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The American Recovery and Reinvestment Act of 2009 (ARRA) (Pub. L. 111–5 (text)), nicknamed the Recovery Act, was a stimulus package enacted by the 111th U.S. Congress and signed into law by President Barack Obama in February 2009.
This tax holiday was intended as an economic stimulus by Obama and the Democrats, [3] with the value of boosting the disposable income of American families. [3] It would not worsen the Social Security program's financial strength, as the shortfall would be made up from general revenues. Some Republicans thus criticized the idea for increasing ...
More than 169 million payments worth about $400 billion have been sent out by the IRS since Congress passed the American Rescue Plan stimulus relief bill in March. See: Fourth Stimulus Checks ...
Individuals who were claimed as dependents by another taxpayer were not eligible for the rebates. [3] The $3,000 of qualifying income included earned income (e.g., wages, self-employment income, Social Security), however Supplemental Security Income did not count as qualifying income for the stimulus payment.
The third and final round of stimulus checks -- at least as of Nov. 23, 2021 -- was approved and passed into law on March 11, 2021. Known as the American Rescue Plan, this phase of the stimulus ...
As the IRS explained in a March 4 announcement, the Recovery Rebate Credit is a refundable credit for individuals who did not receive one or more Economic Impact Payments, also known as stimulus ...
In response to a possible shortfall in Social Security funding, Obama has endorsed imposition of a new FICA tax on incomes above $250,000. Social Security has an income "cap" beyond which the payroll tax is not collected; in 2015 and 2016, the cap was $118,500. [245] Obama opposed Bush's proposal for privatization of Social Security. [246]
In the world of Social Security, the Social Security Administration announced in October that the cost-of-living adjustment for 2022 would be 5.9% — the highest increase in about 40 years.