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Sunday, September 25, 2022

Stimulus Check Update- Memorial Day Payment A Big Farce

A recent Facebook post that was circulated around 250 times claimed that a few citizens of the country could be receiving a fourth stimulus check payment. With the important day coming up, several users on Facebook are actually debating if the payment is coming or not. The post further claimed the possibility of another child tax credit- which would range from $300 to $500- which could be given out from July to December.

The entire post has been classified as false. After all, Congress has yet to pass the vote for issuing another round of stimulus payments. The last federal stimulus payment was passed the previous year, and it had a sum of $1,400 for every taxpayer.

Memorial Day Debacle For Stimulus Check Payment

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The stimulus check payment passed the previous year was part of a $1.9 trillion coronavirus relief package. As far as the child tax credit is concerned, the Internal Revenue Service could be issuing monthly payments for a far larger child tax credit for July. However, the amount that has been claimed has been decreed false- and not every single family will be receiving the payment. Quite a few low-income families would still be qualifying for the monthly payments of $250 or $300 between July and December. 

As far as it has been reported, the total tax credit for 2021 has been set at $3,000 for every qualifying child between the ages of 6 and 17. For children that are under the age of six, the parents would be receiving a sum of $3,600- as reported by the IRS. The IRS has already sent around 164 million payments which come to a total of $38 billion in the third round of stimulus check payments. Though there seems to be very little possibility for a fourth stimulus payment, quite a few states have decided to issue their own form of payment. 

Currently, eight different states have already passed legislation that would offer stimulus check programs or tax rebates to those Americans in need.

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