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What’s In It, And How Could It Put Money In Your Pocket? – CBS Pittsburgh – Pittsburgh, Pennsylvania

Pittsburgh, Pennsylvania 2021-05-04 17:32:07 –

(((CBS San Francisco) — Last week, President Biden announced an American family plan. The $ 1.8 trillion package focuses on reforming childcare, education and paid parental leave. A Fact sheet The plan states, “Investing in children and families-helping families cover the basic costs that many are struggling with right now, lowering health insurance premiums, and reducing historic child poverty in the American Rescue Program. To continue. “

This is the decline of the COVID pandemic and the government’s next step in rebuilding and rebuilding the economy for the future. The first step was the American Rescue Plan, which included a $ 1,400 stimulus check, an extended federal unemployment benefit, and an upgraded child tax credit. It was enacted in mid-March and is being implemented.

read more: Stimulation Check Update: Is the Fourth Relief Payment Coming Your Way?

The US employment plan was announced a few weeks later. Ancillary bills for American family planning are worth about $ 2.3 trillion in their current form. Among other things, it aims to rebuild roads, repair bridges, eliminate lead pipes, expand broadband and modernize the country’s power grid. The plan aims to restore national infrastructure while creating a future that is employment and climate friendly.

The extensive job plan contains many items that are not eligible for infrastructure in the traditional sense.Their range is $ 213 billion It is allocated to affordable $ 100 billion housing reserved for labor development between underserved groups. The plan also aims to raise the wages of caregivers who care for the elderly and disabled. Each of these efforts will mean more money for the affected people. On a larger scale, the plan also has the potential to create more jobs across a wider area of ​​the economy. Spending is diversified over eight years.

Family planning can have a more direct and significant impact on households and bank accounts than work planning. It has spread over a decade and includes about $ 1 trillion worth of investment and about $ 800 billion worth of tax cuts. Many of its key components address issues that affect households on a monthly basis.

As proposed, this radical law can be divided into three broad categories: childcare, education, and paid parental leave. It also includes various tax cuts as well as nutritional support.

Childcare

Many economists, and parents, will argue that childcare is one of the biggest financial problems of the day if they have the time to consider it. Parents of children who are too young to take care of themselves need childcare to work. However, childcare is expensive and often unavailable because the pandemic has been completely mitigated. A significant proportion of the population has limited ability to work because they have no watchers or money to pay for their children. Parents, especially women, will eventually leave the workforce.

Family planning in the United States aims to invest $ 225 billion in childcare over the next decade. This money will be used to cap childcare costs for low- and middle-income households. A person who earns up to 1.5 times the median income of the state does not spend 7% of his income on raising children underneath. 5 years old.. The cost is determined on the sliding scale. Nursery teachers and nursery teachers are also part of the equation, the minimum wage for early childhood staff is $ 15 per hour, and the fact sheet states “Coaching and Professional Development Built into Work”. ..

education

This plan aims to address deficiencies in the education system, including access to early childhood and higher education programs. Evidence shows that the strong foundation of early education prepares students for greater success throughout their school career. However, in many parts of the country, only wealthy parents can afford to provide that education. Similarly, universities are becoming more and more affordable year by year. The less educated masses lead to a less educated workforce.

read more: Child tax credit: How much money do parents receive each month?

“Investing in education is a down payment for America’s future,” according to the fact sheet. The Family Plan has secured $ 200 billion to establish a universal preschool program for ages 3 and 4, and an additional $ 109 billion to secure a two-year free community college. An additional $ 85 billion will be used to strengthen the Pell Grant program, which awards money to undergraduate students in financial distress. An additional $ 62 billion will be used to improve retention and completion rates at schools enrolling low-income students. An additional $ 39 billion will be used to help families pay tuition for historically black college students who bring home less than $ 125,000 a year.

The plan also aims to address teacher shortages by increasing scholarships for future teachers and helping current teachers obtain additional qualifications in the areas they need.

Paid family vacation

The United States is one of the few countries that does not offer a national paid family vacation program. It is the only wealthy country without paid maternity leave offered by the country. Families now have to deal with the birth of a child and the long-term illness of a loved one by quitting their job and taking some of their normal income home. Some states have their own policies and many companies also support them. However, most policies have not reached what is needed during particularly difficult times for families. Employees often need to return to work immediately or retire altogether.

The American family plan includes 12 weeks of paid family leave, which can reach $ 4,000 per month, depending on the income of the worker. The plan will replace 66% to 80% of the wages of affected employees with a cost of $ 225 billion over a 10-year period. It will also allow three days of bereavement leave a year.

Tax reduction

The plan also aims to help families through the tax system. The proposed changes primarily extend the program set by the American Rescue Program passed in March. According to the fact sheet, “Direct support to families in the form of regularly paid tax credits saves children and their families from poverty, makes them easier to manage and improves their academic and financial performance. Let me. Time. “

The stimulus has reduced the premiums for individually purchased health insurance for two years. American family planning aims to spend $ 200 billion to make these cuts permanent.

The incentive also reformatts the child tax deduction, paying $ 3,600 a year for children up to 5 years old and $ 3,000 a year for children aged 6 to 17 years. Payments are set to be automatically issued every month from July to December. In 2021, the rest will be issued when the beneficiary files the 2021 tax. The upgrade is only this year, but the American Families Plan wants to extend the upgrade for another four years so that it can be permanently refunded.

A temporary increase in the Rescue Plan’s Child Dependent Tax Credit (CDCTC) will allow households to receive a tax credit for half of their childcare spending. This can be up to $ 4,000 per child per year, but no more than two children can add up to more than $ 8,000. The proposed plan aims to make the changes permanent.

Other news: Stimulation Check Updates: Can You Expect Plus Up Payments?

The American Rescue Plan has nearly tripled the Earned Income Tax Credit (EITC) for low-wage workers without children. According to the Biden administration, about 17 million workers have benefited. The proposed plan also aims to make the changes permanent.

What’s In It, And How Could It Put Money In Your Pocket? – CBS Pittsburgh Source link What’s In It, And How Could It Put Money In Your Pocket? – CBS Pittsburgh

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