The call for a fourth stimulus check continues for many desperate Americans. The nonpartisan Senior Citizens League even recently reported that seniors have skipped meals and essential medication due to steeper cost of living. On the other hand, IRS also updated about the delays for the delivery of the September Child Tax Credit.
Many advocates predict next year's cost of living adjustment (COLA) to be at 6.2 percent, the largest COLA in nearly four decades. This means steeper prices for food, car, gas, electricity and every other resource necessity.
On top of growing expenses, experts also warned about ongoing debt problems. COLA might directly affect the loan rate of inflation, requiring even more money.
Lastly, keep in mind that some financial aid benefits could get taxed. Non-taxed payments are exclusive benefits to single taxpayers who earn no more than $25,000. Researchers from Yahoo! Finance said, "When the taxation of benefits was first introduced in 1983, only 8% of eligible families paid taxes on their benefits. Today, the estimate is that 56% of beneficiary families pay taxes on their benefits."
With these dangerous times up ahead, many Americans desperately need some financial aid.
Fourth Stimulus Check Updates: $1400 Payment for Seniors Gets Strong Push
The Senior Citizen League are calling for a fourth stimulus check for seniors. They said COLA adjustments have started affecting their ongoing payments, causing many seniors to go into debt. Low-income seniors worry about their budget for food benefits, rental subsidies and other forms of support.
The group further explained the ongoing problems for their seniors. Recently, when five seniors visited a food pantry to apply their Supplemental Nutrition Assistance Program (SNAP), the price of bacon shot up to 11 percent, beef up to 10.6 percent and fresh fish up to 8.5 percent. As a result, seniors went with meals without meat, poultry, fish and dairy.
For now, the Senior Citizen League opened a petition for $1400 stimulus checks. The government has yet to make its reply.
September Child Tax Credit Delayed
Another problem spotted on financial aid programs is the ongoing child tax credit payments. Notably, July and August child tax credit payments were delivered on time. Many Americans wondered what caused the sudden September payment delays.
It is important to note that the child tax credit payment delays have nothing to do with eligibility. Families that received the first and second payments automatically qualify for September, October, November and December payments. Instead, the fault lies on IRS.
IRS admitted having issues releasing their payments. They tweeted, "We are aware of instances where some individuals have not yet received their September payments, although they received payments in July and August... The IRS is currently looking into this situation, and we will share more information as soon as possible."
➡️ We hear you. The #IRS is currently looking at instances where some individuals have not yet received their September #ChildTaxCredit payments, and we will share more information as soon as possible. https://t.co/PjHsV2XjwK— IRSnews (@IRSnews) September 18, 2021
IRS did not elaborate on the cause of delays. However, they confirmed that the problem lies in their systems. For now, American families are forced to wait for more updates and improvements from the IRS.
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