WASHINGTON (NEXSTAR) – All eyes will be on elected President Joe Biden Thursday evening as he unveils the coronavirus relief package, which is expected to undergo a massive review of the stimulus package. At $ 2,000 for most Americans.
While it certainly provides relief, the offer is also expected to include a significant extension of the existing tax credit for children. The components are designed as targeted relief for poor and middle-class households.
The plan, first reported by The Washington Post, said the numbers were not set. But it is expected to be similar to a campaign demanding $ 300 per month to American families for children under 6 and $ 250 per month for all children between the ages of 6 and 17.
On his campaign website, the credit expansion is explained this way:
As president, he will support a significant expansion of the child tax credit (CTC) in times of crisis, as proposed in the HEROES Act passed by the House.Biden’s CTC expansion will provide thousands of dollars in tax breaks for middle-class households. It also helps the hardest working families avoid poverty and gain more economic security. In addition, he will refund the CTC in full so that difficult families can quickly access these resources. And he’ll allow the family to get paid monthly if they choose.
Post a report, Biden expects to extend benefits to millions of poor families who do not currently have access to the program.
Most parents will claim benefits to offset their existing obligations when they pay their posted taxes. However, many parents who can’t file enough taxes will be able to fill out forms with the IRS and get paid in the same way that the first $ 1,200 incentive check was distributed.
The price tag of Biden’s stimulus offer is expected to be in the neighborhood of $ 1 trillion and is expected to include expansion of unemployment assistance, assistance to local and state governments, small business promotion, funding for the Distributing vaccines and schools and The third stimulus examination
Analysts said voting on Biden’s stimulus plan should give us an idea of whether Republicans will work with the majority Democrats or join together on the sand.
West Virginia Democratic Senator Joe Manchin said he disagreed with issuing a massive check. Last week said it was “absolutely not” for the idea of paying directly to such high financial figures, which is not specifically targeted, according to the Washington Post.
Last week, Biden told Georgia voters that if Democrats win those races, a $ 2,000 stimulus check would go into most Americans.
Democrats ended up winning, and Senate Minority Leader Chuck Schumer added that money was on its way.
“The first thing I want to do when our new senator takes office is to hand over a $ 2,000 check to an American family,” Schumer, who will become the majority leader, said Wednesday.
Earlier, the GOP-controlled Senate and Majority Leader Mitch McConnell were the biggest hurdle to getting massive direct payments.