With continued difficulty for American President Joe Biden and his administration to get the Build Back Better bill passed and the introduction of the Omicron variant of the COVID-19 virus into the United States – future economic prospects seem daunting. However, more stimulus checks may be available next year to millions of American families and individuals.
Known as Recovery Rebate credits – three stimulus checks were made available to qualifying U.S citizens so far. Two of them were made available in 2020 and the last in 2021. The first two stimulus checks sent were for an amount of $1,200 and $600 respectively. The latter – issued in 2021 was for an amount of up to $1,400.
Obviously, there have been qualifying criteria for these stimulus checks such as the income threshold a citizen is a part of. Let’s look at some more qualifying criteria for such stimulus checks or credit advancement. Another criterion is the age and number of dependents or children an individual or family has. Next, whether a person is filling a joint return with the receiver and how much such a person receives also affects eligibility for such stimulus checks.
Effect Of The Fallout
According to CNBC, over 10-million children in the U.S will fall into poverty when the extended child tax credit program comes to an end. Furthermore, with very real concerns about and the failure of the Senate to pass President Joe Biden’s Build Back Better bill many citizens in the United States of America are concerned for their families well being. For these reasons promises of further tax credit advances and stimulus checks are set for early next year.
In addition to this – over 3 million U.S citizens, according to CNBC, have petitioned for a stimulus check of $2,000 per adult to be issued. Whether such a petition will be successful remains to be seen – but perhaps, there is some promise for further stimulus checks or tax rebates being issued next year. Such rebates are costly though and might result in a super high inflation rate which could defeat the purpose of their institution.
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