SPECIFICS OF TAX RELIEF PLAN
Specifics of tax relief plan. All most Americans know about the $1.9 trillion COVID-19 tax recue bill, is that is gives them a stimulus check. But this bill includes a lot more than just stimulus checks for Americans. It is designed to spur the U.S. economy forward, after the economy stalled this winter, due to the surge in COVID-19 cases. With the vaccine distribution ongoing, and more and more Americans getting vaccinated, this stimulus bill’s timing couldn’t be better. It has the ability to kick start a lackluster economy into high gear, and get the U.S. economy back to normal, much faster than if the money had not been spent. In the long run, if it saves thousands of businesses and families, struggling under the weight of COVID-19, the added tax benefits to the U.S. Government and the economy, will be much better served and the recover will take place faster. Specifics of tax relief plan.
President Joe Biden stated that the $1.9 trillion coronavirus stimulus bill was something he wanted to accomplish, going back prior to being sworn in as Commander in Chief. The House Ways and Means Committee has nine specific legislative proposals, which compromise half of the $1.9 trillion total relief package. Other committees are drafting other pieces of the legislation. An extension of the unemployment benefits for those who have exhausted state eligibility or who don’t normally qualify. AN increase in extra weekly unemployment benefits. Workers are currently getting $300 per week, but this proposal bumps that to $400 per week. An expansion of the Earned Income Tax Credit to $3600 for each child under six and $3000 for each older child. The credit is currently set at $2000 and is only partly refundable. This bill makes it fully refundable.
An increase in premium tax credits under the Affordable Care Act to make health insurance more affordable for lower income families. Help for nursing homes, emergency assistance for vulnerable individuals, and funds to stabilize employee pension funds. Expanding the CHild and Dependent Care Tax Credit so families can claim as much as half the amount of their childcare costs.