I don’t think I need to inform you that costs for almost everything are skyrocketing right now. Gas prices have reached an all-time high and are continuing to rise.
How does a monthly bonus of $2,000 sound right now? That’s what Stephanie Bonin, a restaurant owner, believed two years ago when she started a Change.org petition asking for $2,000 monthly stimulus handouts for all Americans. This petition has now received over 3 million signatures, indicating that it is certainly resonating with a large number of people.
Our country, according to Bonin, is still in dire straits. Many Americans have yet to benefit from the recovery; the genuine unemployment rate for low-wage employees is estimated to be over 20%, and many people are saddled with significant bills from the previous year for items like utilities, rent, and child care. These are all reasons why checks should be focused on people who are still struggling, and Congress should learn from the previous year’s mistakes. (source)
Is there any hope? Let’s take a deeper look at the possibilities available.
Where Do We Stand Now?
The American Rescue Plan bill increased the tax credit to $3,000 from $2,000 in the 2021 tax year, however, it ended in 2022. The remaining 2022 tax credit payments will most likely arrive as a tax refund, but this is troubling because the IRS has already stated that there may be delays. According to IRS Commissioner Chuck Rettig, “the pandemic continues to provide issues.” (Source)
Senator Mitt Romney of Utah has a new proposal on the table as well. Romney’s latest plan is known as the Family Security Act, and it would provide families with a monthly cash payment of up to $350 per month for each young child. In addition, each school-aged child would receive $250 each month.
While Romney’s bill sounds a lot like the Child Tax Credit, it’s vital to clarify that it’s not a continuation of the tax credit program. It’s not the same at all. Instead, if a family qualifies, this law would offer a monthly kid allowance.
What About Retirees and Those Who Don’t Have Children?
Are you feeling stranded in this time of escalating prices? The harsh reality is that you have fewer options. There is, thankfully, something you can do about it. Signing this petition and then informing your government official that you want additional relief during this time is one of the best things you can do.
- Owners of Investment Properties Might Reduce Their Tax Liability by Implementing Certain Strategies.
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- Update on the Stimulus Package: Strong Job Growth Reduces the Likelihood of Stimulus Checks in 2022.