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Sunday, December 4, 2022

Stimulus Check 2022 Update- There Could Be A Fourth Payment Possibly

In February, there were certain reports that had circulated all over social media which claimed that Joe Biden had approved a federal stimulus check for the masses.

The reports were considered to be disproven by all of the fact-checkers- but they did what it was supposed to. The rumors started circulating so fast and so wide that they definitely accrued the interest of American taxpayers in getting forth another round of direct stimulus payment.

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With the rate of inflation currently at a forty-year high, the administration under Joe Biden has undoubtedly been made aware that the average worker in America has been struggling to make ends meet. But the question still stands- will the White House even really consider issuing another stimulus payment?

Just last year, the progressive Congressional Democrats had been clamoring for another stimulus check package, but the then-White House secretary of Press, Jen Psaki, mentioned that the onus had been on Congress to bring out a proper plan. Psaki had also stated that the White House would have an eye on what the proposal would be from the members of Congress- but they would never be free.

As it turned out, the Democrats in Congress didn’t really come out with a plan for the fourth stimulus package, and the conversation was effectively shelved. Since then, there has been no indication of any stimulus package from either the Democratic leadership or the White House. And yet, the citizens have refused to give up on hope. 

Is Another Federal Stimulus Check Payment Feasible?

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Traditionally, stimulus check payments during intense moments of economic crisis have always been popular. In March of last year, a poll conducted by Morning Consult found out that around 79% of the registered voters went and supported a stimulus payment of around $1,400 for Americans that had earned a sum of $75,000 per year.

The poll also highlighted the support Democrats had- around 98%, with some substantial support coming from Republicans as well. With such an idea, it is not really entirely impossible that the administration under Joe Biden would choose to take a fourth stimulus payment more seriously- just as a backup if the economy doesn’t improve by the time the presidential election campaign for 2024 kicks off. 

It definitely goes without saying that a struggling economy in the face of the 2024 presidential election would definitely hamper the ability of Joe Biden to rally the masses behind him for yet another time. The polls have already maintained that the President has been gradually losing support even in his own party. 

But the main problem with delivering new stimulus check payments is that it would bring in a higher rate of demand, especially at a time when the Federal Reserve has been hiking the rates of interest to bring down inflation, as well as reduce demand. Stimulus packages may temporarily alleviate the pain, but they might increase the agony in the future- thereby forcing the Federal Reserve to keep taking measures that would drive the demand back down, as well as get the prices under control.

Just for that point, it might be a good idea for the Biden administration to institute another stimulus check payment in the run-up to the next Presidential election. One can assume that by the time the aftereffects of the stimulus payment are felt, he would already have been re-elected. 

States That Have Issued A Stimulus Check Payment

Nevertheless, there have been some states that have decided to pick up on the slack and issue stimulus check payments to the citizens in the state. In the Aloha state, the residents have already started receiving a one-time tax refund from the 9th of September, 2022.

Households who earn under $100,000 annually would be receiving a sum of $300 per person, whereas households that earn more than $100,000 will see per person receiving $100. In the state of Illinois, the residents could end up receiving a sum of $400 in tax rebates that would start the next week, according to CNET.

Individuals who have an annual earning under $200,000 in 2021, as well as couples that have filed jointly earning less than $400,000 will be receiving a sum of $100, plus a sum of $100 per dependent. This means a family could potentially earn up to a sum of $400. 

For California, the citizens might wait for some time, with the inflation stimulus check packages about to be distributed in October. Due to the $97.5 budget surplus that the state has, it has been able to send out payments through direct deposits- or in the form of debit cards to taxpayers after carefully going through their income, as well as the size of the household.

The payments have been considered to be the “Middle-Class Tax Refund”, and it has been estimated that the payments could go as far as $1,050 per family. The refunds are usually calculated based on the tax returns of 2020.

In Colorado, the taxpayers will be receiving funds of around $750, or $1,500 for couples, who have been filing jointly- due to the Taxpayer’s Bill of Rights for the state- as mentioned under the Department of Revenue Tax Division. The payments were issued in August, but if one hasn’t received theirs already, they can check the status. 

In Indiana, the residents will be receiving a sum of $325 per taxpayer, specifically due to the higher-than-expected state revenue numbers- as far as reports go from Indystar.com. Those who have been receiving their refund through direct deposit should ideally be receiving it.

A singular round of stimulus check payments was supposed to be issued in August but has been delayed due to issues in the supply chain. The state has been currently printing around 1.7 million checks, which would be mailed out between now and October

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