New $1,200 Stimulus Checks? IRS Debt Relief Election Stimulus Package
Stimulus Check Update 11– 4 –2020
House Speaker Nancy Pelosi made some interesting comments this week regarding a new legislation tactic for passing another round of stimulus checks.
Pelosi explained on Monday: “We’ll almost certainly be passing a reconciliation bill, not only for the Affordable Care Act but for what we may want to do further on the pandemic and some other issues that relate to the well-being of the American people.”
So what is reconciliation?
According to Business Insider: “Reconciliation allows tax and spending legislation to be approved by a simple majority vote, fast-tracking the process.”
This same process has allowed both sides to quickly pass legislation, including the Democrats’ Affordable Care Act in 2010 and the Republicans’ 2017 tax cuts.
I hope that this reconciliation can force funds for another stimulus package, as millions of struggling Americans need more financial support right now.
Meanwhile, the IRS recently announced new debt relief options for Americans that are hurting financially due to that thing out there.
IRS Commissioner Chuck Rettig explained: “The IRS understands that many taxpayers face challenges, and we’re working hard to help people facing issues paying their tax bills.”
These new debt relief efforts will offer expanded payment options, as well as a potential boost in days to repay debt from 120 days to 180.
Darren Guillot, deputy commissioner for the IRS’s Small Business and Self-Employed Division stated: “We want people to know our IRS employees are committed to continuing helping taxpayers wherever possible, including offering many options for those struggling to pay their tax bills.”
This is great news, as it’s very rare that the IRS actually works with people to receive additional time to repay debt and offer new repayment terms.
Finally, with Election Day morphing into Election Week, financial experts are still predicting that a sizable stimulus package will be approved, regardless of who wins the Presidency.
Alicia Levine, from BNY Mellon Investments, explained: “Regardless of who wins the White House, either Trump or Biden, you’re getting large stimulus.”
Austan Goolsbee, former Chair of the Economic Council of Advisers stated: “Whether the President is reelected or Joe Biden becomes the president, in the first minute of their next iteration that they are in office, they’ve got to get control of that virus.”
He continued: “The second is until we get control, they will have to pass some more relief, otherwise we are going to ram into a whole second-speed bump.”
I couldn’t agree more, and hopefully, the winner of this hectic election can move quickly on passing a Phase 4 disaster relief bill ASAP.
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