President-elect Joe Biden plans to release a high-priced stimulus package today to help American families cope with the financial impact of the COVID-19 crisis. In addition to stimulus checks and unemployment aid, reports say he will also include expanded child tax credits in his bill.
Expanding this credit and making it more widely available to low-income families was a key campaign issue for the new president. The coronavirus relief bill could provide a perfect opportunity to keep its pledge and provide some extra help for parents. Locks put in place to fight the virus put additional pressure on parents as they struggled to cope nursery and school disruptions.
Here’s what expanded tax credits might look like
When applying, Joe Biden said his goal was to provide $ 300 per month for children under six and $ 250 per month for older children. For families with young children, this would equate to $ 3,600 per year in government support, while families with older children would receive a generous monthly grant of $ 3,000.
Biden is also expected to make it easier for low-income families to apply for credit. See, there is currently a existing child tax credit it’s worth up to $ 2,000 per eligible dependent – but it’s only partially refundable. Parents can use it to reduce their tax liability by $ 2,000. However, those who do not owe $ 2,000 in taxes cannot get the full amount back, as only $ 1,400 of the credit is refundable. Mr. Biden wants both to provide more credit and make more funds available to those who need them most.
The new president is not the first to propose increasing this support for working parents. Expanding the child tax credit has long been a priority for many left-wing figures. In fact, the HEROES Act, a $ 3.4 trillion coronavirus relief bill that was passed by House Democrats last year, also reportedly increased the credit to $ 3,000 per child or 3,600. dollars for kids under 6 (just like Mr. Biden should do). And that would have made the credit fully refundable and allowed parents to claim it for children aged 17 who are not currently eligible.
The HEROES Act would have made it possible for parents to not have to wait to receive the credit by allowing the IRS to send the extended credit in the form of monthly payments. This is in line with a recent proposal by Democratic Senator Sherrod Brown. He told reporters he had discussed working with the Federal Reserve to create bank accounts to deposit monthly payments into so parents can get the money as needed.
Bipartisan support possible
While details of Biden’s proposal have yet to be released, it is very likely that the new president will propose something similar to the extension of the child tax credit in the HEROES Act – all the more so that he campaigned on this issue. And the good news for struggling parents is that Republicans have actually supported an expansion of the Child Tax Credit in the past, so it’s very possible that this idea could gain bipartisan support.
It is not yet clear exactly when or if Biden’s stimulus package will pass, as hurdles remain, including the possibility of impeachment will slow progress. However, from the end of January, the Democrats will have control of Congress and the White House and the Incoming administration indicated stimulus to be a top priority. As such, Americans can expect more money in their Bank accounts soon – maybe with a little extra push for the parents.
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