Monday, February 8, 2021

BREAKING: Democrats to Unveil $3,000-Per-Child Payment

Senior Democrats on Monday will unveil legislation to provide $3,000 per child to tens of millions of American families, as part of President Biden’s $1.9 trillion economic relief package, according to The Washington Post.

The 22-page bill to dramatically expand direct cash benefits to American families was obtained by The  Post ahead of its release.

Under the proposal, the Internal Revenue Service would provide $3,600 over the course of the year per child under the age of 6, as well as $3,000 per child of ages 6 to 17. The size of the benefit would diminish for Americans earning more than $75,000 per year, as well as for couples jointly earning more than $150,000 per year. The payments would be sent monthly beginning in July.

The benefits would not be deducted off taxpayers’ existing tax liability, meaning American parents would still receive $250 per month per child — or $300 per month per young children — even if they have an existing tax obligation with the IRS.

The new payment is currently a one year plan, but congressional Democrats and White House officials have said they would push for the policy to be made permanent later in the year.

The plan has been estimated to cost upward of $120 billion per year.

Well, at least for starters, it is coming out of Biden's $1.9 trillion spending extravaganza rather than on top of it. But if it is made permanent, it would be another annual net boost to federal spending---money the government does not have.


No comments:

Post a Comment