Biden Stimulus: American Rescue Plan includes $ 3,600 in annual family benefits

Biden Stimulus: American Rescue Plan includes $ 3,600 in annual family benefits

President-elect Joe Biden’s US bailout expands the child tax credit to include $ 3,600 in annual benefits for families with children under 6. The tax credit for children and dependents will also be expanded, covering half the cost of a child. The plan will have significant impacts on reducing child poverty in the United States, cutting it by almost half. Visit the Business Insider homepage for more stories.

President-elect Joe Biden’s economic aid package, unveiled Thursday, included annual benefits for families with children, marking his first official step towards tackling child poverty.

According to Biden’s American Rescue Plan, the child tax credit will be expanded so that families with children under 6 will receive $ 3,600 per year, as well as $ 3,000 per year for each child ages 6 to 17. years. the credit will be “fully refundable”, which means that taxpayers will get a …

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