Marchwas only the first leg of Biden’s plan, with its one-off for maximum , seven and $ 300 monthly checks to fill out for . The next two incentive proposals for 2021 that Biden threw in his speech would send more money directly to people and work to help individuals and families keep the money they already have. The next package – which Biden calls the American Jobs Plan – if approved, would put more than $ 2 trillion into the US economy and create jobs by focusing on critical infrastructure. The second, called the American Families Plan, could set aside $ 1 trillion for individuals and families, according to the Washington Post.
Right now Biden’s plans are just that, but we’ll be monitoring its development. We will share every advantage we know so far. Plus, here’s what to expect from the improved, what happens to , how and how the March incentive bill can help you .
When is Biden’s timeline for the American Families Plan?
The American Families Plan is still months after approval. First, Biden and Congress are working on the American Jobs Plan, a $ 2 trillion plan to build and upgrade roads and transportation hubs, improve the power grid,, expand and bring affordable housing to more rural areas.
As far as we know, the American Jobs Plan would be noneor other obvious savings. It’s the bill after that – the American Families Plan – that could get closer to sending more money to individuals and families. Keep reading for ways Biden and Congress plan to help you directly with the Third Stimulus Act, plus other proposals on the table.
How Biden’s American Families Plan Account Can Help You
After the Biden administration completes its infrastructure and jobs plan, it would seek $ 1 trillion in spending and $ 500 billion in new tax cuts for the third stimulus package, according to the Washington Post. Here are some of the key areas the American Families Plan could cover:
Extend the extended child discount up to and including 2025: The temporary extension of theAccording to Columbia University’s Center for Poverty and Social Policy, the March incentive bill is expected to reduce child poverty by 45% and lift nearly 5 million children out of poverty altogether. However, the short-term expansion of the program will expire this year unless Congress extends the program. Biden’s plan would expand the expansion until 2025.
Two-year tuition-free college: As a presidential candidate, Biden said he would work to free up the first two years of college. Biden’s plan would cover the first two years of community college, including adults and new high school graduates. Training programs outside community colleges are also eligible. Students would still be responsible for some expenses, such as textbooks.
Free pre-school instruction: For another campaign promise, the American Families Plan proposes free pre-K education for 3- and 4-year-olds.
More affordable childcareBiden said during his campaign that he would work to make childcare more affordable for working families through tax credits and grants for childcare costs. His new plan embraces that childcare campaign plan.
Paid family and medical leave: Biden suggested broader support for 12 weeks of paid family and medical leave.
How else can Biden and Congress send you money?
Details of the second and third part of Biden’s incentive plans are still being worked out, but other proposals are already pending that will allow you to keep more of your money or receive new payments.
Student Loan Forgiveness of $ 10,000 or $ 50,000According to the independent think tank Brookings Institution, the student loan at the end of 2020 – for an average loan amount of $ 30,000 – is the student loan higher than auto loans and credit cards. Biden suggestedper student and has commissioned Minister of Education Miguel Cardona to investigate whether he has the authority to do so . Biden did not mention debt cancellation in his speech.
Send a fourth stimulus check – or checks: The IRS is still making one-time payments for the third stimulus check and circling back for those to whom it appliesor . But before Biden even signed the U.S. Rescue Plan law in March, members of Congress asked Biden for a in the next big bill.
Minimum wage increase to $ 11 or $ 15 an hour: The first attempt by Biden and members of Congress to raise the minimum wage to $ 15 an hour stalled in March when thea pay rise. Senate leader Chuck Schumer said Congress would continue to work on the pay increase. “We are not going to give up the fight to raise the minimum wage to $ 15 to help millions of American workers and their families,” he said in a statement. Biden again urged in his speech to raise the minimum wage to $ 15 an hour.
For more ways you can save money, click hereto help you save money on health and insurance. Plus, here’s what to do if and how much money you can expect from the .