The second stimulus check was part of the Tax Relief Act of 2020. The first round of stimulus checks provided up to 1,200 for single taxpayers and up to 2,400 for married couples, as well as 500 for most children. The first stimulus check payment was issued as part of the CARES Act in 2020. So far 9 states have started payouts to their residents. With a growing national debt, stimulus checks or similar programs are only likely in the case of national emergencies such as Covid. The 4th round of stimulus checks will be sent out to Americans in 2023, in addition to the first three, which were sent between 20.
“The focus right now at the federal level is on student loan forgiveness and tax credits such as the child tax credit. The Biden administration recently announced that they are looking into ways to help with caregiving (of children, elderly and others), but their intent is not a widespread stimulus check but targeted support. “While some states are experimenting with stimulus checks and something akin to a universal basic income, we are unlikely to see another federal stimulus check anytime soon,” said Jay Zigmont, PhD, CFP, founder of Childfree Wealth. “The stimulus payments helped avoid a significant economic downturn, as the 29.9% annualized GDP drop in Q2 of 2020 was immediately followed by Q3 GDP annualized growth of 35.3%.” The Focus Right Now Is on Targeted Tax Credits Johnson, professor at Heider College of Business, Creighton University.
“Beginning in March of 2020, the Coronavirus Aid, Relief and Economic Security Act (Cares Act) authorized stimulus payments intended to help people navigate the economic downturn as a result of the Coronavirus pandemic,” said Robert R. What to Expect: You could start seeing payments show up in your bank accounts as soon as this month if you filed your 2019 or 2020 taxes with the IRS. If the Senate passes President Joe Bidens Build Back Better Act, some Americans will receive monthly payments through the end of 2022 as part of the Child Tax Credit.
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