PRESIDENT Joe Biden is proposing a handsome child tax credit payout of $18,000 for struggling families in his American Families Plan bill.
Although the current plan is months away from proper approval, it’s receiving huge support from many families with children, many of whom are still struggling in the wake of the Covid-19 pandemic.
President Joe Biden is proposing a children credit payout of $18,000 per child over the course of five years under his proposed American Families Plan.[/caption]
The American Families Plan proposes to extend the temporary expansion of the child tax credit in March 2020’s stimulus bill to 2025. The current expansion is set to expire later this year, unless Congress takes drastic measures to save it.
This expansion will not only lift 5 million children out of poverty, but will provide an $18,000 per child tax credit over the course of five years.
The American Families Plan will also provide two years of tuition-free community college, free pre-K instruction, affordable child care, and paid family and medical leave.
But don’t get too excited about the American Families Plan quite yet.
Will the American Families Plan make it past Congress?[/caption]
Before the Biden administration can even think of enacting the American Families Plan, it has to first wrap up the American Jobs Plan, a $2trillion effort that includes an infrastructure plan, an expansion of affordable housing, and broadband Internet access to rural areas.
And Biden somehow has to get the American Families Plan past Congress.
Senate Minority Leader Mitch McConnell has already said there will be “zero” Republican support for the American Families Plan in Congress.
And even some progressive members of Congress are promising a pushback.
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But for now, struggling parents have a glimmer of hope.
For now, they can get $3,600 per child in one lump sum if they file it on their 2022 tax returns.
And families that are super hard hit by the Covid-19 pandemic could get $300 per child per month for years.