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Saturday, October 16, 2021

Stimulus Check Update: Legislators Targeting Company Taxes

While the American citizens have already received three different stimulus checks ever since the pandemic began, that has not been enough. The last round of checks, which contained a sum of $1,400, hasn’t proven adequate to alleviate the sufferings of the people of a lower annual income.

Precisely why there is a petition on Change.org which has garnered close to 2.8 million signatures that have urged for a fourth stimulus payment of around $2,000 for adults and a sum of $1,000 for children for the rest of the pandemic.

How Likely Is The Fourth Stimulus Check? 

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Now, since the legislators have already approved the $3.5 trillion budget plans of the President, most Democrats have not been set to draft the spending package. This would likely be funded through major tax hikes on the wealthiest Americans, large companies, and major investors, as reported by Business Insider.

The President has decided to increase the corporate rate to around 28%- which is much higher than the current level of 21%. Kyle Pomerleau, the foremost tax expert at the American Enterprise Institute has informed NBC News that these tax changes could definitely raise up to $800 billion. 

Back in May, the press secretary for the White House, Jen Psaki, had already stated that it was up to Congress to decide whether another round of stimulus check payments would see the light of the day or not.

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Last Friday saw Bernie Sanders informing a crowd outside of an amphitheater in Indiana that his Republican colleagues were spreading rumors about the Democrats increasing taxes. Sanders amended the statement and mentioned that they would definitely raise the taxes- but for the rich. 

The tax budget proposed by Bernie Sanders would ensure universal pre-kindergarten as well as a tuition-free community college. Along with the stimulus check, Sanders also plans on expanding health care coverage through Medicare, while creating pathways to citizenship for the many immigrants who are in the country currently.

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