The 7 plans Biden has proposed that could put extra cash in your wallet


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With votes still being counted in several states, the race between Democratic nominee Joe Biden and President Donald Trump remains tight. But Biden has a clearer path to the 270 electoral votes needed to win the White House.

Biden may have to deal with a divided government. Republicans are on track to keep control of the Senate and gain seats in the House, making Mitch McConnell the majority leader in the upper chamber.

The former vice president has unveiled seven plans that could put extra cash into people’s wallets. Here are the details around them.

Biden supports providing families with children with monthly payments.

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Earlier this year, Biden unveiled a plan to allow families with children to receive a monthly federal payment of $250 to $300 during the pandemic.

Currently, people can claim a child tax credit of up to $2,000 based on their annual income. Biden’s plan increases it to $3,000 for kids under 17 in 2021 and adds $600 for young children age 6 and below, totaling $3,600.

The credit is refundable in the Biden plan, meaning the amount people would receive is not dependent on their tax payments.

Some people now get a smaller sum back from the government since their tax bill isn’t large enough to earn the full credit. It disproportionately impacts lower-income families.

The Tax Policy Center estimated that 90% of families with children would receive an average of $2,380 from the credit this year. About 40 million families claim it every year…..Read More>>

 

Source:- businessinsider

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