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Biden works on another billion dollar stimulus package to help families with children

2021-04-20T22:05:54.880Z

The plan seeks to help parents with child care, preschool education, and paid family and medical leave, and would also expand child support checks.



The Government chaired by Joe Biden is working on a new economic stimulus package that would be aimed mainly at

helping families in the care of their children

, with an emphasis on paid maternity leave or preschool education, among other issues, according to have informed two sources familiar with the discussions about this project who spoke to The Washington Post.

"Biden has already presented the first part of his landmark plan to invest in the strength of the economy and families, and

will outline the second element of that proposal

in the coming days

," White House spokesman Michael J Gwin, who added that details are being finalized. 

According to sources cited by the newspaper, the bill, known as the Plan for American Families,

amounts to a trillion dollars

, to which is added 500,000 million dollars for new tax credits, although the details remain subject to change. .

The proposal would join the two trillion dollars investment plan in infrastructure that Biden presented on March 31 and with which the president also hopes to add millions of better-paying jobs for families, as part of his economic recovery program called 

Rebuild. Better

 (

Build Back Better

, in English).

[This is how Biden proposes raising taxes to pay for his new stimulus plan focused on infrastructure]

The package

is expected to be unveiled before the president's speech at the April 28 joint session of Congress

and will be paid for with new tax increases on high-income businesses and individuals. 

Joe Biden signs PPP extension until May 31

March 31, 202100: 21

Although the final figures are unclear, here is how some of the funds will be allocated, as published by the Washington Post:

  • $ 225 billion for childcare assistance.

  • 225,000 million dollars for paid medical and family leave.

  • $ 200 billion for preschool education.

  • Hundreds of billions of dollars for education funding, including free community colleges across the country.

  • Other amounts for nutritional assistance.

The child tax credit approved in

The $ 1.9 trillion US bailout plan enacted in March by Biden is up to

$ 3,600 per child 6 and under and $ 3,000 per youth 17 and up

for a year to help combat the economic crisis, but what is sought Now with this new aid initiative is to

extend it until 2025

.

[Biden's new stimulus plan will not raise taxes on you.

But this is what you need to know]

The Internal Revenue Service (IRS) will begin sending out monthly payments for the new $ 3,000 per child tax credit in July, Commissioner Charles Rettig said April 14 during a Senate Finance Committee hearing.

Previously,

up to $ 2,000 per child could be claimed for

tax relief, which begins to be lost when income reaches $ 200,000 for individuals and $ 400,000 for married couples.

It's in effect since a Republican-led tax reform in 2017 and is an annual tax credit.

But millions of very low-income households don't get the full credit because they don't pay enough taxes or don't earn enough income to apply.

The Republicans' position on this new Biden proposal is expected to be more censored than it has been so far with the ambitious infrastructure plan.

With information from

The Washington Post

Source: telemundo

All news articles on 2021-04-20

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