The COVID-19 outbreak in the United States, which has claimed 900,000 lives, is approaching its second anniversary. Despite the prospect of a fourth stimulus check, the federal government has shown little interest in making any direct payments to taxpayers in the United States.
Following the failure of Democrats’ landmark “Build Back Better” and “voting rights” legislation, there has been little hint of a new package aimed at giving a fourth direct payment.
The IRS provides stimulus relief to certain families
President Joe Biden’s American Rescue Plan, which includes an expanded CTC, assisted a lot of citizens.
Families who met the eligibility requirements received $300 per month for each child under the age of six and $250 for children aged six to seventeen.
According to many families who spoke with CBS MoneyWatch, the extra money would go toward child care, back-to-school supplies, and other necessities. While progressives and some Democrats lobbied Congress to maintain the increased CTC, it appears to be on hold for the time being. This means that no CTC payments will be made in January or thereafter.
Individuals increase their emergency reserves
According to recent Federal Reserve Bank of New York research, respondents who received the three rounds of stimulus payments reported using the majority of the money to pay down debt or put money in savings.
This can be seen as the aftermath of the pandemic that has made people focus more on creating savings to meet their needs during uncertain times.
Wall Street experts warn on high expectations
The Biden administration has emphasised infrastructure spending as a means of boosting economic development, betting that spending on roads, railways, and other direct investments will help people get back to work and the recovery continue, as reported by Market Research Telecast.
Second, analysts have blamed the economy’s inflation on relief measures such as the three rounds of stimulus checks.
Parents to receive a fourth stimulus check
Direct government payments of $1,400 will be made to parents of children born in 2021.
The income bracket for receiving this bonus ends at $75,000. The same bracket is extended to $150,000 a year as a combined income for couples.
Taxpayers could receive anywhere from $1000 to $4500
Now that more stimulus checks are essentially off the table, some state legislators are pushing for direct payments from their budgets. Following the announcement in January of a projected $45.7 billion budget surplus, the chances of more stimulus checks are still there.
