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A lot of people are curious about whether or not a fourth stimulus check will be on the way and we might have a better indication of that within the next week.
President Joe Biden is set to give a major address to Congress (and the nation) Wednesday night.
In the speech, Biden is set to reveal the details of a $1.8 trillion proposal the White House is calling its “American Families Plan,” which will provide funding for education, child care and paid family leave,
It’s reported that this bill would continue an expanded child tax credit that could end up providing parents with a monthly check up to $300 per child.
Currently the checks are expected to go out only for 2021 but it is possible that these checks could be extended for multiple years, possibly through 2025.
It’s not clear if the plan will include a fourth stimulus check or not but I would be surprised if it did.
For one, the prior support from Republicans was essentially nonexistent and it’s not like anything has changed since then.
Democrats had to resort to a budget reconciliation method to pass the legislation and I don’t believe they can do that again until the fall.
The other big issue is that this plan is going to likely propose raising taxes for wealthy Americans, possibly by a large amount.
That is already going to be a hugely unpopular measure with Republicans and so adding in a fourth stimulus check just doesn’t seem like it would make sense strategically.
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Daniel Gillaspia is the Founder of UponArriving.com and creator of the credit card app, WalletFlo. He is a former attorney turned full-time credit card rewards/travel expert and has earned and redeemed millions of miles to travel the globe. Since 2014, his content has been featured in major publications such as National Geographic, Smithsonian Magazine, Forbes, CNBC, US News, and Business Insider. Find his full bio here.