A new stimulus checks the new name they’re now calling it also a bill that is currently in Congress that would be good for Social Security beneficiaries and an announcement out of President Biden earlier today. As I am your one and only daily advocate, and I am very much dedicated to you and this community to do all the research and to break it all down into these short topics so that you can stay updated each and every day during this very busy time and as this information is being released.
All right, So we do have a lot to talk about right here on this topic. So let’s buzz our way through these headlines one at a time. First off, let’s quickly talk about that announcement out of President Biden earlier today. So the President was out earlier today pledging an additional $800 million of relief for the country of Ukraine. Now, this would take total relief up to about three $4 billion that has been sent out over the last roughly two months or so. The President was out earlier today announcing that.
And of course, I’ll keep you posted with any additional details. Next, let’s quickly talk about the stimulus package. Wait, what? Yeah, exactly. Here’s the word on the street out there right now.
I’ve seen a number of different articles coming out talking about them resurrecting and bringing back negotiations on the stimulus package. So what it’s likely going to be is probably Joe Manchin and President Biden possibly working one on one with the parameters of the next stimulus package. Now, that’s just what’s being speculated. But again, we don’t really know how this whole thing is going to shake out. But either way, many people are coming out right now, including many lawmakers that are calling on the negotiations to restart on the build back, better agenda, otherwise known as the stimulus package, so that they can get it done before their August recess, which is honestly only a few months away.
Right. Time goes fast right now, and they want to get that thing completely done before they ditch town for about five weeks in August for their summer recess. They’re very much needed vacation, right? Yeah. Right.
Anyway, I just want to throw that out there. I’ll keep you posted as I do get more information on the next stimulus package and any details that we may be getting about this thing going forward. Next, let me quickly give you an update on a stimulus check that was signed into law yesterday. Now, this is out of the state of Maine by the way, I have more details on a separate stimulus check on this topic as well. But let me tell you about this one really fast here.
Yesterday, the governor in the state of Maine did sign into law $850 stimulus checks in that state. Now, these $850 payments will be going out to roughly 800,000 residents in the state of Maine. I know there are some of you here in this community from the state of Maine. So if you are in that state, please check this out, see what you got to do to grab that money in your state right there. But again, this is one of the more generous state similar checks out there.
Some of the States are offering usually $300, $500, maybe $125, $50 in some cases. Yeah, it’s not very much, but this is a pretty generous one, $850 in the state of Maine. So check that out if you are in that state. So you can grab the money, hopefully, you can also one more thing I want to throw out there really fast here, and then we’ll get into some more updates right here as well. Next this coming weekend, Saturday in the city of Chicago.
I talked about this a couple of days ago, but I want to throw this out there one more time really fast here and give you the latest details. The city of Chicago, Willie Wilson. Remember this one. He is going to be doing gas giveaway number three, another million dollars he’s going to be throwing down on Saturday. So if you’re in the Chicago area, there’ll be roughly 40 gas stations in the Chicago area participating to give away an additional $1 million worth of gas for those people in the Chicago area, you can get up to $50 worth of gas into your car.
They will have volunteers pumping gas. Apparently, you just pull it up, they pump you up, and then you basically just drive away, I guess. I don’t know. But I would check before you just drive away. I don’t want anybody to get in trouble here.
My point is they will be doing that on this coming Saturday in Chicago, roughly 40 gas stations participating. If you’re in that area, grab some gas. Right. Who wouldn’t want some free gas right now? Right.
So anyway, I just want to give you a quick update on that Willy Wilson. He’s going at it, throwing down another million dollars this weekend. Pretty cool, right? That’s awesome. Anyway, let me quickly talk about a bill that is currently in Congress right now to help out millions and millions of beneficiaries.
This is actually kind of cool because realistically, we don’t see all that many bills coming out all that much lately talking about things that can actually help out the fixed income and low income. Now, this one is specifically for Social Security and Medicare beneficiaries. So you may know this and you may not. Honestly, I’m going to be real with you I didn’t know this up until about a few days ago. So I want to talk through the details on this because I’ve been doing some research on it.
So apparently when you start receiving Medicare, you can no longer fund an HSA health savings account. Right. So it’s one of these accounts where you can put money into it, and then it grows like you can invest the money, you can do whatever you want with the money, provided that money is ultimately used on medical expenses. And when I say medical expenses, it is a very broad use as far as what you can use that money on. But again, we can talk about that on a separate topic if you’d like me to.
But anyway, the money in an HSA, once you start claiming or once you start receiving Medicare, you can no longer fund an HSA. Well, that seems really weird, but a bill in Congress right now is working to change that. That’d be pretty nice because here’s the thing. The report goes on to say that life expectancy right now continues to raise. Therefore, when somebody turns 65 and starts drawing on Medicare, a lot of people are living for another 2025 years beyond 65.
Well, they need additional money right now to pay for their medical expenses. Right. Well, if they’re cut off at the age of 65 and they can no longer fund an HSA, as in throwing a few thousand dollars into it each and every year, if somebody has extra money to put into it, it’s kind of really sidelining people right now. It’s not giving people the ability to go into retirement and the later years in somebody’s life when medical expenses generally go up quite a bit. Right, So this bill that’s floating around Congress right now is working on changing that so that Medicare beneficiaries can still fund an HSA and other accounts and other ways to help them in their retirement and the older years in somebody’s life where medical expenses generally do get quite a bit higher. Right. So anyway, that’s kind of one cool thing out there because there’s not that many things out there right now to help out fixed income and Social Security as well as Medicare beneficiaries. So, of course, as we get more information on that and as Congress works their way through that, of course, I’ll keep you updated on that and any additional information and everything else that’s going on out there right now. Now, next, let’s quickly talk about stimulus checks.
Now, this is interesting because we’ve talked about this many times before, as in stimulus checks. Of course, we’ve talked about that a lot here on the site. But as I mentioned previously, over the last couple of months here, I’ve been throwing out a few things, saying, hey, if there happens to be another stimulus check, it’s probably going to be called something other than a stimulus check. It’s probably going to be called something fancy like who knows what in an inflationary tax cut or inflationary relief check or a tax rebate check or who knows what midterm election day check. You know what I mean?
It’s probably going to be called something really funny now. But here’s the thing. They just came out with a new fun, cute name for stimulus checks. Here’s what they’re calling it. Inflation adjustment tax cut.
Let me say that again. Inflation adjustment tax cut. Let me tell you what that means. Stimulus check. That’s all it means.
It’s a fun, really smart way of saying simulations check. So as I mentioned previously in other topics, we’ve got to watch all this stuff very closely because realistically, the next time that a stimulus check is coming out, whether it’s approved by Congress or the States or anything like this, actually notice most of the States now are no longer even calling them stimulus checks. They’re calling them relief checks. They’re calling them direct checks. They’re calling them tax rebates tax credits.
They’re calling them all kinds of different things. In some States, they even have little cute names for them. So anyway, my point is we’ve got to watch all these things very closely because a lot of us are watching very closely for things called like stimulus checks. Right. We’re looking for the headlines saying stimulus check.
Is it going to be coming? Well, we’ve also got to watch other key names and other things like this. Like what I just threw down right here, which is inflation adjustment tax cut. It’s the exact same thing as a stimulus check. Basically just saying a way that they can figure out a fun way and figure out a really smart way of saying let’s get some money back into the pockets of the people.
What can we call it? Well, inflation is high right now. Let’s call it an inflation adjustment. And this is going to be a tax cut. Yeah, let’s call it that.
Well, it’s a stimulus check. It is a stimulus check. At the end of the day, there’s no other way about it. It is a stimulus check. So anyway, that’s what they’re not calling it.
That’s the flavor of the week, or maybe more like I should call the flavor of the day as of right now until some other smart guy comes out and gives it some really fun name. Once again, who knows what they’re going to come up with next time? Who knows? Either way, I’ll continue watching it closely. And as we do get more details on any kind of inflationary check, stimulus check,
who knows what tax rebate, tax credit, tax adjustment, who knows what they’re going to call it next? I’ll continue watching it closely and I will keep you updated with any new information that we’re getting.
But anyway, one quick side note. At the end of the day, the stimulus checks are exactly that from the last three stimulus checks that we received, the 1200, the 600 and the $1400 checks, they were all exactly that in advance on a refundable tax credit, another fancy name, but ultimately, that’s exactly what it was. But they called it a stimulus check. So anyway, I’m here for you in any way that I possibly can be. I want to make sure that you’re staying updated with everything going on right now during this very busy time.
I’m here to do all the research and to break it down into these short videos, which I deliver a few times each and every day giving you the information hot off the wire as it is being released and I’m trying to find the most relevant information that I can find for you and the vast majority of you right here in this community. If you’re in the state of Maine, check out that $850. If you’re in the state of Illinois, check out Chicago the Gas giveaway this coming weekend Saturday, Willie Wilson as well as Chicago’s got a few other things going on which I can talk about separately in another video as well as all the other States out there right now that are also sending out stimulus checks just like I talked about yesterday, there’s a number of different States out there that have approved stimulus checks.
Enjoy your day and I’ll catch you again later on the next topic.