Biden’s Stimulus Plan

Biden has a plan of sending out new Stimulus plans for COVID-19 relief.

Echo Diffenderfer, Writer Staff/Editor

On Monday, February 1, Joe Biden and other Democratic leaders came up with legislation to send out a stimulus plan for COVID-19 relief.

This plan is to give families $3,000 per child to advance Biden’s COVID-19 $1.9 trillion relief package, according to CNN. Chairman of the Ways and Means Committee Richard Neal, who is leading the crafting of the legislation for the stimulus package, will introduce the enhanced Child Tax Credit bill according to a CNN article about the $1.9 package.

“The pandemic is driving families deeper and deeper into poverty, and it’s devastating. We are making the Child Tax Credit more generous, more accessible, and by paying it out monthly, this money is going to be the difference in a roof over someone’s head or food on their table,” Neal said in a statement provided to CNN.

The legislation would provide $3,600 per child under the age of six and $3,000 per child age six through seventeen for a single year. The full benefit is available to single parents earning up to $75,000 annually and for couples earning up to $150,000, these statistics came out to the Washington Post.

If this particular legislation is passed by Congress, the payments would begin in July for one year, according to CNN. The current Child Tax Credit provides up to $2,000 per child under the age of seventeen. The credit phases out for single parents with a modified adjusted gross income over $200,000, and $400,000 for married couples. Some 90% of families with children will receive an average credit of $2,380 in 2020, according to a non-partisan Tax Policy Center estimate.

This legislation is the start to building the United States economy and restart the plan for COVID-19 relief. Ten million Americans are unemployed while another four million have dropped out of the labor force and the stimulus meant to help.