A fourth stimulus check may be changing, and we need to watch this one very, very closely. Let’s get right into it. As this information continues to change, change very rapidly. Right now, I’m watching everything and doing all the research on your behalf so that you don’t need to and I distill all that information down into these short contents, which I deliver a few times each and every day so that you can get the latest updates hot off the wire as they’re being released.
All right. So as we currently stand right now, we know that Congress is currently working on the newly revised version of the billed back better agenda, otherwise informally called the Skinny bill. Now, this is not the official name for it, but this is the name that I’ve seen thrown around by a number of different lawmakers, calling it the skinny portion of the build-back better agenda. Now, this is also the nearly $2 trillion package that we were expecting them to add a fourth stimulus check into it, whether it is a widespread check or whether it is a highly focused check for those people who are low income or the fixed income.
Now, we have to also look at this from a different perspective as well, because this whole thing may be changing a little bit and it might actually be in a pretty good way. So let me talk you through the details and some of the ideas that are actually being tossed around out there right now. So as we do know, as they continue to slowly work their way through the build-back better agenda, we also recognize that timing is going to be very important when it comes to this bill, considering the midterm elections are coming up in a matter of just months. Let’s be real. They’re getting pretty good at dragging their feet on this thing and kicking the can down the road.
This thing was supposed to be done nearly two months ago, and here we are still talking about it, and they have not come together on an agreement quite yet. However, that could be a good thing and that could be a bad thing. As of right now, we all recognize well, it’s kind of a bad thing because realistically, we needed the money like six months ago, eight months ago. A year ago, the money would have been really nice. But the deal is we also recognize that timing is very important now that we’re getting into the official election cycle.
So they know that we know that and we’re all watching this very, very closely. However, when it comes to a fourth stimulus check, we also recognize as well that there has been talk about a focused fourth stimulus check. Like I said, for the low income and the fixed income. However, the details of that check may be taking a little bit of a different path. However, as I’ve mentioned in the previous topics, we don’t really care what the name about it is, right.
We just want to see the digits in our bank account, something other than zero. And we want to see those digits in front of the decimal place, preferably. Right. However, let me talk you through a couple of the different aspects right now that this next check could actually arrive as versus a stimulus check. And again, the stimulus check name is just the original name that they gave for the first three payments.
Why do they call it a stimulus check? Well, because we were trying to stimulate the economy. However, do we need to stimulate the economy now? Well, probably not, because the economy is doing great. However, that’s why these payments could actually be changing a little bit.
Again, still, at the end of the day, what is it going to be? It’s going to be basically a check dressed up as a payment, right. Under some name. However, let me talk you through multiple different avenues that this could actually go down. However, in order to do that, let me quickly explain what a stimulus check is.
We got to understand what this payment is. Now, again, I know a lot of us don’t really care. We just want to know what the money is, when it’s going to arrive, how much it’s going to be. But at the same time, let me quickly explain what a stimulus check really is under the hood. So here’s what it is.
It’s a refundable tax credit. So basically what they did is it’s an advance on a refundable tax credit that would otherwise show up on your tax return. So you’ve probably heard of a cash advance before, right? You go to an ATM or maybe you look at a bank account or a credit card, something like this, and they give you the option for a cash advance. Right?
So let’s just say that you have a $5,000 credit limit on your credit card. Again, I’m just giving you an example. And maybe of that $5,000 that’s available, maybe like $1,000 is available for a cash advance, right? You probably know what that is. So basically, you could go to an ATM and you could get $1,000 advanced to you off of that $5,000 balance.
Kind of makes sense. Well, it’s exactly the same thing when it comes to a stimulus check. Basically what they do is they advance you the cash on money that they were going to owe you off of a refundable tax credit anyway that would have shown up on your tax return. So basically, what they do is they look at everybody’s situation based on your income and things like this and all your details. Well, it’s usually just based on income is the only parameter that they look at.
And then they basically say, okay, if your income is under a certain threshold, we’re going to advance you, however many dollars based on what’s going to show up on your tax return, because they want you to get the money immediately rather than waiting until the next year to file a tax return and then get it. So just like many people are doing right now for the child tax credit payments, they’re filing their tax returns to claim the other lump-sum payment of those checks that were going out through the second half of 2021, same exact thing. The advanced payments were going out on a monthly basis through the second half of 2021. And then now people are filing their tax returns and claiming the other lump sum payment kind of makes sense. So it’s an advance on that money that’s going to show up on a tax return.
So that’s all that it is. So basically, when it comes down to the name of it, whether it’s an economic impact payment, EIP, which was the official name on the first three checks, or as we were calling them, and as many lawmakers were calling them, a stimulus check, it was just a simple name, basically saying we’re going to send out a stimulus payment to millions and millions of Americans to stimulate the economy. And that’s exactly what happened. We stimulated the economy a ton. So now it’s coming down to something different.
We don’t need to stimulate the economy anymore. The economy is very much stimulated. Right. I think we could all agree the economy got maybe a little bit too much stimulation, however. All right, sorry.
But anyway, the whole point is now we don’t need to stimulate the economy, but rather we’re getting into a different realm right now, which is many other things. So this is kind of interesting because we’ve heard some lawmakers talking about this as of recently, which is inflation. Right. And again, I’m not going to make this topic all about inflation, but let’s talk about some of the different ways that this check could actually be sent out. Now, again, let me get on a quick couple of the obvious ones that we’ve talked about in previous topics, Adult Tax Credit.
Now, again, we’ve talked about that one previously. I’m not going to go into a ton of detail, but basically what this is, again, a refundable tax credit on the tax return that could actually be offered as an advanced payment, just like the monthly checks that were going out as a result of the child tax credit payments. That’s number one. However, some other language that has been thrown around by lawmakers is anti-inflation. Could maybe we be receiving a check going forward in the future for the low income and the fixed income may be called something like an anti-inflationary check.
Sounds pretty interesting, right? Just the words that the lawmakers have been throwing around recently. Very, very interesting. Or how about something like the people’s relief check? Again, a relief check for the people.
Again, very fancy name for basically the exact same thing as a stimulus check. It’s all the exact same thing. It’s just a fancy name. Now we got to remember something as well. It’s all about marketing.
Remember, politicians, people, the lawmakers, things like this. They need to market payments in order to make sure that people are understanding. Hey, you’ve got a payment coming from us, and we’re looking really good when we go into the election. Now, again, this is not me taking sides. I’m simply letting you know this is what happens.
We all recognize this. It’s all smoke and mirrors when it comes to politics. I mean, we all know this, right? It’s no surprise to anybody. It’s just a big game that they all play.
But anyway, this next check that we could potentially be looking at may come dressed up in a completely different name that we certainly need to watch for very closely. So as they continue to work their way through the next skinny portion of the build-back better agenda, we’ve got to watch it for very key language. Maybe like an anti-inflationary check. Sounds very interesting. I wonder what it is.
Well, it’d be exactly that. A relief payment, otherwise known as a stimulus check, dressed up under a different name or maybe a different fancy name called, like I said, the people’s relief check or people’s relief payment or relief payments or anything like along those lines. But very interesting how we’ve started to hear some of this language coming out of lawmakers just in the time that we’ve also heard them also beating the drums and talking about all kinds of things that Americans are struggling right now and they need relief. Does anybody see some correlations here? I’m starting to see some very interesting evidence based on what lawmakers are currently saying recently.
Also, just a couple of days ago, Chuck Schumer was out in a speech and he was talking from the floor in the Senate and talking about how senators, while lawmakers, I should say, are going to be coming out over the next month here, introducing different ideas and concepts to get money into the pockets of the people. At the same time, he also mentioned the anti-inflationary agenda. Again, there it came up. I don’t know about you, but I’m seeing something really weird here. Again, maybe I’m just off on some weird rant and maybe this makes no sense to anybody, but I don’t know
it seems very weird.
And we always need to read between the lines when it comes to Congress and when it comes to politics, because that’s pretty much all it is. Right. It’s a big old book where we need to read between the lines with everything that they’re saying and doing, because as the old saying goes, do what I say, not what I do or whatever they say, something like that. So basically, we need to watch what they’re doing, not so much what they’re saying. Right.
But at the same time, we also need to pay attention to what they’re saying because we could be getting glimpses into what they are actually planning behind the scenes. Now, another thing, too, is the build black butter agenda, the skinny portion of the bill. They’re actually working on this mostly behind closed doors. Why? Well, because we can see how the last packages that they came up with were basically just a big flop.
Right? They came out with the packages, they came out and they sold them to the American people, or they tried anyway, it didn’t really get a whole lot of traction. And then it came down and they didn’t get anything done. Well, do they want to do that again? No, they don’t really want to do that again.
They want to do all the negotiating behind closed doors so that when they presented to the American people, hey, check it out. We’ve already got tons of support and we’re on our way to getting this whole thing done. Very interesting. Right. So anyway, when it comes to a fourth stimulus check, we may not even be calling it a stimulus check much longer.
Who knows? But as of right now, that’s the only name that we can really grab onto at this point. But there are a variety of different names that this next check could be actually dressed up as. But you got to remember, it all comes down to what is the check under the hood? It’s essentially a refundable tax credit that would show up on your tax return.
And I know that a lot of you here in the community are nonfilers, but it does not matter when it sends out as an advanced payment, it doesn’t really matter. Essentially, they just look at your situation. They get in contact with the Social Security administration, they get the roster of everybody there and they say your income is below the threshold. Congratulations. You get whatever kind of check they come up with.
So same thing that they did with the child tax credit payments. They looked back in history at everybody’s situation and they said, these families, these 36 to 38 million families qualify. Let’s send them out advanced payments Based on their previous records with the IRS. Very interesting. Right.
So anyway, I’m watching everything closely for you. Yes, you could just call me Detective, but no, you don’t have to. I’m just kidding. I don’t have to be called in Detective. I’m just doing whatever I can to help everybody in this community because I understand the struggle is real right now and I truly want to help out in any way that I possibly can by bringing you this information and being here for you right by your side every single day.
I will catch you again later on the next topic. bye