4th stimulus check update 2022— Three states to send direct payments amid rising costs – see if you qua… – The US Sun
https://ift.tt/Orguxsw
STATES have taken steps to send stimulus checks in an effort to combat rising inflation costs.
Pennslyvania Governor Tom Wolf is pushing legislators to pass his proposal sending $2,000 relief checks to households making under $80,000.
Pennslyvania legislators did pass a property tax refund last week allowing residents to receive a check worth 70 percent of their initial rebate.
Illinois is also attempting to help residents through the Illinois Family Relief Plan which will send rebates on income and property taxes starting in September.
Lastly, California has initiated one of the more ambitious stimulus packages, sending residents payments up to $1,050 under Governor Newsom’s plan for inflation relief.
Read our stimulus live blog for the latest news and updates…
Study finds Americans financially struggling
According to CNBC, if an event like the pandemic “were to happen today, many people would still struggle financially.”
The Bipartisan Policy Center, the Funding Our Future group, and Morning Consult conducted a new survey, which yielded these results.
Considering that these government-issued direct transfers have all but disappeared, the poll found that 42 percent of working Americans are either very or somewhat financially insecure.
Sen. Mitch McConell’s solution for labor shortage
As several states across the US approve stimulus packages amid rising inflation, Senate Majority Leader Mitch McConnell shares his own theory on the most effective way to end the labor shortage.
McConnell says the labor shortage will end when workers run out of stimulus savings, noting workers are “flush for the moment.”
In March 2021, McConnell opposed President Biden’s $1.9trillion stimulus law, which passed with only Democratic votes.
Inflation causes grocery store prices to rise
Politico reports that one of the largest drivers of inflation in the past few months is the increase in food costs.
Costs of food essentials like meat and eggs have contributed to the rise of inflation by 11 percent in the past year.
President Biden claimed in a press conference that the war in the Ukraine and Putin’s price hike are the main factors for the historic rise in inflation.
Andrew Yang claims a recession is inevitable
Former presidential candidate and NYC mayoral candidate Andrew Yang told Yahoo News that a recession within the next year is inevitable.
Yang had said he believes a recession will happen sometime in the next six quarters, given the current rates of inflation.
Yang adds he hopes the downturn is mild.
Rate hikes could lead to another round of stimulus
Fed interest rates were recently hiked, and as a result, many experts fear another potential recession.
That could then lead to another round of stimulus.
Alan Blinder, the former vice-chairman of the Fed, told CNBC that a recession is likely to happen but probably not in 2022.
As the Fed gets set for two summer meetings, it is expected to hike rates by 50 basis points at each one.
What is the Gas Rebate Act of 2022?
Representatives Mike Thompson of California, John Larson of Connecticut, and Lauren Underwood of Illinois introduced the Gas Rebate Act of 2022, according to a press release from Thompson’s team.
The proposal would give eligible Americans $100 a month through the end of the year when gas exceeds $4 a gallon.
Individuals earning less than $75,000 and joint filers earning less than $150,000 a year are eligible for the full $100, CNET reported.
The proposal was announced in March but remains stalled in the US House, due to representatives that oppose additional stimulus checks.
What are tax rebates?
Simply, this is money given back to Americans who have overpaid in taxes.
For example, there are several states this year that are returning money to taxpayers thanks to big-budget surpluses. This is mainly to help residents offset high inflation.
How many stimulus programs have been launched?
There have been three federal stimulus programs since 2020.
The first included checks worth $1,200, the second was worth $600, and the third was worth $1,400.
States have also implemented stimulus programs to aid American workers.
Recovery Rebate Credit eligibility, conclusion
Even if you didn’t qualify for the third Economic Impact Payment, you may be eligible to claim the 2021 Recovery Rebate Credit.
That’s because the credit is based on 2021 tax information instead of 2019 or 2020 information.
If you received the full amount of the third Economic Impact Payment, you won’t need to include information about it when filing 2021 tax returns.
Recovery Rebate Credit eligibility, continued
If you didn’t get the first or second stimulus payments, you may be eligible to claim the 2020 Recovery Rebate Credit by filing a 2020 tax return.
The third Economic Impact Payment will not be used to calculate the 2020 Recovery Rebate Credit, according to the IRS.
More information about how to claim the Recovery Rebate Credit is available on the IRS website.
Recovery Rebate Credit eligibility
The eligibility requirements for the 2021 Recovery Rebate Credit are the same as the third Economic Impact Payments requirements, except that credit eligibility and amount are based on your 2021 tax year information.
Third Economic Impact Payments were based on your 2019 or 2020 tax year information.
What is the Recovery Rebate Credit?
Some taxpayers were eligible to claim a Recovery Rebate Credit on 2021 federal tax returns if they didn’t get a third stimulus payment, or got less than the full amount.
The IRS sent Letter 6475 in early 2022 to addresses on file confirming the total amount of third payments and any plus-up payments received for the tax year 2021.
The information was needed to accurately calculate your 2021 Recovery Rebate Credit when you filed your 2021 federal tax return in 2022.
Debit cards in Arizona
Some families in Phoenix, Arizona, are receiving $1,000 debit cards for one year.
To be eligible, a family of four’s earnings cannot exceed 80 percent of the median income for the area, which is $63,200.
Magnolia’s Mother’s Trust in Mississippi
In Jackson, Mississippi, in the fall of 2018, the not-for-profit Springboard to Opportunities started The Magnolia’s Mother’s Trust.
It provides low-income, Black mothers in Jackson $1,000 a month for one year with no strings attached.
The initial pilot program helped 20 women from December 2018 to November 2019 and in March 2020, it grew to help 110 mothers.
The program is in its third round of aid giving UBI to 100 mothers in need.
Taking the LEAP in Los Angeles
Los Angeles also recently announced a universal basic income plan for low-income workers.
The program is called BIG: LEAP and a total of 3,200 families will get $1,000 in monthly installments for a year thanks to the opportunity.
Eligible families have incomes that sit at or below the federal poverty line ($26,200 for a four-person family).
Rochester’s pot tax could pay for guaranteed income
The city of Rochester, New York is still in its exploratory stages for a guaranteed income program, the Sun recently reported.
In December 2021, the Rochester council approved a two-year pilot program.
The program aims to provide $500 payments to 175 low-income families for the first 12 months.
Then, in the following year, a different set of 175 Rochester families would get the $500 monthly payments.
The payments will go out to households at or below 200 percent below the federal poverty level.
Incoming Mayor Malik Evans backs the program, but he wants to explore using the cannabis tax as a source of revenue for the program.
Kentucky young adults will get monthly payments
Young adults in Louisville, Kentucky will get $500 monthly payments.
The program is called YALift! (Young Adult Louisville Income for Transformation).
The payments will go out to 150 young people between the ages of 18 and 24.
The program stopped accepting applications in late February.
Historic dividend amount in Alaska this year
As part of this year’s dividend, Alaskan residents will receive two inflation relief payments totaling $3,200, according to state officials.
The larger of the two payments will come from Alaska’s Permanent Fund.
This lump sum of $2,550 will be from all the oil wealth’s dividends of the state.
The second payment is an energy relief payment of $650.
Alaska has been giving out stimulus for decades
Alaska takes money from the state’s $77.23billion reserve fund and gives it out to residents yearly, according to Investopedia.
The program invests money from the surplus it gets for the development of its oil and gas reserves in equities, as well as real estate, among other things, to provide payouts to Alaskans.
In 2021, the payment was $1,114.
Target’s tuition help
Target will also cover 100 percent of college tuition and textbook costs under certain conditions.
Employees are eligible for the program the day they start at Target, but it is only available at select schools.
Specifically, employees will have a choice between 250 programs at more than 40 schools.
And for those looking to maximize their education, Target will cover up to $10,000 each year at select Master’s programs.
Companies that pay employees’ tuition
As the student debt problem continues to grow, more and more companies are offering to pay for tuition as a perk of the job.
Currently, total student loan debt sits at $1.73trillion and rises six-fold quicker than the growth of the economy, according to EducationData.
Amazon, Target, and Walmart all have programs to cover the costs of college tuition.
Amazon just announced it would now cover 100 percent of college tuition for its 750,000 workers.
Student loan payments to resume
Payments on student loans were paused for two years due to the pandemic.
The moratorium is set to expire on August 31, meaning they’ll resume on September 1 without federal intervention.
President Joe Biden extended the pause on April 6 when it was initially set to expire, this time until August 31, 2022.
More than 43million Americans owe a total of $1.7trillion in student debt, according to the Federal Reserve.
New Mexico residents can get up to $1,000
In New Mexico, hundreds of thousands of residents will be getting the third round of tax rebates this month.
The rebates, which are worth $250 for singles and $500 for married couples or those filing as heads of households, are going out automatically to qualifying taxpayers who filed a 2021 Personal Income Tax (PIT) return.
To be eligible, you must meet the specific income guidelines, which are as follows:
Calls for nationwide monthly payments
Representative Ilhan Omar called for monthly recurring payments to help families who have been financially crippled by the pandemic and the inflation that has followed.
Under her proposed plan, American adults who qualify would receive $1,200 monthly checks, while children would get $600.
The bill has been endorsed by Democrats Dwight Evans, Marie Newman, and Jamaal Bowman.
She isn’t alone in her mission though, over 20 other Democratic senators have reportedly pushed for recurring checks worth up to $2,000 to be introduced.
Who is Senator Joe Manchin?
Democratic Senator Joe Manchin of West Virginia has opposed big spending on President Biden’s economic agenda.
He’s claimed he is concerned about how additional stimulus checks could affect inflation, which continues to rise with no end in sight.
After much back and forth and many changes, Mr Manchin agreed to a scaled-down $700billion deal that includes action to help fight climate change but does not include direct payments.
I’m a first-time Aldi shopper – I picked up a week’s shopping for $80
I’m a fashion pro – simple Amazon trick to help find designer dupes for cheaper
Exact dates Social Security, SSI and SSDI are paid each month in 2022
Brand new direct payment worth $250 per child becomes 18th relief program in US
© 2020 THE SUN, US, INC. ALL RIGHTS RESERVED | TERMS OF USE | PRIVACY | YOUR AD CHOICES | SITEMAP
Tech
via Inferse.com https://www.inferse.com
August 5, 2022 at 09:48AM