State governments have begun distributing cash to their citizens while the federal government continues to debate the possibility of a fourth stimulus payment. In the event that certain economic conditions are met, automatic stabilizers aim to send money directly to Americans, without local or federal legislator approval, according to The Sun.
Another Round Of Stimulus Is Uncertain
Concerned about receiving anything similar to monthly child tax credit payments in 2022 because of the Build Back Better plan’s uncertain passage, many families are worried. State and local governments in areas affected by the ongoing COVID-19 pandemic have stepped up to provide assistance.
More than $1 trillion was pumped into the economy through three separate stimulus packages for those in the lower and middle classes. It is unlikely to see another stimulus payment from the federal government anytime soon. According to Forbes, some of the COVID-19 relief plans include assistance for small businesses and increased unemployment benefits.
The UBI Program
According to The Sun, for stimulus payments in the United States, one must meet specific financial requirements and submit a federal tax return. The stimulus payment is accessible to individuals and married people with taxable incomes of up to $75,000 and $150,000, respectively. The amount of stimulus money that a family is able to receive may be reduced or increased depending on how many tax refunds they file.
The UBI program in Newark, New Jersey, has recently been expanded to 400 residents. Over the course of two years, each resident will receive $12,000 from the program. About half of the participants in the program will receive $250 every two weeks. Participants must be at least 18 years old, have a household income of at least 200 percent of the poverty level, and demonstrate financial hardship due to the COVID-19 pandemic before they can be considered.
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