STIMULUS CHECKS GO OUT! ECONOMISTS PUSH MORE | IMPORTANT Child Tax Credit DEADLINES! Stimulus UPDATE
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The first two payments of the Golden State Stimulus were sent on August 27 and September 17, with the third one coming October 5.
The reason for these intervals is because sending out 9 million payments in one big sum just isn’t possible.
According to the San Francisco Gate: “the state’s ability to validate eligibility, protect against fraud and issue GSS II payments simultaneously with other mandatory disbursements” are some of the issues delaying your money.
Also, a spokesperson for the Franchise Tax Board said: “Some of those 9 million will be excluded during our validation and anti-fraud processes. Also, we anticipate receiving more returns qualifying for GSS II to come in between now and the Oct. 15, 2021, tax filing deadline.”
So if you have not received your payment yet, don’t stress. You haven’t been forgotten, it will just come at a later date.
Meanwhile, and this is very important, a Child Tax Credit deadline swiftly approaches.
What this means is that those who want to receive the Child Tax Credit in one lump sum in tax season need to opt out within the next two days. If you don’t, you will continue receiving the monthly checks, starting again on October 15th.
Remember, if you file jointly as parents, you will need to opt out together. If only one cancels enrollment, you will still get HALF of the Child Tax Credit on October 15th.
Speaking of October 15th… that is the deadline to register for the monthly Child Tax Credit. Three payments have already gone out and there are three more this year. If you sign up within the next two days like I previously mentioned, you will be getting your October payment. If not, please sign up before the 15th if you want to receive the money you deserve.
The IRS has a portal up that you can access at any time. All you need to do is update your information.
Next up, let’s talk about Joe Biden’s infrastructure plan… and what some of the harshest critics are saying…
These critics -- particularly Republicans -- are saying that this bill (or “expensive entitlement program,” as Republicans are calling it) will create a “welfare state,” hindering the recovery of the U.S. economy for the foreseeable future.
Susan Collins, the Republican Senator of Maine, said: "We will not build a more prosperous, just and equitable society characterized by opportunity, dignity and meaning just by issuing government checks. The time-tested way to achieve those goals for American families is by supporting and rewarding work. It is by recognizing the dignity of work."
The main concern from House Minority Leader Kevin McCarthy is that a Child Tax Credit without work requirements is just “welfare.”
Finally, let’s talk a little bit more about that expanded Child Tax Credit for a moment…
Even though Republicans (and Joe Manchin) oppose the bill… particularly that Child Tax Credit expansion… economists seem to agree with liberal Democrats.
Low-income households are the ones struggling to find work. Cutting federal programs like unemployment and the stimulus did NOT improve employment numbers at all. In fact, we’re seeing employers desperately try to make accommodations to bring in more applicants. The fact is: most of these low-income families were low-income BEFORE the pandemic. The pandemic only made it worse for everyone, ESPECIALLY them.
Economists are arguing that the work requirements would be straight-up disqualifying the “neediest” kids.
Sources:
https://finance.yahoo.com/news/stimulus-printing-mailing-issues-delay-164628082.html
https://www.10tv.com/article/news/nation-world/child-tax-credit-october-deadline/507-b33325e4-65d6-4fe1-9172-5659c5b6b2fa
https://www.cnet.com/personal-finance/taxes/some-parents-wont-get-child-tax-credit-payments-unless-they-sign-up-by-oct-15-heres-why/
https://www.foxbusiness.com/politics/biden-spending-bill-debate-rewards-hazards-american-workers
https://www.cnbc.com/2021/09/29/economists-say-child-tax-credit-work-requirement-harms-neediest-kids.html stimulus check update
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