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Monday, May 22, 2023

Can Another Stimulus Check Be Approved In November?

Almost 30% of adult Americans reported having difficulties affording their usual household bills, even until the beginning of October. The damage done to livelihoods and the economy by the pandemic had continued taking a toll. Since 2020 December, the number of households reporting hardships had decreased. However, it started increasing in May 2021 when the third stimulus checks started being exhausted.

Status On Any Further Stimulus Checks

On 28th October, Democrats managed to agree on a fundamental structure for the Build Back Better Plan by President Biden. It will be environmental and social legislation. There have been several months of negotiations within the party which has cut the original bill worth $3.5Tn in half. Several proposals were either reduced or cut off completely.

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The bill, unfortunately, does not mention any more direct stimulus checks. However, families that have children can see a recurring monthly financial aid should the legislation pass.

The agreed framework includes several proposals to fight climate change while helping industries and families shift to cleaner forms of energy. Americans still facing financial difficulties as a consequence of the pandemic are also going to be helped. The pandemic-related subsidies under the Affordable Care Act are being extended. Moreover, for workers with low wages, the Earned Income Tax Credit is also being enhanced as far as stimulus checks go.

Finally, if the bill gets approved, households can expect help with childcare, eldercare, as well as preschool for every 3 to 4-year-olds being universally free. The framework of the Build Back Better plan will also extend the CTC which has been enhanced. However, the extension will only last a year, and not the promised 2025 date. Nevertheless, the change that made this provision for taxes fully refundable will be made permanent. This is a great boost for families with low income who were ineligible to claim the tax credit because their income was more than $2500 before the 2021 change was approved.

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