Biden plan with $2,000 stimulus checks expected to include expanded child tax credit – Honolulu, Hawaii

Honolulu, Hawaii 2021-01-14 14:18:32 –

US Treasury checks are piled up in the US Treasury printing facility. (Photograph by William Thomas Cain / Getty Images)

Washington (NEXSTAR) — Notice Thursday night that President-elect Joe Biden announces a coronavirus bailout package. This is expected to include $ 2,000, the biggest stimulus check ever for most Americans.

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While it does provide relief, the proposal is also expected to include a significant expansion of existing tax credits for children. Its components are designed to provide targeted relief to poor middle-class households.

This plan was first reported by The Washington Post. The numbers haven’t been decided yet, but it was expected to be similar to a campaign promise that requires $ 300 per month for all children under the age of 6 and $ 250 per month for all children between the ages of 6 and 17. ..

On his campaign website, credit expansion was described as follows:

As President, he will support a significant increase in Child Tax Deductions (CTCs) during the crisis, as proposed by the HEROES Act passed in the House of Representatives. Biden’s expansion of CTC will provide middle-class households with tax cuts of thousands of dollars. It also helps working families in the most difficult situations avoid poverty and achieve greater economic security. He also allows CTCs to be fully refunded, giving needy families quick access to these resources. And he allows the family to receive monthly payments if they choose.

The post reports that Biden is expected to extend profits to millions of poor families who currently do not have access to the program.

According to The Post, most parents claim benefits to offset their existing obligations when paying taxes. However, many parents who do not have enough income to file their taxes can fill out the IRS form and receive the money in the same way that the first $ 1,200 stimulus check was distributed.

Biden’s stimulus price tag is expected to be around $ 1 trillion, extending unemployment allowances, helping local and state governments, helping small businesses, distributing vaccines and funding schools, stimulus checks. Third round.

Analysts say Biden’s vote on stimulus should give us insight into whether Republicans will work with a majority of Democrats or collectively draw a line in the sand.

West Virginia Democratic Senator Joe Manchin has shown that he disagrees with the exit of large checks. Last week, the Washington Post said it was “absolutely not” in the idea of ​​direct payments with high financial figures that were not specifically targeted.

Last week, Biden told Georgia voters that if the Democrats won these races, a $ 2,000 stimulus check would go to most Americans.

The Democratic Party won, and Senate minority leader Chuck Schumer emphasized that the money was on the way.

“One of the first things I want to do when our new senator is seated is to deliver a $ 2,000 check to an American family,” Schumer, the majority leader, said Wednesday. I did.

Previously, Republican-controlled Senate and majority leader Mitch McConnell was the biggest hurdle to getting more direct payments through.

Biden plan with $2,000 stimulus checks expected to include expanded child tax credit Source link Biden plan with $2,000 stimulus checks expected to include expanded child tax credit

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