adults and $1,000 for kids for the duration of the pandemic crisis.
As of late December, the petition has reached nearly 3 million signatures.
Stimulus Checks Are Coming In 2022 For One Group That’s Still Due Covid Relief
With another year of pandemic life approaching a close, the economy continues to try to revive and bring more Americans to a financially stable state.
No one expects Washington to give out more wide-reaching stimulus checks, but many people remain worried about paying all their monthly expenses as COVID surges again with the omicron variant and inflation drives up prices.
Much of the remaining government COVID relief is aimed at more targeted groups, and one of those smaller sets of Americans will have stimulus payments coming in 2022. Surely, many households that can expect the money will need it to cover the bills or deal with debt.
Do People Need A Fourth Stimulus Check
According to CNBC, there is a case for a fourth stimulus check that goes beyond the calls from lawmakers. The Economic Security Project, a progressive organization that advocates for guaranteed income no matter what the state of the economy, says there’s a need for more stimulus checks.
We need at least one more check, said Adam Ruben.
Ruben, the campaign director at the Economic Security Project, also said that stimulus checks should be “automatic,” and not stalled as they were last summer when second stimulus check negotiations caused a long gap between the $1,200 and $600 payments.
There are signs of recovery, though. The June jobs report showed a gain of 850,000, which was better than expected, according to The New York Times. That’s the strongest one-month gain since last summer.
Likewise, the Commerce Department said that gross domestic product had grown at an annualized rate of 6.5% for April through June of 2021, surpassing the figure it had reached before the pandemic, the Washington Post reported. However, that was less than the 8% GDP growth some economists had forecast.
Regardless, certain lawmakers are pushing for relief.
This unprecedented moment demands an unprecedented response. People dont only need relief, they need stability, certainty, and predictability and the ABC Act delivers them exactly that,” said Rep. Pramila Jayapal .
However, Senate Minority Leader Mitch McConnell, R-Kentucky, didn’t appear to agree.
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Dont Wait For A 4th Stimulus Check To Take Control Of Your Money
Getting your hands on some extra cash when youre in a tough spot can feel like a breath of fresh air, but dont depend on a stimulus as your money plan. Weve said it before and well say it again and again dont wait around for the government to take care of you. Its never a good bet.
And truth be told, youll be waiting around for a long time. Sure, a fourth stimulus check can help you out, but it isnt going to be your lifeline. If you really want to take control of your money, you need a proven plan that you are in charge of.
Sooner or later, stimulus checks run out. But knowing how to budget, save, and make your money goals happen is something that keeps on giving. And we know just the thing to get you there. The premium version of our budgeting app EveryDollar, and Financial Peace University are the trusted tools you need to build habits that keep you on track with your money goals. Get your money working for you and start creating the life you wantwithout waiting on the government.
About the author
Ramsey Solutions
Ramsey Solutions has been committed to helping people regain control of their money, build wealth, grow their leadership skills, and enhance their lives through personal development since 1992. Millions of people have used our financial advice through 22 books published by Ramsey Press, as well as two syndicated radio shows and 10 podcasts, which have over 17 million weekly listeners.
$375 Coronavirus Stimulus Checks From Alabama: What Is It
Alabamas P-EBT program isnt for adults, rather it is for families with kids in the National School Lunch Program. The state came up with this benefit after kids werent able to eat in school because of the pandemic. So, the objective of the payment is to assist families to feed their kids who are at home all day.
Alabama created the program for the 2020-21 school year, and the application period was extended through August 31 for the summer. Every kid enrolled under the program is eligible for a one-time payment of $375.
A point to note is that the payment is for the summer when there was no summer school. Initially, the funds were expected to go out in September, but they didnt.
The extension in the application period, as well as processing time, resulted in a delay in sending the payment. The applications were processed by the local schools and the state Department of Education.
Children who would have received free or reduced-price meals under the National School Lunch Act if their schools were not closed or operating with reduced hours or attendance for at least five consecutive days are eligible to receive P-EBT benefits, the USDA Food and Nutrition Service said.
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No More Stimulus Checks Coming Your Way In 2022
The US economy added 678,000 non-farm employment in February, considerably above economists projections of 440,000 new jobs. Furthermore, the national jobless rate dropped to 3.8 percent last month. That is the lowest unemployment rate since the start of the epidemic.
Even if inflation is forcing many Americans to suffer, its tough to make the argument for a fourth stimulus check since the economy is doing so well right now and the labor market is so full of employment. Inflation, strangely enough, is a sign of a thriving economy.
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.
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Could A New Stimulus Program Be Forthcoming
In 2020 and 2021, lawmakers sent three separate rounds of stimulus payments to Americans’bank accounts, and those checks served as a lifeline at a time when the economy was sluggish. Now, a group of Congressional Democrats is proposing a new stimulus bill designed to help Americans cover the rising cost of gas.
Dubbed the Gas Rebate Act of 2022, the bill is calling for an energy rebate worth $100 per person, per month in 2022 for any month in which the national average cost per gallon exceeds $4. The bill also calls for an additional $100 per dependent — so a family of four might be in line for $400.
To be clear, not everyone would be eligible for an energy rebate. Rather, eligibility would mimic that of the most recent stimulus check round.
As such, single tax-filers earning less than $75,000 would be eligible for a full $100 gas stimulus, and that payment would phase out at earnings of $80,000. For joint filers, those earning less than $150,000 would get the full $100 gas stimulus, and that payment would phase out at earnings of $160,000.
So far, there’s little information as to how the payments would actually go out. To be fair, there’s also a strong chance that this energy rebate will not come to be.
Lawmakers have been hesitant to dish out stimulus aid in light of an improved economy. So they may not be so eager to send out an energy rebate, even with today’s high gas costs.
Not Everyone Loves The Idea Of Monthly Rebate Payments And Political Will For Big
A trio of Democratic lawmakers this week proposed a bill that would allow the federal government to send Americans monthly payments of $100 to help them deal with record-high gas prices.
Introduced by Rep. Mike Thompson of California, the proposal would work in a similar way to how recent stimulus checks have worked, phasing out for individuals making over $80,000 a year or couples making over $160,000 a year, while households with children could claim an additional $100 per child. All of this would remain in effect throughout 2022 for as long as national average gas prices are above $4 a gallon. The House bill has been referred to the Ways & Means Committee.
Some Republicans, not surprisingly, are flatly opposed to these types of ideas, with Senator John Thune of South Dakota tweeting, Dumping money into the economy like that is exactly what got us into this inflation crisis in the first place, and hes not entirely wrong. Research released by the Federal Reserve Bank of San Francisco last year indicated that the $1.9 trillion American Rescue Plan did at least contribute to rising prices. Robert Triest, chair and professor of economics at Northeastern, said in an interview in January that stimulus checks along with supply-chain issues were contributing factors to inflation, although he did add that the economy has remained stable, which suggests the stimulus checks did their job.
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Parents With Babies Born Or Adopted In 2021
If you added a new baby to the family in 2021 — either by birth or adoption — you may also qualify for another stimulus payment worth up to $1,400 in 2022. That’s because babies who were born in 2021 were eligible to qualify for the third stimulus payment, which was issued in March — but the money would not have been automatically issued, as the IRS would not have had the information about your new family member on file yet.
Luckily, this money can be claimed on your 2021 taxes if you qualify based on the income restrictions for the third stimulus payment, which were a maximum of $150,000 for married people who file jointly or $75,000 for individuals.
Stop Gas Price Gouging Tax And Rebate Act
A proposal from Rep. Peter DeFazio of Oregon would create a tax rebate based on oil company profits.
In a press release, DeFazio pointed to a report that found the largest oil and gas companies made a record $205 billion in profits in 2021.
Under his proposal, companies would pay a “one-time, 50 percent windfall profit tax” on any adjusted taxable income in 2022 that exceeds 110 percent of their average ATI during pre-pandemic levels between 2015 and 2019.
The revenue raised would be returned to consumers as a monthly, advanced and refundable tax credit phased out by income.
The eligibility criteria would be the same as the criteria for stimulus checks sent out under the American Rescue Plan.
“After price-gouging Americans in 2021 to make record profits, Big Oil is now reaping the benefits of Putin’s price hike,” DeFazio said in a statement.
“As we face COVID-related supply chain bottlenecks and uncertainty created by Vladimir Putin’s unprovoked invasion of Ukraine, I repeat to Big Oil what President Biden said just a week agoâit’s no time for profiteering or price-gouging.”
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Double Child Tax Credit Payment
Should there be a renewal to the expanded Child Tax Credit in 2022, with this possible as part of a break-off part of the bill, it is expected that it would include an extra payment to make up for parents across the USA missing out on one in January.
Therefore, this payment would arrive at the same time as the one for February, which means that there would be a double payment for eligible Americans.
People Who Had Significant Changes To Their Income Year Over Year
If you had a significant drop in income from 2020 to 2021 or had other significant changes to your finances or household status you may also qualify for another stimulus payment in 2022.
That’s because the IRS issued stimulus checks based on the most recent tax information on file. And, any significant change in income may mean you are eligible to receive a stimulus payment or more stimulus money than initially received. So, be sure to account for these income changes when filing your 2021 taxes, as it could lead to getting more money for your refund.
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Parents Who Qualify To Claim The Second Half Of The Child Tax Credit Money
Parents who received any or all monthly tax credit payments are also eligible to receive another stimulus payment in 2022. That’s because the monthly checks that were issued in the second half of 2021 were just one-half of the total Child Tax Credit payment. The other half has to be claimed on your taxes, so make sure to do that when you file. You may be owed up to $1,800 per qualifying child, and this money will be issued as part of your tax return after your tax filings are processed by the IRS.
As Of Now A Fourth Stimulus Check Is Unlikely
Recently, calls have circulated online for a fourth stimulus check to be approved, with many saying that although the payments have stopped, the pandemic clearly hasnt.
Over three million people have signed a Change.org petition calling for recurring $2,000 payments for adults and $1,000 payments for children until the pandemic ends.
But no such payment has yet been approved, IRS spokesperson Eric Smith told USA TODAY.
This isnt the first time people have posted misinformation about fourth stimulus checks. Similar posts also circulated in May and of 2021.
Fact check:False claim that image shows salaries of government officials and service members
Analysts have their doubts about whether a fourth stimulus check is likely to be approved.
CBS News wrote on Jan. 31 that the Biden administrations focus on infrastructure to spur economic growth combined with criticisms that the previous stimulus contributed to ongoing inflation have lowered the odds of another cash infusion.
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Unemployment Expected To Fall To 3 Percent
The US economy has been going gangbusters, recovering much faster than after the Great Recession. With covid-19 vaccine shots in their arms, Americans began venturing out once again driving up demand and hiring. This led to the most jobs gained on record in one year with the US adding 6.4 million in 2021.
The current unemployment rate of 4 percent though is still above the pre-pandemic level when it was 3.7 percent. And for all the jobs that were added there still remains a nearly similar number of Americans unemployed. However, the St Louis Fed President Jim Bullard predicts that it could , a level that could mean the economy is overheating.
St. Louis Fed President James Bullard sees the U.S. unemployment rate falling below 3% this year, a jobless rate the country last saw in the early 1950s, he told in a conversation on Twitter Spaces 1/3
Reuters Business
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