2014 Stimulus Check
2014 Stimulus Check
Will there be a stimulus check in 2014? I follow U.S. politics closely and so far it seems quite unlikely. The last time that the IRS sent out stimulus checks were in 2008. Individuals received between $300 and $600. Higher amounts were paid to joint filers and families with children.
However, that doesn't mean you won't get money back when you file taxes this April. If you are employed and have a low income, you may qualify for the Earned Income Tax Credit. Click here to find out if you qualify.
Unfortunately, if you're income is SS, SSI, and other sources that aren't considered earned income, you won't get money back.
About this photo:
I took this picture on a whim and later realized that it was a good representation of the current state of the economy as it shows both the milk and gas prices. Inflation is a major problem for many folks these days. Even if the official stats don't say it, anyone who goes grocery shopping knows that things cost more than they used to.
Have Your Say
Do you think the IRS should send stimulus checks in 2014?
Tell Congress and Obama What You Think
The government is supposed to represent the people. We employ them and they should listen to us. Tell them what's on your mind.
- Email Obama at the White House
On this official white house website, you can write to Obama with your questions.
- Write to your Representative in the House
To pass legislation, it has to be voted on in both the House and the Senate. Use this website to find contact information for your house representative.
- Contact your Senator
Each state has two senators. Tell them what you think!
There's been a few mentions of stimulus in the news lately. Here's a recap.
The 2009 stimulus bill increased the food-stamp program. However, that change just expired recently (Nov. 2013) so if you are getting food stamps, your monthly amount will be about 5% lower.
Obama has nominated Janet L. Yellen to lead the Federal Reserve. As you might now, the Fed has been pumping money into the economy to stimulate it. If Janet Yellen becomes head of the Fed, they will probably continue this stimulus. This has caused the stock market to continue to rally. Unfortunately, this stimulus does not mean money in your pocket, unless you own stocks, and get the timing of selling them just right. Of course, with the stock market, there's no predictability. It could crash at anytime and even if you have an investment, you could lose it all.
Reasons for and against stimulus checks
People need help. It's not fair that the banks get help but every day people don't. You've probably heard about how Wall Street is doing great while Main Street isn't. In my town, more stores continue to close every year and it still feels like a recession. Finding employment is tough and unemployment benefits have already run out for many people. People need to feed their families and take care of their kids, and a wealthy society should take care of its poor.
If you give people money, that money has to come from somewhere. If it's newly printed money, then that will devalue everyone's money and cause inflation. If the money comes from taxes, then it's redistribution of the wealth by the government. If taxes go up on people who own businesses, they may have to lay off people or reduce their hours, or they might not expand their businesses.
Books that Might be Helpful
Free money is often a scam. But, if you are clever, you can turn a little money into a lot. Here's some ideas on how to make money selling scrap metal and other cheap items.
I love my slow cooker. Meals are so easy to make and if you buy your groceries on sale, you can really make some yummy home cooked meals for low cost.
Learn how to budget. You only have a problem when you're spending more than you're making.