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More Than 600,000 People Were Left Out of the Third Round of Stimulus Payments

Even though several states are currently working on sending gas stimulus payments, many consumers have yet to get their third gas stimulus check. The US Department of the Treasury reported on Thursday that more than 600,000 Americans had not gotten their third stimulus check by the end of last year, according to a study released on Thursday.

Many people are still waiting for their third stimulus check.

The third batch of stimulus checks, which will deliver up to $1,400 in cash to each qualified citizen, was passed by Congress in March 2021. The Internal Revenue Service had paid payments to approximately 167 million people as of September 16, 2021, accounting for approximately 99.5 percent of the total.

However, according to a report provided by the US Department of the Treasury, 644,705 people who are qualified for the third stimulus payment have yet to receive it. The entire amount of stimulus funds is estimated to be around $1.6 billion. Dependents who were not eligible for the third federal coronavirus stimulus checks were the majority of those who did not receive the benefits.

According to the report, people with an (individual taxpayer identification number) who did not receive payment for their eligible dependents with a valid (social security number) are among those who are eligible, thanks to the IRS’s adjustment of their unemployment income exclusion from taxable income.

More Than 600,000 People Were Left Out of the Third Round of Stimulus Payments (1)
More Than 600,000 People Were Left Out of the Third Round of Stimulus Payments

Furthermore, the government stated that 294,000 stimulus checks had been issued but that they were yet to be accessed or had been delayed in some way. Since the money was first revealed in mid-September, it is presently unknown how many people have gotten it.

Also Read:- Updates on American Finances: the Latest on Gas Prices, $300 Stimulus Checks, and IRS Tax Refunds

According to the analysis, approximately 1.2 million checks worth a total of $1.9 billion were most likely issued to the wrong people. Ineligible dependents, non-U.S. residents, and households that had changed their tax-filing status, among other things, we’re likely to get these checks.

Regulation Proposals for Gas Stimulus Checks

Meanwhile, other lawmakers are working on providing citizens with gas stimulus checks to assist them to cope with the rising cost of gasoline and other necessities. Mike Thompson (D-CA), John Larson (D-CT), and Lauren Underwood (D-IL), for example, have proposed the Gas Rebate Act of 2022, which would give consumers who buy natural gas a tax benefit.

Taxpayers who reside in areas where the average price of a gallon of gasoline is more than $4 would receive a $100 monthly rebate, plus an additional $100 for each dependent, according to the proposal. The dividend would go to taxpayers earning less than $75,000 each year, while those earning more than $80,000 would get a smaller amount. If the proposal is approved, qualified Americans will get money every month that the price of gasoline is more than $4 until the end of the year.

Also Read:- Who Is Eligible for $1,400 Stimulus Checks if They File Their Tax Returns in 2021?

Another concept similar to this is Oregon Congressman Peter DeFazio’s Stop Gas Price Gouging Tax and Rebate Act, which would levy a tax and a rebate on firms that hike gas prices. The idea is to charge oil companies a windfall gains tax as a result of their higher income.

California’s Democratic state senators have also proposed a $400 gas rebate for every taxpayer, which has gotten a lot of support. According to the proposed plan, residents will receive a rebate from the state as a result of the $9 billion budget surplus.

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