By Free Republic | Created at 2024-12-23 15:56:19 | Updated at 2024-12-26 01:42:36
2 days ago
IRS Sending 'Special' Stimulus Checks to 1 Million Americans
Newsweek ^ | December 22, 2024 | Giulia Carbonaro
Posted on 12/23/2024 7:15:13 AM PST by Red Badger
What's New The Internal Revenue Service (IRS) will send out a total of $2.4 billion in "special payments" to 1 million people who did not claim federal stimulus checks on their tax returns for 2021, the agency announced on Friday.
The IRS will issue automatic payments later this month to anyone who did not claim the 2021 Recovery Rebate Credit, the agency said—a refundable credit for individuals who did not receive one or more stimulus payments, officially known as Economic Impact Payments (EIP).
Why It Matters Despite the resilience of the U.S. economy in the years following the pandemic, Americans are still struggling with higher prices—including that of food and housing.
The economy was consistently named as voters' top issues in polls conducted ahead of the November election, despite the fact that inflation had since cooled down significantly compared to the 9.1 percent peak of June 2022, and the U.S. maintained a strong job market and relatively good growth.
Preelection surveys, as well as Donald Trump's victory on November 5, were a sign that voters blamed the current administration for the rise of inflation after the pandemic, and for their financial struggles.
As inflation creeps up once again, having risen for two consecutive months in October and November, anything that can offer some respite to American consumers, such as the IRS "special payments," is welcome to taxpayers.
(Excerpt) Read more at newsweek.com ...
TOPICS: Business/Economy; Constitution/Conservatism; Culture/Society; Government
KEYWORDS: irs; stimuluschecks
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1 posted on 12/23/2024 7:15:13 AM PST by Red Badger
To: Red Badger
That $2.4 billion is going to cost $12 billion, after the interest is paid for.
2 posted on 12/23/2024 7:15:54 AM PST by Jonty30 (Genghis Khan did not have the most descendants. His father had more. )
To: Jonty30
And the $2.4 billion doesn’t even exist yet, as there has not been enough revenue generated for this year to honestly claim the funds are available.
A billion here, a billion there, pretty soon you are talking about some really big money.
3 posted on 12/23/2024 7:22:00 AM PST by alloysteel (This is yet another test. There are no right or wrong answers, only the correct response for you.)
To: Red Badger
I didn’t get a COVID stimulus check because supposedly I earned too much money in 2020. Betcha I’m not one of those people with a check in the mail.
To: Jonty30
5 posted on 12/23/2024 7:23:17 AM PST by Red Badger (Homeless veterans camp in the streets while illegals are put up in 5 Star hotels....................)
To: Red Badger
Where we gonna get the money from to pay for it? Borrow it from Ukraine?
6 posted on 12/23/2024 7:23:29 AM PST by Bob434
To: Bob434
Just print it up. That’ll help fight inflation, you bet.
(/s)
To: Jonty30
These are people who did not collect on the stimulus. The money is already added to the debt.
8 posted on 12/23/2024 7:31:27 AM PST by napscoordinator (DeSantis is a beast! Florida is the freest state in the country! )
To: Dan in Wichita
They cheated us. We didnt bother to do anything
Maybe xmas present
To: Red Badger
It costs between 5.3 and 15.5 cents to print a Federal Deserve note. So money is not very expensive to produce.
10 posted on 12/23/2024 7:38:55 AM PST by Fresh Wind (Cats For Trump 2024!)
To: Red Badger
That will add to inflation, making Trump’s job harder. And that was the intention.
11 posted on 12/23/2024 7:41:17 AM PST by I want the USA back (Voltaire: To learn who rules over you, simply find out who you are not allowed to criticize.)
To: Red Badger
Let’s have more inflation. I am glad I bought gold recently.
12 posted on 12/23/2024 7:44:13 AM PST by Stepan12 (Enrique Tarrio? “Remember the prisoners as if chained with them – those who are mistreated…” Hebrew)
To: Red Badger
I went back to my 2021 tax return to see if I was eligible for this credit. I wasn't. I had huge capital gains that year because I was converting my portfolio to be more Biden-proof after the 2020 elections. Huge massive adjustment.
Was that "adjustment" worth it? Yes. Preserved virtually all of the value in my accounts because of the shift. I don't regret that at all.
13 posted on 12/23/2024 7:54:11 AM PST by asinclair (It's too bad there will never be a RICO indictment of the DNC.)
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