It is still unknown if taxes are due on the inflation-approved government stimulus checks, as they were for the first, second, and third stimulus checks.
Although there have been no fiscal stimulus checks issued this year, at least 16 states have taken the initiative to create their relief checks to assist their citizens in coping with the high prices of inflation.
However, several people had questions about whether they had to pay taxes on money obtained when the IRS sent the 1st, 2nd, and 3rd stimulus checks, and at the time, the answer was a definite NO. In actuality, the inflation stimulus cheques are not taxable, much like the federal stimulus checks.
Government Raised Interest Rates
The US Federal Reserve has attempted to challenge high consumer price indexes legally, but they have been unsuccessful. That is true, mainly because the federal government has raised interest rates three times in succession in 2022.
Residents and pensioners alike have asked for a new stimulus cheque to be granted at the national level. Still, President Joe Biden’s administration has responded the same way each year: they don’t oppose it but say it is improbable that something similar might happen soon.
Hmmmmm D:
All the stimulus checks for covid said they were non taxable I thought?
This sounds like it *could* be a scam?If it's okay, could you take a picture of the contents of the letter? There's so much predatory shit out there and this sounds very unfair
— currymeow (@cumwoof) October 5, 2022
Increased Inflation Rates
The fundamental justification for this is that neither of those payments is included in an individual’s gross income, and as a result, they cannot be taxed. It’s also important to remember that some of these inflationary stimulus cheques were given out as tax refunds, so they don’t affect the recipients’ gross income.
The United States is facing one of the most excellent inflation rates in recent memory, so these stimulus cheques have been approved. The Bureau of Labor Statistics (BLS) of the nation announced that year-over-year inflation in August was 8.3%, in July, it was 8.6%, and in June, it was verified to be 9.1%, reports AS.
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