Stimulus Prospects 2023: Changing of Congressional Guard Leaves New Payments in Doubt
The 118th Congress officially kicked off on Jan. 3, even though a speaker of the House of Representatives has yet to be elected, following multiple failed attempts for Rep. Kevin McCarthy (R-Calif.)to garner sufficient votes so far.
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Meanwhile, soaring inflation and exploding rates are continuing to wreak havoc on many American households, and many are wondering whether the change of the Congressional guard could potentially mean new stimulus payments, which would help soften the blows.
According to several outlets, including The Motley Fool, it is doubtful that the Republican majority in the House of Representatives would vote for a fourth stimulus payment.
“At this time, we’re not hearing that there are plans for additional federal stimulus checks in 2023,” Mark Steber, chief tax information officer with Jackson Hewitt, told VERIFY.
In addition, both the recently passed Inflation Reduction Act (IRA) and the $1.7 trillion funding bill do not include mentions of stimulus payments.
The government issued three stimulus payments in total.
In March 2020, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) provided so-called economic impact payments of up to $1,200 per adult for eligible individuals and $500 per qualifying child under the age of 17, according to the Treasury Department.
Then, the COVID-related Tax Relief Act of 2020, enacted in December 2020, authorized additional payments of up to $600 per adult for eligible individuals and up to $600 for each qualifying child under age 17. Finally, the American Rescue Plan Act (ARP) enacted in early March 2021, provided payments of up to $1,400 for eligible individuals or $2,800 for married couples filing jointly, plus $1,400 for each qualifying dependent, including adult dependents, according to the Treasury Department.
The Motley Fool notes, however, that new payments could come in the form of child tax credits, as “some Republicans have indicated they believe the current Child Tax Credit system should be modified, though, and that parents should receive more direct aid.”
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