BIDEN MAY PUT MORE CASH IN YOUR WALLET
November 22, 2020 - Douglas Myser
Biden may put more cash in your wallet. With the election in the rear view mirror, President elect biden may have to deal with a divided government. Republicans are on track to keep control of the Senate, yet that hinges on the Georgia runoffs. The former vice president has unveiled plans that could put extra cash into people's wallets. Here are some of the details. Biden supports giving families with children more money. This plan would give families with children between $250 and $300 more during the course of the pandemic. He is also proposing a tax credit. The Tax Policy Center estimated that the credit would be available to 90% of families and worth an average of $2380 per family. Biden also supports extending unemployment benefits "as long as public health and economic conditions" call for it, per his campaign website. It didn't specify any amount. Democrats have long pressed to reinstate the $600 federal unemployment benefit that expired in late July. But negotiations for another stimulus package stalled between House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin. Biden may put more cash in your wallet.
Biden has expressed support for "premium pay" for essential workers in line with a plan Senate Democrats introduced in April. That proposal contained a $13 hourly boost for "frontline workers'. The sum a worker could receive until the end of the year is capped at $25,000 in the Senate Democratic plan. Biden also indicated that more stimulus checks could be sent out to taxpayers "should conditions require." In march, around 160 million stimulus checks for $1200 were distributed through the CARES Act. House Democrats included them in the $2.2 trillion economic aid plan they approved in october. McConnell has expressed support for them, though Senate Republicans are divided on it. Many GOP lawmakers staunchly oppose passing another large coronavirus relief plan, citing the growing national debt. Whether enough of them can be convinced to support Biden's proposals has yet to be seen.
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