Have you heard of the word stimulus check before? This article will give you good details on what stimulus check 2022 is. Keep reading to get the full information.
Stimulus Check 2022
A stimulus Check is a term that describes a check that is sent to taxpayers by the United States Government. This act is meant to stimulate the economy by providing consumers with more money for spending. Hence the name stimulus check comes from the word ‘stimulate‘. This money is given to taxpayers to boost consumption and drive revenue at retailers and manufacturers, therefore, spurring the economy.
A stimulus check can be part of a larger package by the federal government that is meant to support the economy. This was the case with the stimulus payments that were part of the CARES Act in 2020, and the American rescue plan in 2021.
More About Stimulus Check
Stimulus checks have been mailed out to the taxpayers of the United States on several occasions. These checks vary in amount according to the taxpayers filing status. Joint taxpayers receive twice as much as those people filing singly. In some of these cases, those who had their taxes unpaid back saw their stimulus checks automatically applied to their outstanding balance.
New Stimulus Check 2022
Presently, there are no stimulus checks for the year 2022 approved by the federal government but some states have stepped up to send stimulus checks to their residents this 2022. There are presently four states preparing stimulus checks for their residents. Although these payments may not be for every single person, they will benefit up to 87 million residents in total.
Now here are the four states;
The stimulus check approved for the residents of the City of New York is worth over $2 billion. It is called the excluded workers fund. This fund has been approved to help undocumented workers who were not eligible to collect the various federal stimulus checks. These monies have been disbursed to the people who earned less than $26,208 in 2020. The expansion of this program will happen in 2022.
The residents of Indiana may qualify for some extra cash in the year 2022. It was reported that the Indiana state government posted a high stimulus last year, and the government wants to provide a tax refund worth about $125.
A budget proposal of about $286 billion was announced by Governor Gavin Newsom for the 2022 budget year. Although the budget does not include another round of Golden state Stimulus Checks. There is a high probability of more tax rebates this year as the states decide on what to do with their budget surplus.
The school teachers of Florida may receive a stimulus payment this year worth up to $1000 according to Governor Ron DeSantis. Approximately 117,000 teachers and principals in Florida are set to receive this payment. Governor DeSantis is also allocating $600 million to raise the minimum teacher salary from $40,000 to $47,500.
Stimulus Check 2022 Update Today
Like I said before, Although some states have prepared stimulus checks for their own residents, the federal congress has not approved any plans for nationwide stimulus checks in 2022.
One of the hangups here was over the expanded federal child Tax rescue that was part of the American rescue plan that was signed into law in March 2021. Some American families received either $250 or $300 payments per child for the second half of the year. This gives a total of $1500 or $1800. Those families will be able to claim the remaining half of the tax credits when they file their taxes in 2022.
However, for one reason or another, some of these families did not receive or chose not to receive those payments.
Families who have qualified for the expanded federal child Tax credit and did not receive their payments will be able to claim the entire amount of these payments when they file their taxes this year. Families with children under the age of 6 will get a payment worth $6000, and those with children between the ages of 6 and 17 years old will get the sum of $3000.