Unlike the previous COVID-19 bills, the Democrats, who control the House and Senate, areThat will allow them to get past the Republican opposition. While Democrats investigate Republican voters backing a larger stimulus package, GOP leaders say the nearly $ 2 trillion price tag is simply too high, The New York Times reported.
The incentive package, called the American Rescue Plan Act of 2021, includes one, in front of The aggressive timeline would , right in the The legislation could also possibly be expanded through August and A plan for the is also included, but we’ll explain why that’s complicated, as well as anything important that the package might contain. This story has been updated with new information.
A third incentive payment of $ 1,400, with an upper limit on income
Congress regulates theamount. Coupled with the $ 600 Congress approved in late 2020, this would amount to a $ 2,000 payment that some people have been calling on for months.
Congress is also looking atthan this one for the first two payments, while retaining the the same. A hard income, meant to exclude higher incomes from getting a check, would be accompanied by a rule change for the in the Check out our to see how that could work for you.
The new proposal would give the IRS a deadline of December 31, 2021 to complete sending the incentive checks.
For this, President Joe Biden urges to record and Be here , or or be Here’s what
What about student loan forgiveness?
Biden supports canceling $ 10,000 in student debt and extending the break on student loan repayment. Earlier this month, Senate Democrats, led by Senator Elizabeth Warren, submitted their own proposal to forgive up to $ 50,000 in student debt.
“I really think in this moment of economic pain and stress we should eliminate the interest on the debt that has accrued, number one. And number two, I am willing to write off the debt of $ 10,000, but not $ 50,000. Biden said February 16. The current bill does not cover student loan debt.
$ 400 extra in federal unemployment benefits
The weeklyCongress approved in December as part of the $ 900 billion COVID relief legislation During his presidential campaign, Biden pushed for reform of the unemployment system, saying he would work with Congress to extend the unemployment benefits approved under last year’s CARES law and extended in December, “for how long. crisis also lasts. ”
The House version of Biden’s plan would send $ 400 federal unemployment benefits through August, with triggers that would extend benefits beyond September for those still out of work and include automatic payment adjustments related to health and economic conditions.
If a new bill is passed on March 14, it would extend federal unemployment benefits without a shortage of funding.
A larger child discount would make more money for families
In his plan, Biden suggeststhat currently allows families to claim a $ 2,000 credit for children under the age of 17. If approved, the plan would extend the benefit to lower-income families who would otherwise not receive the credit. Under Biden’s plan, families could claim up to $ 3,600 per year for a child under the age of 6 and up to $ 3,000 per year for children ages 6 to 17.
According to Howard Gleckman, a senior fellow at the Tax Policy Center, the expansion would target low- and middle-income households. “More than a third of the benefits would go to the lowest-income parents, who would receive an average tax cut of nearly $ 3,300,” Gleckman wrote on Feb. 10. “Low- and middle-income parents would receive nearly 80% of the income. Benefits.”
The plan would also extend the childcare tax credit by one year to cover childcare costs. Under Biden’s plan, families could get a tax credit from as much as half of their childcare expenses for children under 13, to $ 4,000 for a single child and $ 8,000 for two or more children.
Nationwide supply of coronavirus vaccines
Nearly 80 million doses have been distributed in the US so far – and nearly 60 million administered – and the country appears to be on track to meet Biden’s goal of 100 million vaccination attempts during the first 100 days of his administration (April 30 would be 100 days after the inauguration of Biden on January 20). Speaking at a town hall-style meeting on CNN on Feb. 16, Biden said the country will have enough supplies to vaccinate everyone in the US by the end of July. The goal then becomes to have enough other supplies and people to administer the vaccine.
Biden’s plan would be $ 160 billion for onethat would help state and local governments get the vaccine into people’s systems.
Is a $ 15 minimum wage included in the home bill?
One area still under discussion is onein the bill, that the national minimum wage would gradually increase to $ 15 an hour over five years (longer for some groups of workers).
While it is unclear whether the pay rise will make it through the Senate and become part of the latest package, the current version of the House law included a provision for the federal minimum wage increase of $ 15. The Senate could remove that from its version of it. proposal before it is sent back to the House for a final vote – it does not fit in the rules for, for exampleBiden has reportedly acknowledged that this is unlikely to happen with this bill, Politico reported.
If a minimum wage increase doesn’t make it to the last bill, Biden has said he’s committed to raising it from the current $ 7.25 an hour as part of a separate negotiation with Congress.
On January 24, Biden signed an executive order directing the Office of Personnel Management to make recommendations for a minimum wage increase to $ 15 an hour for federal jobs.
Funds to Reopen Schools During COVID-19
A critical part of the economic recovery is getting students back on campus. “We will also need tens of millions of dollars to help our schools reopen and open safely,” Biden said on Jan. 8. The Biden Plan would work to return students to schools through a majority of kindergarten through the 8th. classrooms reopen safely in the first 100 days of administration.
Money intended for national, local and tribal governments
Along with the extension of liability protections pushed by Republicans, democratic support for state, local and tribal government funding was a major impediment to reaching an agreement on a new economic assistance package in the second half of last year. With, Biden has pledged support for state and local funding as part of his government’s aid package.
Since the fall, economists have urged Congress to provide funding for jobs in the state and local government. “There are strong arguments in favor of additional aid, because the downside risk of doing nothing is very real,” said the conservative think tank American Enterprise Institute late last year. “The fact that more than 1 million state and local government employees have lost their jobs is a sign that the tax problems have had real repercussions.”
On January 8, Biden reiterated his concern that state and local governments are “cutting jobs” as a result of the pandemic, and pledged to provide “immediate assistance”. In addition to government and local funding, Biden’s plan would provide funds for food and water aid and food stamps.
Extend the deportation ban until September
On January 20, Biden signed an executive order extending the deportation ban to March, meaning it may not be part of the latest new stimulus law at all. Biden’s proposal would extend the expulsion and disqualification moratoriums until September 30. The plan would provide $ 30 billion in rental assistance to renters and small landlords, especially low- and middle-income households.
We will continue to update this story as Biden reveals more details about his plans. For more information on incentive money, here are the