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– Some drops in average US gas price seen on Monday, when's the best day to fill up?
– Child Dependent Care Tax Credit worth up $8,000 needs more promotion, officials say
– Tax season 2022: 18 April filing deadline approaching
– Taxpayers in Maine and Massachusetts have an extra day to file 2021 return
– File online to avoid delays in return being processed, IRS says
– Several proposals for a "gas stimulus check" tabled in Congress
– What's the minimum income to file a tax return in the US?
– How long do taxes take to process?
– How to find a SNAP offices & what are the requirements to receive benefits?
– Are there bitcoin ATMs in theUS?
– Some cities, like Chicago, have begun to offer free gas – why?
US NEWS
What happens if I miss the tax deadline?
FINANCIAL NEWS
Free gas in Chicago suburbs: can this measure reach other states?
GOVERNMENT PROGRAMS
What is the lowest and highest income to qualify for Medicaid?
US NEWS
Gas stimulus check: which legislators are pressing for its approval?
US NEWS
Where in Chicago can you get free gas and why?
GOVERNMENT ASSISTANCE PROGRAMS
Where is the local food stamp or SNAP office near me?
FINANCIAL NEWS
Child Tax Credit 2022: who has been most affected by the end of payments?
FINANCIAL NEWS
Gas stimulus check: what are the proposals and how much money would they put in your pocket?
SOCIAL SECURITY
What is the monthly amount for Social Security disability?
Every year the Social Security Administration (SSA) provides additional financial support for close to 70 million Americans in what is the largest distribution of federal support for individuals. Just over 12 percent of those beneficiaries at the end of 2021 receive payments due to a disability, while the vast majority are retirees and elderly Americans who are no longer able to work.
Read more
US NEWS
Gas stimulus check: which legislators are pressing for its approval?
On Monday the average price of a gallon of gasoline in the United States remained fairly at around $4.24. However this figure is around $0.80 higher than it had been a month ago and a whopping $1.40 more than at the same point in 2021. To help address this lawmakers have proposed a version of a 'gas stimulus check', payments to subsidise the price of fuel for motorists.
Here's what those options could look like…
Read more
California lawmakers calls for suspension of state's gasoline tax
In response to the high price of gasoline state legislator Kein Kiley has proposed the Gas Tax Holiday Bill, which would remove the state's fuel tax from to help bring down the price of gasoline for consumers. His proposal is currently being heard in the Transportation Committee and he is comparing the situation to that faced in other states.
He said: “Other states like Maryland and a Georgia chose to suspend their states gas tax, and they saw an immediate reduction in the prices their people are paying at the pump."
Gas price increase changes the way motorists are fueling up
Despite having fallen slightly from the record highs recorded earlier this month, the average price of gasoline in the United States remains very high and the additional expense is changing the way that Americans are topping up their tanks. A study from RBC Capital Partners has found that motorists are now fueling up 22% more often than was the case last year, but are generally consuming the same amount of gasoline even at this higher price.
The same study estimated that prices would have to reach $5.20 per gallon before we can see a notable drop in gasoline usage.
FINANCIAL NEWS
What degrees of disability exist in Social Security and how do they affect payments?
The Social Security Disability Insurance (SSDI) and Supplemental Security Income (SSI) offer financial assistance to individuals who meet certain medical criteria. They are the two largest programmes of their kind in the United States but the eligibility requirements differs and they are designed to provide support for different groups.
Read more
Continued gas price rise unlikely to spark recession
There had been concern that a continued increase in the price of gasoline across the United States could bring about an economic recession, due to the huge amount of the economy and number of industries that are affected by fuel costs. The American economy is still recovering from the pandemic and is still considered vulnerable to fluctuating circumstances.
However Prof. James Hamilton confirms to YahooFinances that even a prolonged gas price increase is unlikely to have such a large detrimental effect on the economy at large.
Sen. Sanders reacts to President Biden's new budget
Earlier today the White House pulished the annual budget for fiscal year 2023, outling some elements of the next stage of the United States' economic recovery from the pandemic. In recent months the economic outlook has been characterised by sharp inflation rises and soaring gas prices as the economy gets back up to pre-pandemic levels.
There are now some calls for additional support to help people deal with rising prices, including so-called gas stimulus checks, but would these measures really help in the long-term or simply contribute to ever-higher prices?
GOVERNMENT PROGRAMS
What is the difference between Medicare and Medicaid?
Together, Medicare and Medicaid provide health insurance to more than 135 million people in the United States. While Medicare is funded by the federal government, Medicaid is through a federal and state budget mechanism calculated specifically for each state.
There are 11 million who are dually eligible for both programs, each of which serves a specific demographic group. While counted only once for the combined total population enrolled, those persons’ participation is reflected in the enrollment numbers for each program individually, thus they are counted twice, once in each program.
Read more
FINANCIAL NEWS
Child Tax Credit 2022: who has been most affected by the end of payments?
The expansion of the programme in 2021 provided monthly payments and full eligibility for low-income families, but that came to an end in December.
AS USA's Will Gittins has the full story
Can't pay all the taxes you owe this tax season?
The IRS has put together this video explaining your options if you can't pay all the taxes you owe this tax season, and as a result are putting off filing:
US NEWS
Gas stimulus check: is there a chance that the proposal will reach Congress?
With gas prices surging across the country, various proposals have been introduced on Capitol Hill. What do they include and could they become law?
AS USA's Maite Knorr-Evans takes a look
TAX SEASON 2022
IRS tax refunds 2022: What is tax topic 152? Will I still get my refund on time?
What does it mean if you see Topic No. 152 when checking on the status of your tax refund?
AS USA's Greg Heilman explains
File electronically to avoid delays, IRS says
The IRS is urging US taxpayers to file their taxes electronically this season, explaining that this is the best way to avoid delays in having their return processed.
Speaking to the Tax Policy Center this month, IRS taxpayer advocate Erin Collins explained that the agency is suffering major backlogs in dealing with paper returns.
“I think the challenge the IRS has which directly impacts taxpayers and practitioners is paper," Collins said. "As we’ve discussed more than once, paper is not the IRS’ friend.
"They are still digging out of a hole from last year and from a prior year, and until they get current with that, it’s going to be very difficult to get current on the present year.
“So what a lot of people aren’t thinking about specifically for paper returns is it’s first in, first out. So until they clear off the backlog, they will not be processing the returns that are currently filed in 2022 that are paper returns. And that’s a real challenge.”
You can find out more about your options for filing electronically on this page on the IRS website.
The agency has also produced this short video explainer on the benefits of e-filing:
US NEWS
How much were the first, second and third stimulus checks and when were they sent out?
Totalling a maximum of $3,200, plus additional credits for eligible dependents, there have been three federal stimulus checks in the US since the outbreak of the covid-19 pandemic.
AS USA has a look back at each of them
Average gas prices – SC
Gas prices across South Carolina dropped 4.5 cents over the last week, but are still $1.29 higher than one year ago, GasBuddy says.
The state’s average per-gallon price of gas is $3.89 as of Monday morning, according to GasBuddy’s survey of more than 3,000 gas stations across the Palmetto State.
The $3.89 price is 43.1 cents higher than one month ago.
Patrick De Haan, the head of petroleum anlaysis for GasBuddy blamed the slowdown in gas price declines on oil prices holding above $100 per barrel after a brief drop below that level a few weeks earlier.
The Treasury Department and White House seem to have made no meaningful effort to raise awareness about the $4,000 per child CDCTC.
As families live under the burden of rising prices, they need to know about the solutions that their government is providing them.
More than just the Child Tax Credit
There’s a fat tax break for kids, worth thousands of dollars to their parents, but it’s not the one getting all the attention.
While the Child Tax Credit has dominated the debate in Washington, there’s another provision with a similar name that provides an even bigger benefit to some parents, thanks to a major expansion pushed through by Democrats.
To the frustration of some lawmakers, though, the Child and Dependent Care Credit hasn’t gotten nearly the same notice. Brian Faler reports.
US jobs and wages: more insight
Bloomberg's Vince Golle has been assessing the state of the US economy in recent times and has compared this to historical trends.
As we reach the end of March, he looks at how employers have probably added close to a half million jobs and average hourly earnings advanced 5.5% from a year earlier. The unemployment rate is seen falling to 3.7%.
The danger is that the government is essentially piping stimulus into an economy that is already strong.
It’s a significant concern.
Pressure rising to lift rates on budget spending
The Reserve Bank faces fresh pressure to begin increasing interest rates from spending measures planned in Tuesday’s federal budget, which could add fuel to inflation, economists have warned.
Federal Treasurer Josh Frydenberg is set to include a further $18 billion earmarked for infrastructure, defence projects worth $10 billion, a cut to the excise on fuel, and one-off payments to households and pensioners.
The spending will act as further stimulus for an economy already grappling with core inflation running at levels not seen in more than five years, a tightening labour market, and higher petrol costs that will further squeeze consumer prices in the short term.
Clearing old tax returns a huge challenge for IRS
Former IRS officials and experts believe the IRS will have great difficulty in clearing tens of millions of unprocessed tax returns by the end of this year.
The immense backlog was caused by the covid-19 pandemic.
IRS Commissioner Charles Rettig had assured Congress that the unprocessed returns would be cleared by year-end, but the challenges the agency faced last year have not been abating.
This has cast doubts on the deadline being met.
Request a Replacement Social Security Number (SSN) Card Online
Getting a replacement Social Security number (SSN) card has never been easier. As long as you’re only requesting a replacement card, and no other changes, you can use our free online services from anywhere. All you need to do is log in to or create your personal my Social Security account. You can use a my Social Security account to apply for a replacement Social Security card online if you:
– Are a U.S. citizen age 18 or older with a U.S. mailing address (this includes APO, FPO, and DPO addresses).
– Are not requesting a name change or any other change to your card.
– Have a driver’s license or state-issued identification card from one of the many participating states or the District of Columbia.
US NEWS
What happens if I miss the tax deadline?
axes in most states are due on 18 April, giving those in the US a little under a month to complete and submit their return. In both 2020 and 2021, the IRS offered a federal extension to the tax deadline because of the pandemic and associated stimulus bills which altered the tax code. Last year, the extension gave the IRS more time to adjust to changes to the tax code made through the American Rescue Plan.
These changes led to many households receiving larger refunds last year. As no further stimulus packages have been passed, refunds, on average, will not be as large.
US companies desperate for workers
There were 11.3 million job openings at the end of January, with a record 1.8 open positions per unemployed person.
This misalignment between demand for labor and supply is boosting wage growth, which is providing some cushion to households against the soaring gasoline prices, as well as feeding into high inflation.
The claims report also showed the number of people receiving benefits after an initial week of aid decreased 67,000 to 1.350 million during the week ended March 12, the lowest since January, 1970. The so-called continued claims data covered the period during which the government surveyed households for March's unemployment rate.
Continued claims declined sharply between the February and March survey periods. The unemployment rate fell to a two-year low of 3.8% in February.
US weekly jobless claims drop to lowest level since 1969
The number of Americans filing new claims for jobless benefits dropped to a 52-1/2-year low last week, while unemployment rolls continued to shrink, pointing to rapidly diminishing labor market slack that will keep boosting wage inflation.
The strength in the job market reported by the Labor Department on Thursday may push the Federal Reserve to raise interest rates by half a percentage point at its next policy meeting in May. Fed Chair Jerome Powell said the U.S. central bank must move "expeditiously" to raise rates and possibly "more aggressively" to keep high inflation from becoming entrenched.
IRS help for free filing
IRS Free File lets you prepare and file your federal income tax online using guided tax preparation, at an IRS partner site or Free File Fillable Forms. It's safe, easy and no cost to you for a federal return.
GOVERNMENT PROGRAMS
What is the lowest and highest income to qualify for Medicaid?
Many Americans still lack healthcare insurance despite the Medicaid expansion under the Affordable Care Act which increased the income thresholds to qualify for Medicaid. In 2020, US Census Bureau data showed that 28 million people, or around 8.6 percent of the US population, did not have health insurance at any point during that year.
There are 12 holdout states that still haven’t expanded Medicaid leaving over 2 million people in the "coverage gap". This is a situation where they earn too little to qualify for subsidized health plans on the Affordable Care Act insurance exchanges, but don’t meet their states income requirements for Medicaid.
Consumer confidence takes a wobble
Some data on Friday confirmed that consumer sentiment wobbled in March as gasoline prices surged to a record high in the wake of Russia's war against Ukraine, lifting one-year inflation expectations to the highest level since 1981.
The University of Michigan's final consumer sentiment index dropped to 59.4 in March, the lowest reading since August 2011.
It was slightly revised down from the preliminary reading of 59.7 earlier in the month. The index was at 62.8 in February and it has now declined for three straight months.
Some economists viewed the modest revision from early this month as a sign that the worst was over and than ebb in sentiment could be coming to an end.
US pending home sales approach two-year low
Contracts to buy U.S. previously owned homes dropped to the lowest level in nearly two years in February, weighed down by a persistent shortage of properties, and activity could remain sluggish amid increasing mortgage rates and high house prices.
The National Association of Realtors (NAR) claimed that its Pending Home Sales Index, based on signed contracts, fell 4.1% last month to 104.9, the lowest level since May 2020. It was the fourth straight monthly decline in the index, which leads sales by a month or two.
Pending home sales declined in the South, Midwest and West, but rose in the Northeast. Economists polled by Reuters had forecast contracts rebounding 1.0%. Pending home sales decreased 5.4% in February on a year-on-year basis.
"A lack of supply that is showing few signs of easing is boosting prices and impacting affordability," said Rubeela Farooqi, chief U.S. economist at High Frequency Economics in White Plains, New York. "Further increases in mortgage rates as the Fed hikes and starts balance sheet reduction will be an additional constraint for sales going forward."
US finance blog: welcome
Good morning and welcome to our live daily blog covering financial news in the US, on Monday 28 March 2022.
Gas prices in the country little changed but sky high, according to AAA's latest figures. A number of proposals are on the table in Congress for 'gas stimulus checks' – as well as state proposals aimed at helping Americans whose pockets have been hit by the rise in fuel costs.
With a little over three weeks to go until 18 April tax deadline when most US taxpayers have to get their annual income-tax return in to the IRS, we'll also provide updates and info on tax season 2022.
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