All of the financial news from the USA this Thursday
Hello everybody and welcome along to another MARCA In English American Finances Updates live blog, which is where we’ll have various updates on benefits schemes in the USA this Thursday, August 18.
Even though the US government isn’t giving out stimulus checks at the federal level any more, several states are still doing so or they’re running alternative benefits schemes that are just as interesting.
These include the Tax Rebates and September Stimulus Payments.
We’ll explain more about those in this blog, while we’ll also share money-saving tips that can help you deal with the very high gas prices and energy bills.
So, at this halfway point in August, follow along with us in this live blog, with the updates following below and with the most recent entries coming nearest the top.
Renting a place on your own is more difficult each day it goes by, as rent rates continue to go up all over the country, and inflation keeps the cost of living on a constant rise as well.
Slightly fewer Americans filed for unemployment benefits last week as the labor market continues to stand out as one of the strongest segments of the U.S. economy.
The Republican Party has been pushing a false narrative in order to gain more voters against the Democrats during the upcoming mid-term elections in November. They allege that the IRS is coming for the middle class through tax audits. However, this has been proven to be a false narrative by the IRS, who have stated they are going after corporations and the mega ritch.
The alleged looming recession has scared off many of the buyers who tend to go to retails stores and stock up on their products. Most of them are trying to save every penny they can, just in case this recession becomes a reality. Retail stores’ flat sales in July are proof of this.
There is a major trend happening in America as we speak of the new battle front between Baby Boomers and younger generations. With the ones holding power in most of the corporations at the moment demanding for a tougher ‘rise and grind’ culture that has been proven to be an illusion. Conditions today are nowhere near as accessible as they were during that time, this has made an evident division between them. It has also set a precedent for future debates in American economy.
According to the Inflation Reduction Act, which was passed by Congress last week and was signed by President Joe Biden on Tuesday, the Internal Revenue Service will receive an injection of $80 billion over 10 years to upgrade computer systems, hire personnel, and strengthen enforcement capabilities in order to reduce the so-called tax gap, or the roughly $600 billion difference between what taxpayers owe and what they pay each year.
How can you prepare for imminent IRS Audits?
Under a temporary expansion of the Public Servant Loan Forgiveness (PSLF) program, some 3.5 million federal student loan borrowers who work in public service jobs, such as teachers, government employees, first responders, and firemen, may be eligible for student loan cancellation. But time is running out to submit an application for this “limited PSLF waiver.”
While the recent spike in inflation has tapered following a hike in the interest rate by the Federal Reserve, the cost of living in the United States of America is still significantly higher than during the start of the year.
With the centre refusing to sanction further stimulus payments, states are left to their own devices in order to help offer some financial relief to their residents.
Some of the methods being used to relieve the financial burden on residents include tax holidays, direct payments, and other types of stimulus.
In the last year alone, shelter costs have risen 5.7 percent while cost of food has gone up by 8.5pc. The price of gas however continues to fall.
The US Bureau of Labor Statistics announced that the recent inflation rate is at 8.5pc with supply-chain issues, Russia’s invasion of Ukraine and the repercussions of the COVID-19 lockdown measures all playing a role in the rise in inflation.
For more info on stimulus payments, read our in-depth article from this morning here.
After a paper shortage in the United States stalled the first round of payments from being disbursed in Indiana, the state have started sending checks worth unto 325 dollars to residents in the state.
The final amounts will vary based on the residents have filed their taxes though individuals are expected to receive 325 dollars while couples who have filed jointly will receive 650 dollars.
“People will either receive 325 or 650 dollars, if they filed jointly, in a check,” Emily Boesen, a spokeswoman for Indiana’s state auditor’s office, told Indiana-based television station WTHR.
“By only mailing one check, we are actually able to save over one million dollars, because of the fees to print, postage and processing.
“We have 1.7 million checks to print, and we are able to print about 50,000 per day. That roughly is an estimate of 35 days of printing, which again gets us to early October.”
The auditor’s office in Indiana expects to print approximately 50,000 checks a day with a further timeline of 24-48 hours required for the check to finally arrive in the mail.
The state aims to dispatch all the checks by the end of the October, with state representatives urging residents to not contact them about missing payments until November.
For more, read our in-depth article here.
Gas prices in 2022 were soaring at terrifying heights for much of 2022. July finally brought some respite for United States citizens though, with costs starting to go in the right direction.
That dip has continued into August, making gas more affordable that it was in May and June.
When it comes to finding the cheapest gas stations in the USA, these are the lowest-priced places to get gas in the top 10 most populated cities in the country:
New York, New York (3.29 dollars): BP, 77-40 Hewlett St, New Hyde Park, NY.
Los Angeles, California (4.59 dollars): Berri Brothers, 3860 E 3rd St, Los Angeles, CA.
Chicago, Illinois (3.29 dollars): BP, 10477 120th Ave, Pleasant Prairie, WI.
Houston, Texas (2.99 dollars): Chevron, 32725 FM-2978, Magnolia, TX.
Phoenix, Arizona (3.34 dollars): Costco, 3801 N 33d Ave, Phoenix, AZ.
Philadelphia, Pennsylvania (3.65 dollars): Sun Gas & Diesel, 1228 Middletown Warwick Rd, Middletown, DE.
San Antonio, Texas (3.07 dollars): Stanley’s Ice Station, 2403 E Commerce St, San Antonio, TX.
San Diego, California (4.59 dollars): Son’s Auto Service, 445 W 5th Ave, Escondido, CA.
Dallas, Texas (3.00 dollars): Exxon, 5251 N Beach St, Fort Worth, TX.
San Jose, California (4.57 dollars): Golden Eagle Gas, 16995 Monterey St, Morgan Hill, CA
So, this is our daily MARCA In English financial news blog, the place where we provide you with the latest information about the benefits programs worth knowing about in the USA.
As mentioned above, this can include stimulus checks, which currently depend on your state government’s policies and attitudes, which will be based on a number of factors.
We’ll also have some more general money-saving tips worth knowing about in this blog, especially at this time of super high inflation.
We focus on high gas prices as well, explaining how you can reduce your gas usage and how to save money when you visit the gas station.
Even though gas prices have been dropping throughout July and August, it still makes sense to shop around and reduce gas costs.
So, stay with us on this finances live blog over the course of this Thursday, if you want to make sure you get as much cash from the government as you’re eligible for.
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