March’s $1,9 trillion stimulus bill was just the first leg of Biden’s plan, with its one-time stimulus checks for up to $1,400 apiece, seven child tax credit payments and monthly $300 checks to fill in for lost wages for unemployed workers. The next two stimulus proposals for 2021 that Biden pitched in his speech would send more money directly to people and work to let individuals and families hold on to the money they already have. The next package up — which Biden calls the American Jobs Plan — if approved would put more than $2 trillion into the US economy and create jobs through focusing on critical infrastructure. The second, called the American Families Plan, according to the Washington Post, could set aside $1 trillion for individuals and families. President Joe Biden isn’t waiting for the IRS to finishing sending the third stimulus check that is part of the American Rescue Plan before looking ahead to two new stimulus proposals. In a speech before Congress on April 28, Biden presented his administration’s ideas for how the US can create new jobs, reduce poverty and get more money into people’s hands to spur the economy as it the US comes out of the pandemic. “We need to make a once-in-a-generation investment in our families and our children,” Biden said, outlining the next two packages called the American Rescue Plan and American Family Plan, “a once-in-a-generation investment in America itself.”
Right now, Biden’s plans are just that, but we’ll be following its development. We’ll share every benefit we know of so far. Plus, here’s what to expect from the enhanced child tax credit, what is happening with canceling student debt, how to claim money your state has of yours and how March’s stimulus bill can help you save money on health care costs. President Joe Biden has two more stimulus bills penciled in for this year.
As far as we know, the American Jobs Plan wouldn’t include a fourth check or other obvious savings. It’s the bill after that — the American Families Plan — that could come closer to sending more money to individuals and families. Keep reading for ways Biden and Congress plans to directly help you with the third stimulus bill, plus other proposals on the table. Sarah Tew/CNET
How Biden’s American Families Plan bill may help you
The American Families Plan is still months from approval. First, Biden and Congress are crafting the American Jobs Plan, a $2 trillion plan to build and upgrade roads and transportation hubs, improve the power grid, fund EV car charging, expand affordable housing and bring high-speed broadband to more rural areas. When is Biden’s timeline for the American Families Plan?
Extend the expanded child tax credit through 2025: The temporary expansion of the child tax credit in March’s stimulus bill is expected to reduce child poverty by 45%, according to Columbia University’s Center on Poverty and Social Policy, and lift nearly 5 million children out of poverty entirely. The short-term expansion of the program is set to expire this year however, unless Congress renews the program. Biden’s plan would extend the expanded child credit payments to 2025. After the Biden administration completes its infrastructure and jobs plan, it would move on to seek $1 trillion spending and $500 billion in new tax credits, according to the Washington Post, for the third stimulus package. Here are some of the main areas the American Families Plan could cover:
3:52 Child tax credit: How much are you getting?
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