Would you like to receive a fourth relief? – CBS Pittsburgh

(((CBSDFW) — Many have already asked about the fourth stimulus check, even though the third round of financial bailouts is still being distributed to eligible Americans.about 156 million payments The current round issues up to $ 1,400 per person. That’s well over three-quarters of the $ 422 billion allocated to the $ 1.9 trillion US Rescue Planning Act. Paper checks and EIP cards will continue to arrive by mail daily.

These bailouts are part of a wide range of efforts to mitigate the economic impact of COVID on households and support the economy while recovering from a pandemic. Incentives also do many things, such as expanding unemployment benefits and strengthening child tax deductions. Recent stimulus checks follow the $ 1,200 payment at the time of the pandemic and the $ 600 payment in early January.

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But the economy is far from what it was at the beginning of last year. Financial instability is widespread, with 40% of respondents in one survey saying their current income is below their pre-pandemic income.about 744,000 people I first took out unemployment insurance last week, but it’s increased slightly from the previous week. (Approximately 250,000 new unemployment applications were filed in the week before a typical pandemic.) An additional 152,000 applications were filed for pandemic unemployment assistance to assist freelancers and self-employed people. However, many unemployed Americans do not receive unemployment insurance or other government benefits due to long waiting times, perceived ineligibility, and other issues. Recruitment (and reemployment) in low-wage industries such as the food service and hospitality industries is slowly progressing as these industries recede.

The latest stimulus checks help Americans pay bills and put food on the table. Still, they remain short-term fixes for long-term problems. Money will probably run out long before many can make a living wage again. And some politicians feel that this latest effort, in addition to what they have done so far, is not yet sufficient.

Who supports the fourth stimulus check?

Last week, a group of Democratic senators including Ron Weiden, Oregon, Elizabeth Warren, Massachusetts, and Bernie Sanders, Vermont. Letter to President Joe Biden Demands “regular direct payments and extension of automatic unemployment insurance related to economic conditions”.

As Senators inferred in their letter, “This crisis isn’t over yet, and families can put food on the table and keep the roof on their heads. Family members should not be at the mercy of the ever-changing legislative timeline and ad hoc solutions. “

previous Letter to President Biden and Vice President Kamala Harris A similar position was put forward by 53 representatives led by Ilhan Omar, Minnesota. “Repeating direct payments until the economy recovers helps people meet their basic needs, provide racially equitable solutions, and reduce the duration of the recession.”

The majority of Americans also prefer to pay regular remedies.According to a January poll from Progress dataAlmost two-thirds of all voters support a monthly payment of $ 2,000 to all Americans during the pandemic. Supporters include the majority of independents and Republicans. Many economists also participate. 2020 Open letter According to experts in the field, “direct cash payments are an essential tool for enhancing economic security, promoting consumer spending, accelerating recovery and promoting certainty as needed at all levels of government and the economy. is.”

Why the 4th stimulus check is not done

All of this audio support maintains the possibility of another round of stimulus checks, or repetitive stimulus checks. But that doesn’t make them possible.And there are some the reason..

Vaccination is on track and three different options are open to the public. The president recently said: 90 percent Eligible for American adults by mid-April. In reality, it takes time to put the needle in your arm, but most states have lowered their qualification age to include most adults. The administration is well on its way to the revised goal of 200 million doses in the first 100 days.Americans 171 million times, 32.6% of the population have been vaccinated at least once and 19% have been fully vaccinated. The number of vaccinations continues to grow at a rate of about 3 million per day.

Vaccinations are steadily increasing and the economy is showing signs of recovery. The average new unemployment claim over a four-week period is the lowest in a year or more. Consumer trust It has reached its highest level and has continued to rise since the pandemic began. Nearly 41% of consumers expect their business to improve over the next six months, up more than 10% from the previous month.

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Private consumption drives two-thirds of the country’s economy. And a third stimulus check could boost people’s purchasing power and boost optimism in the future. Continued vaccinations that ultimately allow the affected parts of the economy to resume safely will certainly help. As companies hire to meet consumer needs, all their additional spending should lead to more jobs, along with the release of accumulated demand. When the economy is open, the need for a fourth stimulus check is reduced.

The American Rescue Planning Act was passed in line with party policy. Republicans weren’t interested in spending close to $ 1.9 trillion, but some Republicans favored a third round of stimulus checks. They called the package “Blue States Relief” and argued that it was far beyond the scope of COVID, increasing the deficit and leading to inflation.

Democrats used a process called settlement Pass the bill in the Senate without Republican support. This allows budget-related issues to be addressed with a simple majority, rather than 60 votes to withstand filibuster. Generally, only one adjustment bill can be passed each fiscal year.But the recent ruling is SenatorInterpreting the rules of the legislative body, paved the way for additional spending legislation. Without a settlement, every bill would require at least 10 Republican votes in addition to all Democratic votes.

However, the Biden administration has other priorities. One of the biggest is to pass the recently introduced infrastructure plan. Again, we are facing Republican opposition.The· American Employment Plan It was announced last week. Worth $ 2 trillion, it aims to rebuild roads, repair bridges, eliminate lead pipes, and modernize the country’s power grid. No separate stimulus check is included. Republicans are opposed to the plan, in part, because of their reliance on higher corporate taxes.

The American family plan will be announced in the coming weeks. It’s not clear what’s included, but it could cost an additional $ 1-2 trillion. According to the administration, the money will come from higher taxes on wealthy individuals. Republicans will also oppose these tax increases.

It seems inevitable that sufficient negotiations and possible reductions will be inevitable before either plan reaches a vote. And Biden will face a difficult battle in the Senate to collect 10 Republican votes in both cases. As a result, Democrats may very well anticipate the need to re-use the settlement to promote signed legislation. It is unlikely that you will also use it to pass the fourth stimulus check.

What other help do you have?

A fourth stimulus check is unlikely, but more direct payments to Americans have already been signed by law. The US Rescue Planning Act includes improved child tax deductions and extended unemployment benefits.

Under the revised Child Tax Deduction, the Internal Revenue Service (IRS) pays $ 3,600 per child up to the age of 5 and $ 3,000 per child between the ages of 6 and 17. From July to December 2021. The rest will be issued when the beneficiary declares the 2021 tax. (Many people expect that “regular” actually means monthly or even quarterly, but the IRS needs to determine that.) Profit is the recipient’s current tax burden. Does not depend on. In other words, eligible families receive the full amount regardless of whether they are obliged to pay taxes. Payments will begin to be phased out in excess of $ 75,000 per year for individuals and over $ 150,000 for couples. More generous credits will only apply in 2021, but Democrats will probably try to extend it.

The US Rescue Planning Act has also extended a $ 300 weekly federal unemployment insurance bonus throughout Labor Day. Recipients with household income of less than $ 150,000 First $ 10,200 With unemployment allowance.People covered by the Pandemic Emergency Unemployment Compensation (PEUC) for those who have run out of state benefits, and Pandemic Unemployment Support (PUA) for Freelancers and Gig Workers, In addition, the benefits will be extended until early September. PEUC will be exhausted after 53 weeks. PUA will expire after 79 weeks.

Extensive US employment planning includes several elements that are not traditionally associated with infrastructure.Their range is $ 213 billion It is allocated to affordable $ 100 billion housing reserved for labor development between underserved groups. The plan also aims to raise the wages of caregivers who care for the elderly and disabled. Each of these efforts will mean more money for the affected people. On a larger scale, the plan also has the potential to create more jobs across a wider area of ​​the economy. Of course, the money added to people’s pockets is still fictitious. The plan still has to find its way through Congress.

Other news: Third Stimulation Check: Additional Benefits of Economic Relief Package

It was originally released on April 5th at 4:45 pm EST.

Would you like to receive a fourth relief? – CBS Pittsburgh

Source link Would you like to receive a fourth relief? – CBS Pittsburgh

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