Stimulus Prospects 2023: Rates For Rising

The 118th Congress officially kicked off on January 3, but has yet to be elected after several failed attempts by Rep. Kevin to be Speaker of the House.

Meanwhile, rising inflation and skyrocketing interest rates continue to wreak havoc on many American households, and many believe the replacement of security guards in Congress could mean new stimulus payments. I’m wondering if there is.

Multiple news outlets, including The Motley Fool, doubt whether Republicans, who hold a majority in the House, will vote to pay for a fourth stimulus package

“At this time, we are not aware of plans for additional government stimulus in 2023,” said Mark Steever, chief tax information officer at Jackson Hewitt.

Moreover, both the recently passed Inflation Reduction Act (IRA) and his $1.7 trillion loan bill make no mention of stimulus payments.

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The government has issued a total of three stimulus packages.

According to the Treasury Department, in March 2020, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) will allow eligible individuals to pay up to $1,200 per adult and eligible children under the age of 17. Stipulated an economic impact payment of up to $500 per person.

Subsequently, the COVID-Related Tax Relief Act of 2020, enacted in December 2020, provides eligible individuals with up to $600 per adult and an additional up to $600 per eligible child under the age of 17. Finally, the American Relief Plans Act (ARP), enacted in early March 2021, provides up to $1,400 for eligible individuals, up to $2,800 for couples applying together, plus additional eligibility including adult dependents. It provides for a payment of $1,400 for each dependent dependent, the department said.

However, The Motley Fool notes that “some Republicans indicate that they believe the current child tax credit system should be changed and that parents should receive more direct assistance”, so the new It notes that the payment could come in the form of a child tax credit.