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Covid-19

Seniors Demand Fourth Stimulus Checks, Say They Are Struggling ‘The Most’

Paul S Voakes

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Golden State stimulus-check

As Congress debates the massive $3.5 trillion infrastructural bill which if passed will prove to be a stimulus check for the economy, struggling Americans are hoping that after three rounds of stimulus checks, a fourth one will be also passed by Congress, Fingerlakes1.com reported. Amid the financial crisis faced by people, seniors say they are as hit as any group in the pandemic. Many of them say that talks of helping them have not proven fruitful as of now.

During the third round of stimulus checks, $1,400 was sent to individuals making less than $75,000 and couples earning less than $15,000. These checks were part of the American Rescue Plan, which was signed into law in March this year.

Treasury Secretary Janet Yellen says without the infrastructural bill, the U.S. economy will go into a recession, which worries Americans as much as the state of their personal finances, as the holiday season isn’t far and the economy remains stressed.

Are Fourth Stimulus Checks Being Issued?

Though many states have been issuing fourth stimulus checks, significant conditions apply. Only California is the sole state in the country to issue full stimulus checks, thanks to the budget surplus realized in the middle of this year. People earning between $30,000 and $75,000 per year will get checks worth $500 to $600. Children living at home are eligible for $500.

Seniors Demand Stimulus Checks

Senior citizens who have been hit financially as hard as others as the economy slowed down due to the COVID-19 pandemic say talks of helping them haven’t made much progress.

Senior citizens Firstlakes1.com talked to say they are the most vulnerable section of the society as they are getting very little through Social Security.

What Senior Citizens Need To Know About Stimulus Checks 

“We have already paid our dues. We shouldn’t be the ones who are struggling the most,” said one senior.

Benjamin Rahim, a retiree, who shifted to Georgia from New York, said he is thankful for moving as he wouldn’t have been able to afford to live in New York on Social Security alone in pandemic times. He added that he feels sad for old people in the country as “they are the only ones not getting a check.”

Another retiree, Mika Ransfield, who lives in Ohio told Fingerlakes1.com that she is left with nothing after paying bills but a fourth stimulus check will certainly be helpful. “The Social Security system is broken. We worked our entire lives and the system was supposed to help us now but it is not so,” Ransfield said.

The sad news is that at the moment there is no talk of enacting a legislation for seniors.

States That Have Launched A Stimulus Program

Residents in Colorado are getting $375 if they received one unemployment check between March 15, 2020, and October 24, 2020.

Maryland approved a legislation pausing the state and local taxes on unemployment benefits. Authorities included immediate stimulus payments of $500 and $300 for those with and without children, respectively.

New Mexico has announced $5 million for people who didn’t qualify for federal stimulus checks.

Similarly, New York has reserved $2.1 billion from federal funds for undocumented workers.

Residents in Florida got $1,000 if they were teachers or administrators.

As far as Georgia is concerned, residents who are teachers, are getting $1,000 in stimulus checks if they are full-time employees. The aid would be $500 if they are part-time employees.

Teachers in Tennessee are getting a hazard pay stimulus — $1,000 per eligible worker.

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Covid-19

Many US Residents Migrated From The High-Tax States During The Pandemic

David Crabtree

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Pexels.com

Rising living costs and increased inflation forced US residents to leave their homes and settle in low-cost areas. The individuals moved to states with low-income tax rates; many decided to shift for professional reasons. Yahoo Money reports that states with high-income tax witnessed a decrease in population in the past several months. Low tax states such as Florida, Texas, New Hampshire, South Dakota, Nevada, and Tennessee have recorded the most significant surge in population recently. Families can adjust their monthly budget in cheap areas and have a broader scope for financial growth.

Many US Residents Migrated From The High-Tax States During The Pandemic

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People Move Because Of Several Factors

Yahoo Money quoted Jared Walczak, vice president of state projects with the Center for State Tax Policy at the Tax Foundation; he said, “People move to states with low-income tax for a multitude of reasons, sometimes it’s the most direct and obvious reason that it reduces the tax liability. Especially now that people have more capacity to move where they want, that will be a higher priority for some. There are also second-order effects, states with lower tax burdens and with more pro-growth and higher economic opportunity- and people will move to seek out those things even beyond their tax burdens.”

Low Tax States Present Higher Financial Security

Several US citizens can now efficiently manage their expenses and enhance their lifestyle after moving to new places. The migration has increased inflation in the low-tax areas. However, the living costs are still meager compared to their home states despite the price rise. Yahoo Money quoted Ramona Cedeno, CPA and founder of FiBrick; she said, “I’m one of the people that’s trying to leave New York City to minimize tax burdens. Just up north of New York in the county of Westchester. New York can also be expensive. Before COVID, we stayed in these high-tax states because there was another reason too. My office was based in New York City, and I had clients in California, which required me to be there physically; now that we can work remotely, you don’t have to see clients all the time. You can live anywhere.”

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California News

California Workers Could Get Up To 2 Weeks Of Paid Time Off If They Or Their Family Members Are Covid Positive

Paul S Voakes

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California news

Some respite for workers in California who are battling economic woes during another wave of Omicron Covid surge. California workers could be getting two weeks of paid time off if they get sick from COVID reports abc7.com.

California State had put in place a similar law last year. However, it expired in September after the COVID-19 situation stabilized and the spread of the virus slowed considerably.

California workers

California workers

Businesses would get up to $6 billion in tax cuts and other assistance

California workers will get up to two weeks of paid time off if they get sick from the coronavirus. In the same way, businesses would get up to $6 billion in tax cuts and other assistance. The above measures are a part of a proposal endorsed on Tuesday by Gov. Gavin Newsom and the state’s top legislative leaders.

The new law had to be proposed after spreading a more viral and contagious form of the virus, the Omicron variant, which spread like wildfire in California State. Significant donors to Democratic politicians in California, labour unions have pressured state officials to bring the paid sick leave law back.

California Business Groups oppose the latest proposals.

However, the latest move to provide extra sick leave has been opposed by Business Groups as many industries are already struggling to retain workers during the pandemic. Last year businesses could avail themselves of the federal tax credit, which helped provide some relief. However, Tax Credit is not available this year.

However, Newsom and legislative leaders have agreed to end some tax increases on businesses. The taxes were imposed in 2020 when state officials feared that the pandemic could precipitate a significant budget deficit. Instead, state revenues have soared during the pandemic. The taxes were supposed to end at the end of 2022.

However, state officials have decided to end it Newsom, and legislative leaders have agreed to end them one year early. Additionally, more money will be spent on a state grant program for businesses and not charge state taxes on some federal grants. It all adds up to about $6 billion for businesses.

Proposals must have the support of Democrats in California State Chambers.

The proposals were declared by Newsom and the state’s top two legislative leaders: Senate President Pro Tempore Toni Atkins and Assembly Speaker Anthony Rendon on Tuesday. However, Democrats hold large majorities in both chambers, and it would also require their support for the approval of the projects.

The proposal envisages workers getting one week of paid time off if their family members test positive for the virus. The companies will have to provide the coronavirus test and pay for it. Workers who don’t undergo these tests refuse to be tested will be barred from the scheme.

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Child Tax Credit

Child Tax Credit And Stimulus Checks Create Confusion For Tax-Filing

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Families To Get $300 Child Tax Credit Boost In Time For Thanksgiving – See If You're Eligible  

Confusing and long tax season, the tax preparers seem to be bracing it. It is due to the child tax credits and the stimulus checks received by Americans in 2021. The stimulus amount and the credits were not received by many. However, many families were entitled to it, and so they can claim it this year.

US Mothers Are Eligible For $1,000 Monthly Payments: Check Details.

CNBC/screenshot

Are there any rising questions from the public?

According to tax accountants, they are receiving many questions regarding CTC. Many families received it like a tax refund, six months early.

The Certified Public Accountant, Roy Mitchell, said the families who didn’t receive CTC can claim now. He says now is the time for claiming the amount of $3600 (up to) for every child, as per information provided by the Seattle Times.

Anyone can claim the stimulus check, which is missing as of now.

A lot of confusion is faced by the office of Roy Mitchell. It is from the people who are missing some amount of money and those who are not.

Smaller tax refunds confusion

Mitchell expects to hear from taxpayers who wonder why the refund is less than the previous year. It is because CTC was the advance on money that they used to receive at the time of filing. It is $1000 less this time.

The stimulus check of last year wouldn’t impact any refunds.

Check the mail for IRS letter

As per Mitchell, any parent having a child below 18 years of age should wait for filing until they receive the IRS letter. This letter will explain the amount received and the family’s own.
Anyone still confused about it all can talk with the tax pro. A talk with someone knowledgeable will help to get the money. They will also help to get 2021’s missing credit so that one doesn’t remain in vain of it, as per NBC4.

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