United States residents are looking forward to a fourth stimulus check from the federal government as they continue to struggle amid the coronavirus pandemic and the new Omicron variant.
The situation comes as the Senior Citizens League (TSCL) is pressuring Congress to introduce a one-time $1,400 Social Security stimulus payment that will be given out to seniors across the nation. In a statement, TSCL chairman Rick Delaney said that thousands of senior Americans have already exhausted their retirement savings.
Fourth Stimulus Check
Delaney noted that many elderly in the United States have already written to the league, saying that they believe the government has already forgotten about them. The chairman of the league said that if the federal government distributed $1,400 worth of stimulus payments to seniors, it would go a long way as extra non-taxable income.
The cost-of-living adjustment (COLA) for 2022 is expected to increase by the highest amount it has ever experienced in the last four decades. This will push many seniors in the United States into a higher tax bracket, giving the idea that the stimulus check proposal has a hopeful side that it could help offset some of the increased costs, Marca reported.
The situation comes as inflation in the United States severely impacts many communities as much as the coronavirus pandemic. Despite more than 169 million payments being distributed in the third round of stimulus checks from the federal government, residents are still calling for the need for a fourth package.
At first, financial markets were extremely worried about the discovery of the Omicron variant, which has been found to be highly transmissible similar to the Delta variant. However, early studies have shown that the new strain generally causes mild symptoms compared to other variants of the coronavirus infection.
Coronavirus Pandemic
The Omicron variant is quickly spreading across the U.S. northeast, with New York leading records for the most number of new cases reported in a single day for three consecutive days since the beginning of the pandemic. The situation has resulted in more and more people calling out to lawmakers to distribute another round of stimulus checks to assist those severely hampered by the virus, AS English reported.
Despite the massive calls for a fourth stimulus check, lawmakers have generally been reluctant to release another set of payments. Currently, no fourth stimulus check has been signed into law, but Americans can still expect to receive money in their bank accounts in 2022.
United States President Joe Biden signed the American Rescue Plan Act in March 2021 that provided a third round of stimulus checks. Each payment was worth $1,400 for adults and independents. While the majority of eligible Americans have already received their payments, some have yet to receive the full amount.
The people primarily in this group are those who added a new dependent to their family in 2021 and are entitled to the $1,400 payment for the new independent. However, they can only receive the money if they meet the other qualifying criteria, including income below the allowable limit, the Motley Fool reported.
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