A 4th stimulus check has been long overdue for the American people. In actuality, the American Rescue Plan Act’s final stimulus payment was issued in 2021, and the federal government has not made any payments since then.
Many Americans have given up trying to get another payment from Washington, D.C., placed into their bank accounts without congressional action. President Biden asked Congress to act to provide parents with more financial help in his most recent State of the Union Address.
American Rescue Plan Act
Biden made it plain during the State of the Union that he wanted to see a critical clause from the American Rescue Plan Act reinstated. Biden was alluding to the most recent COVID-19 assistance legislation, which permitted an increase in the Child Tax Credit.
In the American Rescue Plan Act, Congress granted parents tax credits totaling $3,600 for children under the age of six and $3,000 for children between the ages of six and seventeen.
The other half of these payments could be reclaimed when submitting annual tax returns. Fifty percent of these payouts were conveyed at a rate of $250 or $300 per month for six months.
Stimulus Check
Republicans have universally opposed a fourth stimulus check for everyone. However, there has been some bipartisan support for an increased Child Tax Credit.
As a result, there’s a possibility that Biden may get his request, and the credit will be extended in 2023. If parents support this legislation, they can tell their politicians so, and they should listen out for news that signals they’ll have the extra money in their bank accounts.
The end of 2021 saw the expiration of this enlarged credit, but Biden has made it a significant priority to renew it, which is why he asked Congress to do so in the State of the Union Address.
Parents might receive this crucial type of financial help if Congress adopts the president’s lead, even if other Americans don’t receive any additional money from Washington, D.C.
The Republicans had taken control of the House of Representatives, so it was no longer possible for the American Rescue Plan Act to be passed with just Democratic support, according to The Motley Fool.
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