NewslettersSign inAPP
spainSPAINargentinaARGENTINAchileCHILEcolombiaCOLOMBIAusaUSAmexicoMEXICOperuPERUlatin usaLATIN USAamericaAMERICA

USA finance, taxes and payments live updates: $2,753 monthly check, tax deadline 2022, gas stimulus check...

Update:
Everything you need to know about the EITC, Child Tax Credit and other programs this tax season. President Biden grapples with the high cost of gasoline.

Financial news: live updates

Financial News Headlines | Thursday 14 April

- Joint Economic Forecast from German financial institutions predicts a European recession if Russia cuts off gas supply

- Consumer prices increased on average 1.2 percent in March, for a year over year 11.2 percent surge in prices, shattering records

- California leaders propose a 32-hour workweek, what would be the impact of a four-day week?

- Various cities offer cash incentives worth up to $10,000 for workers to move there.

- Pilot scheme studies the benefits of universal basic income for low-income mothers worth up to $1,000 a month

- Working to lower gas prices, President Biden plans to announce a waiver on a summer ethanol ban

- Could a $2,753 monthly check be coming to those on Social Security?

Helpful information on tax season & more

Tax Deadline: 18 April 2022

- When is the last day to file the documentation?

- If taxpayers miss the deadline,what happens?

Housing Market

Institutional investors helped to drive housing prices upeighteen percent in 2021

- Mortgage rates set to increase to five percent this year, effectively ending the low-rate era

Mortgage interest rises 5%. What is this rise due to and how does it affect buyers?

US NEWS

Mortgage interest rises 5%. What is this rise due to and how does it affect buyers?

Prices of houses have been increasing throughout the pandemic and the recent changes to interest rates are pushing up the price of mortgages.

AS USA's Oli Povey has the full lowdown

What are the cryptocurrencies with the highest market cap?

Latest News

What are the cryptocurrencies with the highest market cap?

Market caps, or capitalization, refer to each cryptocurrency’s total value in dollars.

Stuck at home during the pandemic, many moved towards e-commerce, and cryptocurrencies have grown in popularity. However, since reaching a high in the fall of last year, many coins have seen significant decreases in their value.

In March, the total value of the cryptocurrency market reached two trillion dollars.

Read our full coverage for information on the top five most most valuable cryptocurrencies.

$2,753 monthly check: who has to approve it for the payment to be effective?

US NEWS

$2,753 monthly check: who has to approve it for the payment to be effective?

At the end of 2021, over 67 million beneficiaries received some form of financial support from the Social Security Administration, over 72 percent were retired workers.

And those 72 percent are the group that could be receiving the $2,753 monthly check, as long as they fulfill a set of requirements set out by the SSA. The organisation is in control of approving who receives the monthly check, which is tied to retirement age and a host of other factors. Those receiving the $2,753 monthly check are couples who have retired and are recipients of support from the SSA. For individuals receiving retirement benefits, the maximum that can be received is $1,657.

Import prices rose in March

The BLS is reporting that in March, the average price of imports, increased 2.6 percent. The agency says that the bump in price is related to the increased price of fuel. This represents the largest increase since April 2011. The new figures bring the year over year increase in imports to 12.5 percent.

 

Import prices rose in March

The BLS is reporting that in March, the average price of imports, increased 2.6 percent. The agency says that the bump in price is related to the increased price of fuel. This represents the largest increase since April 2011. The new figures bring the year over year increase in imports to 12.5 percent.

Throughout his visit, the President will highlight the domestic manufacturing strategy and regional investments in areas such as advanced manufacturing and clean technology.  He will discuss how Greensboro’s economy and educational institutions are reinventing themselves for legacy industries to 21st century industries and will benefit from the passage of the Bipartisan Innovation Act, which will make historic investments in R&D, innovation, and manufacturing in America. 

That means stronger supply chains, more manufacturing jobs, and lower prices for consumers as we break up the bottlenecks, like semiconductor chips, that have driven inflation over the last year. 

Four hundred and seventy-three thousand manufacturing jobs have already been created on the President’s watch.  He wants to build on that success by passing the Bipartisan Innovation Act to create — to create more good-paying jobs and lower prices for working families.

Jen Psaki, White House Press Secretary

How a lack of competition lets companies hold down workers' wages

The Treasury Department released a report in March detailing how the deck is stacked against workers when it comes to attaining higher wages. Concentration of employers makes jumping from one job to another seeking better pay.

This has meant that wages are around 20 percent below where they would otherwise be. It is also a drag on the economy as a whole. Dr Ali Bustamente and Anna Smith at the Roosevelt Institute give an explainer on the issue and just how pervasive it is aross industries and location.

Consumers are resilient but switching purchasing habits

Consumers purchased fewer goods in March, spending more money on dining out and other experiences. The higher cost of food and fuel also dampened their outlays on acquiring goods. However, retail saw a nearly three percent growth from last year.

The apparel sector saw the best month with sales up 7.5 percent year-on-year as shoppers were picking up new clothing and accessories. Shoppers held back on buying recreational goods with sales dropping nearly six percent as well as electronics and home appliances, retailers in this sector saw the biggest drop in consumer purchases of almost 10 percent.

Before you visit your local Social Security office...

At the start of the pandemic in March 2020 Social Security offices nationwide closed to the public for face-to-face business except by appointment and only in limited circumstances. After a little over two years that changed on 7 April.

The Social Security Administration announced that it would restore in-person services, including for people without an appointment. However, a small number will remain temporarily closed or only provide in-person services by appointment. You can check with the Social Security Administration if your office is one of them.

The agency "strongly encourages" people to call ahead to make an appointment even for offices that are open to walk-in visits if you need to speak to a representative in person to avoid waiting in line.

As well, to check the online services available for those that can.

$1,000 monthly payments for mothers: can I request it with an extension after the deadline day?

US NEWS

$1,000 monthly payments for mothers: can I request it with an extension after the deadline day?

A pilot program in New York City is offering monthly payments worth up to $1,000 per person for first-time mothers in the city. The initiative was introduced by The Bridge Project which is aiming to study the effects of universal basic income on low-income families.

The program began in July 2021 with 100 participants and on 1 April it was announced that another 500 expectant mothers would be added to the scheme.

Full details

How can I check my first, second and third stimulus payment history?

CORONAVIRUS STIMULUS CHECKS

How can I check my first, second and third stimulus payment history?

AS USA's Will Gittins explains how to check how much you've received as part of three rounds of federal stimulus checks paid out in the US since early 2020.

$1,000 monthly payments for mothers: who can apply for this help and until when?

US NEWS

$1,000 monthly payments for mothers: who can apply for this help and until when?

A financial initiative for low-income mothers in New York City aims to establish whether regular payments would have a considerable effect in alleviating poverty in some of the most deprived areas of the country.

AS USA's Will Gittins has the full story

File online, IRS urges taxpayers as deadline looms

The IRS is urging taxpayers in the US to file their 2021 federal tax return electronically, ahead of the tax-filing deadline on Monday 18 April (Tuesday 19 April in Maine and Massachusetts). 

The key benefit of filing online is that returns submitted using this method are likely to be processed more quickly.

On the IRS website, you'll find information on your options for filing electronically.

The IRS has also prepared this video explainer on the advantages of filing online:

How much were the first, second and third stimulus checks and when were they sent out?

US NEWS

How much were the first, second and third stimulus checks and when were they sent out?

Worth a total of $3,200, plus additional credits for qualifying dependents, three federal stimulus checks have been paid out to qualifying Americans since the outbreak of the covid-19 pandemic.

In this article, AS USA takes a look at each of the payments: how much, who was eligible, when did they go out?

Watch out for tax return scams

There's only a few days to go until the tax filing deadline for 2022 and many Americans will be rushing to submit their returns on time. If this applies to you, make sure you don't fall for one of the many tax return scams that unfortunately pop up at this time of year. The IRS has issued this guidance to Americans to make sure that scammers dont take advantage this filing season. 

Read Elon Musk's letter, offering to buy Twitter

The big financial news this morning has eminated from Elon Musk, the billionaire owner of Tesla who has submitted an offer to buy 100% of Twitter shares. Earlier this month Musk was announced as a key shareholder, briefly appointed to the company's board of directors but he soon announced that he was leaving, reportedly due to a clash of cultures. 

How much has Elon Musk offered to pay for Twitter?

How much has Elon Musk offered to pay for Twitter?

Elon Musk has made a massive offer to buy Twitter in details make public by the site, just days after the billionaire was revealed as a key shareholder in the social media giant. Musk has offered to purchase the entirety of shares in Twitter at a price well above the current share price. 

But how much will Musk be required to pay, and how would it affect his position within the company if he is refused?

Read more

Foster youth could be eligible for the Earned Income Tax Credit (EITC)

The Earned Income Tax Credit (EITC) could be worth thousands of dollars per year to recipients, but many eligible Americans are not aware of the program. To claim the valuable credit you will need to submit a tax return for the 2021 financial year, and have just a few days to do so before the Monday, 18 April deadline. 

If you think you could be eligible, the IRS has full details here...

What US cities are paying people up to $10,000 to work there?

US NEWS

What US cities are paying people up to $10,000 to work there?

Tens of millions of Americans have seen their working life change dramatically during the pandemic, with a boom in remote work looking like it is here to stay. Not only that, but we are now we are actually seeing a number of cities willing to pay up to $10,000 to convince remote workers to move there and earn a regular buck.

The website MakeMyMove identified several US cities that have started to offer financial incentives to attract more residents. Incentives range from cash and club memberships to recreational packages and other items.

Read more in here

"Four hundred and seventy-three thousand manufacturing jobs have already been created on the President’s watch.  He wants to build on that success by passing the Bipartisan Innovation Act to create — to create more good-paying jobs and lower prices for working families."

Jen Psaki , White House press secretary

E15 gasoline reversal to address high gas prices

Earlier this week President Biden announced that he was temporarily removing the ban on the use of E15, high-ethanol gasoline during the summer months. Usually the E15 blend is banned during the warmer months due to concern about the pollution and air quality risk. However the White House is hoping that by boosting the supply of gasoline the cost of the fuel will fall. 

Economic recovery is not felt the same across the US

The US Bureau of Labor Statistics released the latest inflation data this week showing that the economy is still running hot. The year-on-year inflation in March was 8.5 percent, the fastest growth since 1981. However, there may be a glimmer of hope with core CPI down, suggesting that the worst may have passed.

In the meantime though, households are still suffering from the increased prices on just about everything. But the cost of inflation to American household finances is not uniform. While more well-off households can maneuver to preserve their money’s value in the face of inflation, low-income households don't have that luxury.

In a low-income households face greater inflation, with those with incomes below $20,000 experiencing 0.6 percent more inflation than those with income above $100,000 according to research. While higher-income consumers will start to take advantage of sales, coupons and purchasing lower priced goods, low-income households are already doing that economizing and may not have any wiggle room.

32-hour workweek in California: who is for and against?

US NEWS

32-hour workweek in California: who is for and against?

During the pandemic more than 47 million American have taken the opportunity to re-evaluate their working situation, choosing to quit their jobs and seek greener pastures elsewhere. This mass upheaval in the workforce prompted two California lawmakers to propose a change to the Golden State’s workweek.

The idea is to reduce the current 40-hour workweek by eight hours for companies with over 500 employees. They and supporters say that it will increase productivity and profits while opponents call it a “job killer” creating an “untenable” situation for many businesses.

Read more

US threatens China with economic sanctions for Russia ties

On Wednesday US Treasury Secretary Janet Yellen spoke at the Atlantic Council, a nonpartisan US think tank, about the spike in costs for food and fuel worldwide, that have been exacerbated by the Russia's invasion of Ukraine.

Yellen appealed to China to help end Russia's agression and sent a stern warning against any attempts to undermine sanctions against Moscow.

"Let me now say a few words to those countries who are currently sitting on the fence, perhaps seeing an opportunity to gain by preserving their relationship with Russia and backfilling the void left by others. Such motivations are short-sighted," she said.

Adding, "The world’s attitude towards China and its willingness to embrace further economic integration may well be affected by China’s reaction to our call for resolute action on Russia."

Amazon ups prices to reflect fuel costs and inflation

On Tuesday the Bureau of Labor Statistics reported that over the last twelve months inflation has increased 11.2 percent, shattering records. In response to increasing prices, the global e-commerce giant, Amazon, plans to charge US sellers a five percent surcharge. This new cost could make products more expensive for consumers if retailers choose to pass the new surcharge along to them.

Welcome to AS USA

Good morning, hello, and welcome to out dedicated financial news live feed. We'll be bringing you all the latest on tax season 2022 as we approach the 18 April deadline. There will also be the latest from Washington as President Biden looks to address the high price of gasoline. 

Rules

To be able to comment you must be registered and logged in. Forgot password?