With inflation increasing by the day, stimulus measures have become a necessary means of survival for most people.
The federal government has also stopped handing out these checks. Instead, US states are now responsible for providing financial aid to struggling families. These stimulus checks are especially important for low- to middle-income families with varying eligibility criteria.
Keeping in mind its importance, we all need to stay abreast of the evolving eligibility criteria and additional checks. Below you will find the latest news about updates to the stimulus checks.
Upcoming stimulus checks
The next payment is on November 15, 2021. Almost all families are eligible for this. However, it will be the penultimate Stimulus Check to be handed out.
Families with children under the age of 6 receive the support of $300 per child. The amount is reduced to $250 per child for children between the ages of 6 and 17. In addition, there are a few limitations that come with increased income.
The comprehensive benefits for those earning more than $75,000 alone or $115,000 as a couple per year. In addition, you can also receive this support if your income is so low that you do not have to file a tax return. Refunds are provided in full for child tax credit.
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You can now claim the Child Discount if you think you qualify! House Speaker Nancy Pelosi tweeted:
“Working families with children who have not received monthly #BidenChildTaxCredit deposits to help with expenses have likely missed the stimulus money also provided by Dems. For 2 adults and 2 children, that’s a minimum of $13,400 so far.
These families can claim their benefits.”
Future of stimulus controls
President Joe Biden wants to continue handing out checks for another year. In addition, he wants to make the repayment of the child tax credit permanent by means of an account. Both issues are being discussed in the House of Representatives.
Only West Virginia Senator Joe Manchin is not in favor of passing the bill. He believes that the refunds should only be for working parents who file tax returns. However, he has not cast his last vote so far.
States without more stimulus funds
So far, Wyoming, Washington, Virginia, Utah, Rhode Island, Pennsylvania, Ohio, North Carolina, New Jersey, Nevada, Nebraska, Montana, Missouri and Mississippi are among the top few states not to go through with stimulus checks.
However, along with several other states, they offer different unemployment support to residents.
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Seniors ask for fourth stimulus check
The Senior Citizens League urges Congress to approve a fourth $1,400 stimulus check. This goes to all Social Security beneficiaries to increase their purchasing power.
A Household Pulse Survey found that nearly five percent of seniors were not getting enough food. Furthermore, eighteen percent struggle with covering daily costs.
The SCL also reported that several seniors ” are cutting back on their spending on prescriptions and groceries because that’s the last thing they need to cut back.” They are also “splitting pills, taking prescriptions every other day, or just not refilling prescriptions.”
Cost of living adjustments will increase by 5.9% in 2022. However, it will not be enough to combat inflation.
A Social Security and Health Care Policy Analyst at SCL found that “COLAs have increased Social Security benefits by 55 percent over the past 21 years. But housing costs increased by nearly 118 percent and health care costs by 145 percent over the same period.”
Build back a better frame
President Biden is working on the Build Back Better Framework, extending the enhanced child tax credit for another year. The Framework wants to make the tax provision permanently repayable.
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President Biden explained it by saying:
“The Build Back Better Act will provide 39 million households with up to $3,600 or $300 a month in tax reductions per child by extending the American Rescue Plan’s comprehensive Child Tax Credit. This historic tax cut will help cover the costs of food, housing, health care and transportation and will continue the largest one-year reduction in child poverty in history.”
The extension benefits low-income families who cannot claim the credit if their income was less than $2,500. In addition, most parents could only claim part of the credit and not all of it.
However, by fully repaying the child tax credit, all tax-paying parents with eligible children can claim $2,000.