It is unlikely that Congress will approve funding for a fourth stimulus check similar to the previous three due to a number of reasons, including the current fractious political climate.
In the meantime, it appears that seniors may receive a $1,400 stimulus check in the form of a new stimulus program.
Whom Would the $1,400 Stimulus Be Beneficial To 2022?
A very important reason is that Social Security benefits will increase at record rates in 2022 to account for rising costs of living. With inflation impacting household budgets, in addition to the rise in Social Security, plus the high cost of living, it is clear why lawmakers must provide support for seniors.
It is believed a substantial share of the vote is cast by seniors. Furthermore, the Senior Citizens League, an advocacy group, has urged Congress to provide social security beneficiaries with stimulus funds. BGR via MSN reports that legislators may be more receptive to extra funding if we’re just talking about one group of people.
A stimulus check of $1,400 has been further recommended by the Senior Citizens League for most seniors. The Social Security benefits increase in 2022 will be the largest cost of living in 39 years, however, inflation will be able to absorb most of the hike in prices.
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As Digital Market News notes, although many political analysts seem to be pointing fingers at each other, one needs to see how the pandemic can be attributed to increasing inflation and eroding people’s purchasing power since they couldn’t afford a decrease without an increased stimulus check.
Currently, there is no evidence that inflation would arise without a supply shock, John P. Micklistch, Chief Investment Officer of Ancora in Cleveland asserted.
A public petition on change.org has also been started to enable a stimulus check. In addition to asking the White House for assistance, the TSCL has also requested signings of the petition from the public.
Will The Average American Receive New Stimulus Payments In 2022?
The last Child Tax Credit payment will be received by parents in December. Nonetheless, taxpayers can claim the remaining half of the $3,000, or $3,600, if they file their taxes for 2021 in 2022.
Tax deductions can also be claimed by parents if they decide to forego monthly payments. There has been a recent push among Democrats to extend the Child Tax Credit until 2025 or indefinitely.
There may be more money available for parents in 2022. Those who had a child in 2021 may be eligible for the third round of stimulus payments worth up to $1,400. It should be known here that Individuals will have to file their taxes by the end of April.
There has not yet been any announcement from the federal government regarding additional stimulus checks in 2022 though, but certain states are expecting to do so. Due to this, progressive lawmakers and average citizens continue to call for stimulus checks, according to PennLive.
