Home New mexico economy Stimulus Control Update: Waiting for More Stimulus Money? Separate reality from...

Stimulus Control Update: Waiting for More Stimulus Money? Separate reality from fiction

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It is estimated that the average adult makes 35,000 decisions every day. Decisions range from the mundane (like what to eat for lunch) to the serious (like whether to have a suspicious mole examined by a dermatologist). We are also bombarded with opinions, gossip and stories of all kinds. The information superhighway is relentless, demanding our attention, confusing us with conflicting opinions and leading to what some experts call “decision fatigue”.

Here, we’ve set out to reduce the mental clutter by looking at some of the most popular rumors about stimulus and extended checks on the Child Tax Credit. And to reassure you, we will offer you our honest opinion on what is true and what is purely fictitious. Let’s start with the bigger story:

There will definitely be more federal stimulus checks on U.S. bank accounts in 2022

UNLIKELY

While the federal government can stop what it is doing, change course and send another stimulus check, we should not be counting on it. There are several reasons to doubt that more stimulus funds will hit our bank accounts.

  • Despite the inflation linked to the pandemic, the economy is improving. Congress would be much more interested in sending more stimulus money if the economy falters.
  • It is 2022, and the midterm elections dominate the actions of every political party. In short, Democrats and Republicans both want to enter 2023 with control of the House of Representatives and the Senate. Republicans don’t want to do anything that would make the Biden administration look good, including sending more funds to the American people.
  • Other issues, like President Biden’s Build Back Better law, climate change, gun violence, inflation and the current housing shortage, have taken center stage, distracting lawmakers from the immediate needs of their constituents. .

Some Americans will receive $ 1,400 more in 2022

TRUE

While most Americans received the third coronavirus relief payment (sent out last spring), families who welcomed a new dependent in 2021 are entitled to an additional payment of $ 1,400 per dependent. This means that each additional dependent will bring additional stimulus funds. Suppose a family adopts three siblings. They would be owed $ 4,200 ($ 1,400 x 3).

To be eligible for the full stimulus amount, a household must fall below these income requirements: $ 150,000 for married people filing jointly and $ 75,000 for individuals.

There will definitely be more extensive child tax credit checks that land in US bank accounts in 2022

POTENTIALLY TRUE

Lawmakers left Washington for their vacation without passing President Biden’s Build Back Better Act (BBBA). By leaving the outcome of the act in abeyance, they have left the parents and caregivers of more than 65 million children unsure whether the December child tax credit payment would be their last. Payments were due to expire in December and will only be extended until 2022 if lawmakers pass the BBBA.

If Congress manages to come together to pass the president’s historic infrastructure plan when they return from vacation, the expanded child tax credit will live on for another year and the checks will continue.

Parents May Receive Double Child Tax Credit Check In February

TRUE

If lawmakers pass the BBBA as is, families will owe two payments – one for the missed payment for January and one for February. Both are expected to be paid in February.

Social Security Recipients Have Another Check Coming

Doubtful

Never say never, but it becomes harder and harder to imagine Congress sending additional funds to Social Security recipients, despite the letter written to Congressional leaders by Rick Delaney, president of the Senior Citizens League (TSCL ).

Part of Delaney’s letter said, “We have heard from thousands of them [seniors] who have depleted their retirement savings, who have started eating only one meal a day, have started cutting their pills in half because they cannot afford their prescription drugs, so they can cite just a few of the drastic steps so many people have had to take because of what inflation has done to them this year. “

Again, this is an election year, and some politicians are more interested in protecting their party than helping the most vulnerable in society. Some will almost certainly suggest that the 5.9% Social Security cost-of-living adjustment is expected to take effect in 2022 as a reason for not supporting another stimulus payment.

States speed up by sending checks

PARTLY TRUE

Some states have tried to fill the void by sending their own checks. For example:

  • Arizona offered unemployed residents $ 1,000 or $ 2,000 if they returned to work. The amount they received depended on whether they returned part time or full time.
  • California sent checks ranging from $ 600 to $ 1,100 to people earning between $ 30,000 and $ 75,000 per year.
  • Connecticut has also offered unemployed residents money to secure employment. In this case, it was $ 1,000.
  • Florida sent teachers and principals $ 1,000 to reward their commitment during the pandemic.
  • Georgia also rewarded teachers and principals with $ 1,000 in stimulus cash.
  • Residents of Idaho were offered a one-time income tax refund, with the average check coming in at $ 248.
  • Maryland residents received $ 300 to $ 500 from the state, depending on whether or not they had children.
  • Michigan paid teachers $ 500 in risk premiums.
  • New Hampshire sent checks for $ 1,086 to families of three or more with no income.
  • New Mexico sent a series of checks for $ 750 to households ineligible for previous relief benefits.
  • Tennessee sent checks for $ 1,000 to full-time public school employees. Part-time employees received $ 500.

There is nothing you can do

FALSE

Given the noise surrounding the pandemic, job losses, stimulus funds, and the child tax credit, it may seem like your voice doesn’t matter. Nothing could be further from the truth. If you have an opinion, share it with your elected officials. If you are unsure of who your representatives are or how to find contact information, Gov.com offers this simple online tool.

It’s good to know where things really are with all the stories flying in the air right now. Knowing it gives you the information you need to plan for your financial future.

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