For a variety of reasons, including the current fractious dynamic in Congress, the chances of approving financing for a fourth stimulus check along the lines of the previous three are almost zero.
However, there appears to be a chance that cash may be provided for at least one category - seniors - in the shape of a new $1,400 stimulus check.
Who could receive a $1,400 stimulus check in 2022?
Part of the reason is the recent announcement of a record-high cost-of-living rise to Social Security benefits in 2022. When you include the impact of record inflation, as well as rising costs eating into household budgets to balance the increase in Social Security, the necessity for lawmakers to support seniors becomes clear.
Seniors make up a substantial voting group. And the fact that we're just talking about one set of people may make some legislators more receptive to extra money in this sector, as per BGR via MSN. Meanwhile, the Senior Citizens League, an advocacy organization, has pushed Congress to earmark stimulus funds, particularly for Social Security beneficiaries.
The Senior Citizens League has recommended a $1,400 stimulus check for the majority of senior citizens. While Social Security benefits will climb by 5.9% in 2022, the greatest cost-of-living adjustment in the following 39 years, inflation will threaten to absorb the majority of the price increase.
Per Digital Market News, although most political analysts are pointing fingers at one another, one need only look to the pandemic to see why inflation is rising and how it is eroding the buying power of people who might afford a decrease in the absence of a stimulus check payment.
According to John P. Micklistch, Chief Investment Officer of Ancora in Cleveland, there is no current indication that the economy would face inflation without the supply shock. The TSCL has not only asked the White House for assistance but has also asked the public to sign a public petition on change.org to enable a stimulus check.
Will there be new stimulus payments in 2022 for average Americans?
In December, parents will get their last $250 or $300 Child Tax Credit payment. However, taxpayers may claim the other half of the $3,000, or $3,600, when they submit their 2021 taxes in 2022. Parents might also choose to forego the monthly payments and claim them as a tax deduction. Democrats have lately joined together and suggested extending the Child Tax Credit until 2025 or indefinitely.
In 2022, parents may receive more money than just that. Parents who had a kid in 202l can still get the third batch of stimulus checks, worth up to $1,400 per eligible individual, by filing their 2021 taxes early next year.
While the federal government has not yet announced any extra stimulus checks, certain states are expected to give additional stimulus checks in 2022. As a result, progressive legislators and average Americans continue to campaign for stimulus checks, as per PennLive.
Related Article: Stimulus Checks in 2022: How Much You Would Receive with One-Off Payments Next Year and Beyond?
