The next Biden stimulus bill could get you more money. 5 advantages you could benefit from
Americans continue toas part of the massif Congress approved in March. One-time bailout payments and multiple monthly checks of $ 300 to be completed for . President Joe Biden is developing two more stimulus proposals for this year that would send more money directly to people, work to reduce poverty and help stimulate the economy as the United States emerges from the pandemic.
The first of the packages – which Biden calls the American employment plan – if approved, it would inject more than $ 2 trillion into the US economy and create jobs by focusing on critical pieces of US infrastructure. The second, called the American Families Plan, according to the Washington Post, could set aside $ 1 trillion for individuals and families.
For now, the plans are just that, but we will follow its development. We will share all the benefits we know so far. Plus, here’s what to expect from the upgraded version, what’s up with , How? ‘Or’ What and how the March stimulus bill can help you .
When would the plan of American families happen?
The US plan for families is still months away from approval. First, Biden and Congress are developing the American employment plan, a $ 2 trillion plan to build and upgrade roads and transportation hubs, improve the electricity grid, finance , expand affordable housing and provide to more rural areas.
To our knowledge, the US jobs plan would not includeor other obvious savings. It is the next bill – the American plan for families – that could come close. Read on to find out how Biden and Congress plan to help you directly with the Third Stimulus Bill, as well as other proposals on the table.
How Bill Biden’s American Families Plan Could Benefit You
Once the Biden administration completes its infrastructure and jobs plan, it would seek $ 1 trillion in spending and $ 500 billion in new tax credits, according to the Washington Post, for the third stimulus plan. Here are some of the main areas the American Families Plan could cover:
Extend the expanded child tax credit to 2025: The temporary expansion of Columbia University Center on Poverty and Social Policyand lift nearly 5 million children out of poverty. The short-term expansion of the program, however, is expected to expire this year, unless Congress renews the program. Biden’s plan would extend the expanded children’s credit until 2025, the Post reports.in the March stimulus bill is expected to reduce child poverty by 45%, according to
Two years of community college tuition-free: As a presidential candidate, Biden said he would work to make the first two years of college free. Biden’s plan would cover the first two years community college, including adults and recent high school graduates. Training programs outside of community colleges would also be eligible. Students would still be responsible for certain expenses, such as books.
Free preschool education: For another campaign engagement, the American Families Plan is expected to provide free pre-kindergarten education for 3- and 4-year-olds.
More affordable child care: Biden during his campaign said it would work to make child care more affordable for working families through tax credits and subsidized child care costs. His new plan is expected to encompass this campaign plan for child care.
Paid family and medical leave: Biden is expected to offer broader support for 12 weeks of paid family and medical leave.
What else is going on that could mean more money to you?
Details of the second and third elements of Biden’s stimulus plans are still being worked out, but other proposals are already being discussed that could allow you to keep more of your money or send you money. new payments.
Student loan forgiveness of $ 10,000 or $ 50,000: With student debt reaching $ 1.7 trillion at the end of 2020 – for an average loan of $ 30,000 – student debt is higher than auto loans and credit cards, according to the non-partisan think tank Brookings Institution. Biden proposed and a headed the secretary of education Miguel Cardona to explore if he has the power to .
Send a fourth stimulus check – or checks: The IRS still makes one-time payments for the third stimulus check as well as for those that do eitheror . But even before Biden signed the US bailout bill in March, members of Congress asked Biden to include a in the next big bill.
Minimum wage increase – to $ 11 or $ 15 an hour: Biden and members of Congress’ first effort to raise the minimum wage to $ 15 an hour failed in March when the Senate Majority Leader Schumer said Congress would continue to work for increased wages. “We are not going to give up the fight to raise the minimum wage to $ 15 to help millions of struggling American workers and their families,” he said in a statement.a salary increase.
For more ways to save money, here isto help you save money on health care and insurance. In addition, here is what to do if and how much money you can expect from .