Child Tax Credit Update
As of now, four payments have been made: in July, August, September, and October, with the next payment due in just over a week on November 15. The time limit to opt out was November 1, so if you believe it would be advantageous for you to do so, you have waited too long. It’s still possible to skip the final monthly payment, which is due in less than a month. The IRS portal can be used to accomplish this.
While the monthly payments for 2021 are coming to an end, there’s a good chance they’ll continue in their existing form at least until 2022, assuming Congress approved the reconciliation bill.
Monthly payments will continue in 2022 if the reconciliation bill is passed in its current form. In addition, once you have filed your 2021 tax return in April, the final six months of the 2021 payment will arrive as a lump sum.
4.4 million people quit their jobs in September, the same month that federal pandemic-related unemployment benefits expired. This comes after 4.3 million people voluntarily quit their jobs in August.
This spring, more than twenty states reduced federal unemployment benefits early, arguing that they were discouraging people from returning to work. This new data suggests that this may not have been the case, given that millions of people quit their jobs in search of new opportunities after their benefits expired.
In September 2021, 164,000 more workers quit their jobs than in August 2021. Only two industries saw higher quits in September 2020: real estate and rental and leasing and state and local education.
More than 12.3 million people left their jobs voluntarily between July and September of this year, the largest sudden increase recorded by the Bureau of Labor Statistics.
COLA 2022 Update
The Social Security Administration (SSA) declared a legendary increase for recipients last month, reflecting the negative effects of covid-19 on the economy. Every year, the Social Security Administration (SSA) implements a cost-of-living adjustment (COLA), which is intended to increase benefits in line with the increase.
A certain statistic for 2022 is 5.9 percent, implying that Social Security recipients will soon profit from the largest COLA increase since 1983. This equates to an increase of $59 for every $1,000 in benefits received.
The 5.9 percent cost-of-living adjustment (COLA) will begin with benefits payable to more than 64 million Social Security beneficiaries in January 2022. Read more at https://t.co/daVHbcO3Fg pic.twitter.com/JN8cOb4GD8
— INPRS (@INPRS) November 8, 2021
The increase will also have an impact on disability compensation payments issued by the Department of Veterans Affairs (VA), though the amount offered may vary. A VA recipient with a 10% disability rating will typically see their monthly figure increase by $8.50, while those with a 100% rating will see their monthly figure increase by an additional $85 per month.
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