President Biden has the vision to lead America out of the economic hardship with a slew of measures beginning with the Economic Impact Payment. He has just pitched for a stimulus check every month for the majority of Americans, deprived by the economic turmoil brought about by the pandemic. He presented his dream in the American Families Plan presented yesterday in the joint session of Congress.
Plans For A Permanent Stimulus Check
If successful, the latest round of stimulus payments would turn into a huge expansion over the third stimulus check and the Child Tax Credit, all part of the $1.9T American Rescue Plan.
The child tax credit will provide a maximum of $3,600 to each child, half of which will be paid between July and December 2021. The rest will be part of the tax refund against tax returns in 2022. These payments are dependent on the gross earning of individuals and families in 2020.
The maximum amount of $3,600 is for children below 6 years. For those between 6 years and 17 years, the total payment under this scheme will be $3,000.
Biden wants to extend the existing family payment till 2025. Many prominent Democrats have also called on the President to make this payment permanent as it would bring nearly half of America out of poverty.
But President Biden wants to do much more than the present stimulus check payments. Under the American Families, Plan Biden envisions a total coverage that will give access to free medical aid, student education support, family leave, and a lot more.
But he is sure to run into the Republicans and also some lawmakers within his party, as funding all these will mean raising corporate taxes. The president would be most wary of any dissent within the Democrats at present, giving his narrow majority.