STATES ISLAND, NY – While many Americans are still waiting for the arrival of third stimulus checks, many lawmakers are campaigning throughout 2021 for recurring direct payments as part of a fourth government package.
The third stimulus payments – up to $ 1400 per American – are still being paid out by the Internal Revenue Service.
In fact, the IRS, the U.S. Treasury Department and the Bureau of Fiscal Service announced this week that more than two million supplemental stimulus checks will be delivered in the fifth series of economic impact payments (EIPs).
So far, according to the IRS, 159 million payouts with a total value of $ 376 billion have been distributed as part of the US $ 1.9 billion reduction plan.
However, for many Americans still suffering from the coronavirus (COVID-19) pandemic, the third stimulus is not enough.
According to data from the U.S. Census Bureau collected in March 2021, nearly 30% of Americans fell short when they tried to cover household expenses.
Direct stimulus payments have helped alleviate poverty in the US. A fourth stimulus test alone would help 6.6 million people in poverty in 2021, according to a report by the Urban-Brookings Tax Policy Center.
“Housing instability and food insecurity remain a concern for many people, and an additional payment could help both,” Elaine Maag of Urban-Brookings Tax Policy Center told CNBC Make It. “Studies on how other economic impact payments have been spent indicate that people are spending the money on necessities such as food, housing and bills.”
FOURTH STIMULUS?
President Joe Biden spoke about a potential $ 3 billion bill for 2021. The new stimulus bill will focus on improving the economy, combating inequality and breaking down the country’s infrastructure corrupted by the coronavirus (COVID-19) pandemic , to recover.
Many lawmakers – including a group of 21 Democratic senators who recently sent a letter to President Joe Biden – are asking the president to approve recurring direct payments and automatic renewal of unemployment insurance as part of a 2021 incentive package.
In addition, 53 months before the signing of the US rescue plan, 53 House Democrats sent a letter to Biden and Vice President Kamala Harris asking for repeated stimulus checks until the economy recovers from the losses suffered during the pandemic. According to published reports, there are now 74 legislators who have contributed to a fourth stimulus package.
But Biden has yet to say whether he supports a fourth stimulus payment.
In the January letter, congressmen called for “equal payments to adults and dependents.”
‘One more check is not enough. Another one-off check round would provide a temporary timeline, but when the money runs out, families will again struggle to pay for basic necessities, ‘the group of lawmakers said in the letter.
“Repeated direct payments until the economy recovers will ensure that people can meet their basic needs, provide racially equitable solutions and shorten the recession longer,” the letter said.
THIRD STIMULUS
Many families get more money from the third stimulus bill than from the first two stimulus packages, because payments to dependents are sent to adults.
Unlike the first two incentive payments, the third payout is not limited to children under 17. Eligible families will be paid based on all of their qualifying dependents who are claimed upon their return, including older family members, such as college students, adults with disabilities, parents and grandparents.
The payment per person will be greater for most people than they received from previous packages.
Most families will receive $ 1400 per person, including all dependents claimed on their tax return. Usually this means that a single person without dependents will receive $ 1400, while a family of four (married couples with two dependents) will earn $ 5,600.
To qualify for the full amount, an individual must have an adjusted gross income of $ 75,000 or less. For individuals who head the household, the adjusted gross income should be $ 112,500 or less. If you are a jointly registered couple, the total annual income must be $ 150,000 or less to receive the full stimulus test.
Most taxpayers do not need any action to receive payment.
If you are eligible for the third stimulus check but have not yet received the payment, you can know when the payment will hit your bank account using the Internal Service Revenue (IRS) “Get My Payment” tool .
You can use the Get My Payment tool, available in English and Spanish, only at IRS.gov. It is updated once a day, usually overnight.
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