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Biden’s Next Two Incentive Bills: 5 Ways The New Packs Can Make You More Money



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What could be for you in the following two incentive proposals from Biden?

Sarah Tew / CNET

Even with the IRS still broadcasts from third stimulus controls as part of American rescue plan, President Joe Biden is already looking ahead to two new stimulus proposals. In a speech to Congress On April 28, Biden presented his administration’s ideas on how the US can create new jobs, reduce poverty and get more money in the hands of people to boost the economy as the US emerges from the pandemic. “We need to make a one-time investment in our families and our children,” Biden said, outlining the next two packages, the American Rescue Plan and American Families Plan, “a one-time investment. In America itself.”

Biden’s plan began with March’s $ 1.9 Trillion Incentive Bill that included $ 1,400 Incentive Vouchers, seven child discount payments and $ 300 monthly checks to fill out for lost wages for unemployed workers. 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 their development. We will share every advantage we know so far. Plus, here’s what to expect from the improved child tax credit, what happens to canceling the student debt, how claim money your state has from you and how the March incentive bill can help you save money on healthcare costs.

What does Biden’s timeline look like 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, EV car charging, expand and bring affordable housing fast broadband to more rural areas.

As far as we know, the American Jobs Plan would be none fourth check or 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.

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President Joe Biden has prepared two more stimulus bills for this year.

Sarah Tew / CNET

How Biden’s American Families Plan Bill Could 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 the child tax credit According 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 child credit payments until 2025.






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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.

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Lawmakers have plans to send you money too.

Sarah Tew / CNET

How else can Biden and Congress get 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 suggested Cancel $ 10,000 in debt per student and has commissioned Minister of Education Miguel Cardona to investigate whether he has the authority to do so canceling student debt. 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 applies missed payment or underestimate their payments. But before Biden even signed the U.S. Rescue Plan law in March, members of Congress asked Biden for a fourth round of payment in the next big bill.






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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 the The Senate did not advance a 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 here everything else includes the new incentive law to help you save money on health and insurance. Plus, here’s what to do if you have not yet received your stimulus check and how much money you can expect from the extensive child discount.


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