- What many yearn for: Two more stimulus checks could be considered by authorities.
- After a tax reform is carried out, the budget could allow for two more stimulus checks.
- Money would be enough to grant two more stimulus checks of $1,400.
Two more stimulus checks could be in the pipeline, as a potential tax reform could raise enough money to grant two more rounds of $1,400 payments, the newspaper The Sun reported on Sunday.
After passing President Joe Biden’s $ 3.5 trillion domestic spending package, Democrats are now ready to draft a massive social spending package, the newspaper said.
Two more stimulus checks would be possible
And it is likely to be financed with a tax reform that seeks to increase taxes for the richest Americans, investors and large companies, the newspaper also detailed Business Insider.
President Joe Biden has proposed a corporate rate of 28 percent, higher than the current level of 21 percent, The Sun noted. And Kyle Pomerleau, a tax expert at the American Enterprise Institute, told last week NBC News that tax changes could raise $ 800 billion.
Tax reform would raise enough money to offer two more stimulus checks
According to The Sun and Business Insider, that revenue represents enough money for the government to fund two stimulus checks over $ 1,400, similar to what most Americans received thanks to Biden’s 1.9 stimulus bill. trillion dollars approved during the Covid-19 pandemic.
On Friday, Senator Bernie Sanders told a crowd at an outdoor amphitheater in West Lafayette, Indiana: “My Republican colleagues are telling everyone that Bernie Sanders and the Democrats are going to raise taxes. They are right, we are going to raise them with the richest people in this country ”.
The two more stimulus checks could be $ 1,400
Senator Sanders from Vermont was noticing the difference between the two political parties, as Republicans in Congress in previous years passed tax cuts for wealthy Americans.
Now Sanders is defending his case based on a budget proposal that promises, among other benefits, universal pre-kindergarten and a free community college, The Sun explained in its report.
Benefits of New Democratic Proposal
It also expands health care coverage through Medicare, creates pathways to citizenship for millions of immigrants in the country illegally, and encourages states to adopt labor-friendly laws.
But Republicans said the plan is fraught with wasteful spending and tax increases. “This is the town’s budget. This is the budget that will impact tens of millions of lives in this country: the elderly, the children, the working families, the middle class, “Sanders said in an interview before Friday’s rally, according to The Sun.
The richest must “pay what corresponds”
“Poll after poll shows that the American people want the richest people, the big corporations, to pay their fair share,” emphasized the aforementioned Vermont senator.
Senators Ron Wyden, Mark Warner and Sherrod Brown have already released a preliminary framework aimed at ending incentives for companies to relocate their operations outside the United States.
They seek that those who earn more also pay more taxes
“While working families have struggled to get ahead, businesses that saw their taxes cut in half are doing better than ever and paying less in taxes than at any time since World War II,” Wyden said in a statement. quoted by The Sun.
“To straighten the ship, we are ending incentives to send jobs abroad and closing loopholes that allow companies to store their profits in tax havens,” he added.
They warn that some families could owe money to the IRS if they do not exclude themselves from the next payments
They warn that some families could be left owing cash to the Internal Revenue Service (IRS in English) if they do not exclude themselves from the deadline of the next payments of the Child Tax Credit before the end of August, reported The Sun.
The families eligible Who would like to receive their entire child tax credit in one lump sum when they file their 2021 taxes next year can opt out for the $ 250 or $ 300 monthly payments.
Some families may owe money to the IRS
Likewise, for parents who increased their income in 2021 or have a child who can be claimed by someone else as their dependent, the opt-out may prevent them from owning money to the IRS at the end of the year.
However, families must choose to pause their payments before the end of August if they want to stop monthly payments from September. “Eligible families who make this decision will continue to receive the remainder of their Child Tax Credit as a lump sum when they file their 2021 federal income tax return next year,” according to the IRS website.
They must stop payments before the end of August
“To stop all payments starting in September and the rest of 2021, they must be canceled before 11:59 pm ET on August 31, 2021,” the tax agency said. To stop payments, parents must use the unenrollment feature on the Child Tax Credit Update Portal.
According to the IRS, for married couples, each spouse will have to unenroll separately since if only one spouse drops out, the family will continue to receive monthly payments but for less.
Some families will receive another stimulus check for $ 1,400
The American Rescue Plan Act of 2021, also called the COVID-19 Stimulus Package or President Joe Biden’s American Rescue Plan, provided direct payments of $ 1,400 to most Americans, and families also received checks for $ 1,400 for each dependent.
Many eligible families whose children were born in 2021 did not receive the money as the children were not born when the stimulus money was distributed. However, these families They won’t run out of money, but they will likely have to wait until the next tax return to claim that extra $ 1,400 stimulus check. For more details read this note.
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