During the severe outbreak of the COVID-19 pandemic, the federal government gave ample and generous support to individuals. The support continued for over a year and was followed by state support in the form of direct stimulus checks, tax waivers, and reductions in taxes.
Though the stimulus checks dried up after 2021 from Washington, the federal government has continued to give support to help families tide over the killer inflation that reached decades high over a year ago.
The federal government is again gearing up to give out much-needed stimulus checks to tax filers. The Internal Revenue Service is set to deliver what effectively amounts to another round of relief checks.
The payments will in the future be directly linked to the aggregate net gross income of individuals and families. As of December, last year, the federal government had yet to come up with any payment schedule for the fourth round of stimulus checks from the federal government.
Many People Missed Out On Stimulus Checks
A huge number of people, in the region of 0.6 million missed out on the federal and state stimulus check payment. And these numbers constitute people who needed the relief checks the most. There are mostly people who do not exist in the records of the IRS as their income is below the level where filing becomes compulsory.
The 1.9 trillion American Rescue Plan that gave $1,400 to each individual who qualified for the amount was the last of the major payments by the federal government. The Child Tax Credit, paid in the same year, was another of the major payments, but they all died down after 2021.
The state-sponsored payments were limited to around two dozen states. However, the criteria for receiving the stimulus checks have differed. While Alaska based its payment on its oil revenue earnings, others have cut down on taxes to help the middle class tide over the crisis.