Biden says he will give families $300 aid

Biden says he will give families $ 300 aid. It’s a proposal that would allow parents with children under the age of 17 to receive $...

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  • Biden says he will give families $ 300 aid.
  • It’s a proposal that would allow parents with children under the age of 17 to receive $ 250 to $ 300 in monthly federal payments during the pandemic.
  • It would raise the annual tax credit to $ 3,000 for children under 17, plus an additional $ 600 for children under 6.

Democratic presidential candidate Joe Biden launched a tax proposal yesterday Thursday that would benefit many families during the pandemic.

It’s about temporarily expanding the child tax credit, reducing the cost of raising children on families’ tax bills, and allowing people to opt for monthly federal payments.

That is, a proposal that would allow parents with children under the age of 17 to receive $ 250 to $ 300 in monthly federal payments during the pandemic.

It would raise the annual tax credit to $ 3,000 for children under 17, plus an additional $ 600 for children under 6.

Ernie Tedeschi, a policy economist at Evercore ISI, said the monthly payment could strengthen family budgets, compared to a stimulus check, which ranges from $ 250 to $ 300 a month.

House Democrats approved the measure in May through the Heroes Act (HEROES Law), and Biden added it to his economic platform.

Currently, people can claim a credit of up to $ 2,000 based on their annual income, an amount that was doubled under the Republican tax law of 2017.

But Joe Biden’s plan increases that amount to $ 3,000 for children under 17 in 2021, and adds $ 600 for young children 6 and under, for a total of $ 3,600.

This would allow people to opt for monthly federal payments, in contrast to the annual relief that you get only after taxes are filed.

Biden $ 300 aid: Democratic candidate presented a plan yesterday

Biden $ 300 aid: The Democratic candidate presented a plan yesterday. Getty photo

Biden $ 300 aid: Democratic candidate presented a plan yesterday

Tedeschi commented to Business Insider that “once you make it refundable, it no longer depends on what your tax bill is for the federal government. You get it regardless of the tax you owe ”.

“That’s important because when you talk about low-income families, you have these expenses every month,” Tedeschi said. “The need for diapers doesn’t wait until April.”

“Biden’s CTC expansion will provide thousands of dollars of tax relief to middle-class households,” the plan says. “It will also help hard-pressed working families avoid poverty and achieve greater economic security.”

It would come into force in 2021 and will be in force “as long as economic conditions require it,” says the Democratic candidate’s proposal.

“Biden understands the urgency of providing immediate financial assistance to working families. As president, he will support a significant expansion of the Child Tax Credit (CTC) for the duration of the crisis, as proposed in the HEROES Act passed by the Chamber.

Biden’s CTC expansion will provide thousands of dollars of tax relief for middle-class households. It will also help the working families most in need avoid poverty and achieve greater economic security.

Biden $ 300 aid: Democratic candidate presented a plan yesterday

Specifically, Biden will increase the CTC to $ 3,000 per child for children ages 6 to 17 and $ 3,600 for children under 6. It will also make the CTC fully reimbursable so families in need can access these resources quickly. And it will allow families to receive monthly payments if they wish under the Biden plan, by 2021 and then, as long as economic conditions require it, ”publishes Joe Biden’s electoral website.

Biden $ 300 aid: Democratic candidate presented a plan yesterday

Biden $ 300 aid: Democratic candidate presented a plan yesterday

Under the Democratic candidate’s proposal, a teacher and an electrician with a seventh-grader and a newborn will receive an additional $ 2,600, or $ 6,600 in total.

A nurse and grocery store clerk with a 2-year-old and a 5-year-old will receive an additional $ 3,200, or $ 7,200 in total.

A firefighter with three teens will receive an additional $ 3,000, or $ 9,000 in total.

A mail carrier and a child care worker with children ages three, five, seven and nine will receive an additional $ 5,200, or $ 13,200 in total.

Biden $ 300 aid: Democratic candidate presented a plan yesterday

As a long-term strategy to ease the financial burden on working families, Biden is committed to offering targeted tax cuts for the main costs these families face, including:

  • Tax credits that help working families pay for health insurance. In addition to his bold policies to protect and expand Obamacare, Biden will ensure that no family spends more than 8.5% of their income on health insurance by expanding access to refundable health premium tax credits.
  • Tax credits that help working families pay for child care. Biden will offer up to $ 8,000 in tax credits to help low-income and middle-class families pay for child care as part of its comprehensive plan to create a child care economy in the 21st century. This is a major expansion of the existing tax credit that could mean up to $ 6,800 in additional tax breaks each year for these families.
  • Tax credits that help working families pay for the cost of caring for an elderly loved one, based on AARP endorsed legislation. Biden will also increase the generosity of tax benefits for older Americans who choose to purchase long-term care insurance.
  • Tax credits to help families buy their first homes and generate wealth: up to $ 15,000. Building on a temporary extended tax credit as part of the Recovery Act, Biden’s tax credit will be permanent and anticipated, meaning that home buyers receive the tax credit when they make the purchase rather than waiting for assistance. when they file their taxes the following year.
  • Balance the tax benefits of retirement plans. Current tax benefits for retirement savings provide high-income families with a significant tax break, while providing a limited benefit for low- and middle-income workers. Biden will equalize benefits across the entire income scale, so working families also receive substantial tax benefits when they put money aside for retirement.

Seth Hanlon, a tax expert and senior fellow at the Center for American Progress, said about the proposal to Business Insider: “The most dramatic impact is that it reaches families who receive much less than the full amount, who now receive little or no tax credit.”

The Tax Policy Center estimates that 90% of families with children will receive an average of $ 2,380 of the credit this year. About 40 million families claim it each year, but 27 million children under 17 are excluded from the benefit because they live in families that do not earn enough to qualify, according to the organization.

Biden $ 300 aid: Democratic candidate presented a plan yesterday

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