It has been reported that millions of American citizens are also feeling a rush from the regular stimulus check payments and the child tax credit payments. These direct checks could be made possible by tax credits which were expanded through legislation that was aimed at rejuvenating the US economy after it got hit by the COVID-19 pandemic.
Now, since Americans have gotten used to additional financial help, there have been petitions to make the tax credits permanent.
Worker’s Stimulus Check Could Alleviate Their Condition
There have been petitions for an earned income tax credit that provides low to moderate-income individuals and families a reprieve from their taxes. In order to qualify for this stimulus check, taxpayers usually have to show some proof of earned income. This could definitely lead to them qualifying for a far larger credit which would be based on the number of dependents they have.
The EITC, by itself, was made more accessible for the current year in quite a few ways. As of now, more and more workers will be qualifying for this amount- even if they don’t have children.
However, there have been calls for making the EITC expansion permanent beyond the current year. This has also called into action the American Families Plan of President Joe Biden. This also includes a bill that was reintroduced by Rep. Gwen Moore, the Democratic representative from Wisconsin the previous week- which has been called the Worker Relief and Credit Reform Act- something that aims to both modernize and expand the EITC.
The proposal of the representative is a far broader rethink of how the EITC, as a stimulus check, could be utilized to provide economic security to Americans throughout.
Although the stimulus check plans also include the expansions of Joe Biden, there is a possibility that it would be taking these changes even further- according to Adam Rube, the director of Economic Security Project Action.
