Stimulus Update

Stimulus

This week, the state legislature in California voted to cut state spending. While the budget battle is likely to continue, the budget does include provisions that could make a lot of people sigh in relief. On average, according to the act, the budget will reduce the number of students attending California public schools by about 2,000 and save at least $10 billion for the next budget.

The IRS issued more than 169 million payments in the third round of direct stimulus aid, with the $1,400 checks reaching most American households. But some advocates and lawmakers are pushing for a fourth round of stimulus aid that would effectively send recurring payments until the pandemic ends. (Source: www.cbsnews.com)

Irs

The Internal Revenue Service (IRS) released two new tax rates for 2018, six different tax rates for 2019, and increased the standard deduction. This update is part of the Tax Cuts and Jobs Act.

Some families received another form of stimulus aid when the IRS in July deposited the first of six monthly cash payments into bank accounts of parents who qualify for the Child Tax Credit (CTC). Families on average received $423 in their first CTC payment, according to an analysis of Census data from the left-leaning advocacy group Economic Security Project. (Source: www.cbsnews.com)

Economic

A stimulus is an increase in government spending or reduction in taxes intended to jump-start an economy and create jobs.

Stephanie Bonin, a Denver restaurant owner, started the petition in March 2020 when businesses shut down to slow the spread of COVID-19. As the pandemic dragged on, her petition gained traction and more than 2.9 million people supported Congress sending out recurring monthly payments to provide financial assistance to Americans. (Source: www.newsweek.com)

March

Overview: The update is discussing the causes of changes in the economy and it's effects on the community. It starts discussing the stimulus package and it's positive effects on the economy and then it goes on to discuss the stimulus update which is a part of what the stimulus package has done. Infact the stimulus package is before the update and the update starts the discussion with the stimulus package. Then it goes on to talk about the distribution of income and how this might affect policy decisions.

For details about the advance payments of the Child Tax Credit, see Advance Child Tax Credit Payments in 2021. (Source: www.irs.gov)