15 MILLION CHECKS SENT! 4th Stimulus Checks Will Be More Accessible Fourth Stimulus Check Update
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Today is the day! The child tax credit has started to land in the bank accounts of Americans everywhere.
The tax credit is an expansion that will provide an estimated average of $423 dollars per family, but 15 million houses are expected to receive the full credit of $1,000 a month.
Senator Michael Bennet supported the program by calling it, “the most progressive change to America’s tax code ever.”
Millions of Americans have reported receiving the money and stories are flooding in about how important this will be in caring for their children.
President Biden said recently, “This would be the largest ever one-year decrease in child poverty in the history of the United States of America.”
And Biden would know, he’s been around for a while.
Experts expect this credit to help strengthen the middle class as well as lift many children out of poverty.
It’s great to see families benefitting from this program and hopefully it’s a sign of more good things to come.
Meanwhile, the Chairman of the federal reserve, Jerome Powell gave testimony saying he believes the economy needs more stimulus.
Powell points out that the rebound of the economy has caused inflation to go up drastically, which he believes would benefit from monetary policy.
He went on to say, "This is a shock going through the system associated with reopening of the economy, and it has driven inflation well above 2%. And we're not comfortable with that.”
This statement had investors worried, which caused stocks to dip. This left the market uncertain at the end of the day as it remains uncertain how long this inflation is going to last.
The main takeaway here is that the chairman of the fed seems to support more stimulus checks so bad news for investors, but good news for everybody else.
Finally, debate over a fourth federal stimulus check continues as congressmen suggest new methods of distributing the funds.
We saw problems with the rollout of previous stimulus checks, in some cases, the government did not have an up-to-date mailing address and other times, people were just not aware that they qualified in the first place.
Some lawmakers are now pushing for a new system to make sure that every American who qualifies is able to get their stimulus benefits.
One idea is to send an EBT card, something similar to a debit card, to every American who qualifies. This way the IRS can ensure every person gets their funds, and if the automatic payment system get passed, it will streamline to process so recipients don’t have to wait.
Lawmakers are also pushing for the federal government to find a way to get the money into the hands of anybody who qualifies but doesn’t have a bank account.
That’s going to be tough to do, it’s basically a Where’s Waldo but with everybody in the United States.
This is good news though because it shows that the support for a fourth check is being taken more seriously, meaning there is a better chance of that money coming to you in the future.
Sources:
https://apnews.com/article/child-tax-credit-bank-accounts-0715-24023ed3ffba98e4a65dd6006518da7a
https://markets.businessinsider.com/news/stocks/stock-market-news-today-us-fed-powell-economic-stimulus-inflation-2021-7
https://dailyvoice.com/new-jersey/fortlee/news/more-stimulus-money-on-the-way-feds-say/812756/
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stimulus check update today 4th stimulus check update today
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