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Trump’s Presidential Victory Sparks False Stimulus Check Claims

by Harikrishnan A
November 20, 2024
in Business, Markets, News, Tech, Trending, World
Reading Time: 3 mins read
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After Donald Trump’s recent win over Kamala Harris in the U.S. presidential election, social media has been flooded with posts suggesting that Americans will soon receive a new round of federal stimulus checks. As the holiday season approaches, these claims—often promising $2,000 or more in payments—have gained traction on platforms like X (formerly Twitter). However, these posts are misleading and have no basis in reality.

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IRS Confirms No New Stimulus Payments

The Internal Revenue Service (IRS) has addressed these rumors directly, confirming that no new economic stimulus checks are scheduled. The IRS issued three rounds of payments during the height of the COVID-19 pandemic, with the last distribution happening almost three years ago.

On its website, the IRS states:

> “The IRS has issued all first, second, and third Economic Impact Payments. You can no longer use the Get My Payment application to check your payment status. Most eligible people have already received their Economic Impact Payments.”

While most individuals eligible for these payments have already received them, the IRS points out that people who missed a payment may still be able to claim it on their tax return through the Recovery Rebate Credit. Although the deadline to claim the 2020 credit has passed, taxpayers have until April 15, 2025, to claim the 2021 credit.

No Stimulus Plans from Biden or Trump

Neither President Joe Biden’s administration nor President-elect Trump has promised new stimulus checks. While Trump made various economic promises during his campaign, such as a plan to end inflation quickly upon taking office, he did not mention any new rounds of federal assistance.

According to exit polls from the November 5 election, many voters were concerned about the economy, which likely fueled the spread of these false stimulus rumors.

A Look Back at Previous Stimulus Payments

Stimulus payments were first issued under the Trump administration as a response to the economic hardships caused by the pandemic. One memorable moment came in April 2020, when Trump delayed the distribution of checks to ensure his name and signature appeared on the memo line—a controversial move aimed at boosting his visibility ahead of the election.

IRS Issues Warning About Misinformation

IRS Commissioner Danny Werfel has cautioned the public about the dangers of relying on social media for tax and financial information. Social media platforms are often rife with misinformation, making them an unreliable source for financial advice. In an April statement, Werfel emphasized the importance of using trusted sources for tax information:

> “Social media is an easy way for scammers and others to try encouraging people to pursue some really bad ideas, including ways to magically increase your tax refund.”

He also stressed the importance of consulting the IRS’s official accounts or professional tax advisors for accurate information:

> “Unlike hacks to fix a leaky kitchen sink or creative makeup tips, people shouldn’t rely on made-up ways on social media to patch up their tax return and boost their refund.”

Ongoing Scams and False Promises

The false claims of new stimulus checks are part of a wider pattern of scams that have circulated on social media. For example, a Facebook post earlier this year falsely claimed that all Americans over 25 years old were entitled to a $500 “stimulus card.” This post was quickly debunked by fact-checkers.

These kinds of scams often take advantage of people’s anxieties about the economy, especially during times of political transition or financial uncertainty. The latest rumors have gained steam despite the fact that Trump’s presidency won’t officially begin until January 2025, and he has yet to name a Treasury Secretary. This further highlights the implausibility of any immediate new stimulus payouts.

Tags: Donald TrumpIRSJoe BidenUS
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Harikrishnan A

Aspiring writer. Enjoys gaming, fried chicken and iced tea, preferably all together.

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