PRESIDENT Biden’s next bill could put thousands of dollars in American pockets.
On May 5, the IRS sent out its third round of stimulus checks, distributing over $ 2 billion to over 1.1 million Americans.
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The IRS is still in the process of sending the third round of checks.Photo credit: Getty
If you’re wondering where your stimulus check is, check out the IRS’s newly created stimulus tracking tool.
Even if you didn’t receive a check, you can still get money through the American Families plan proposed by Biden.
Biden is working on two new stimulus packages, the American Jobs Plan and the American Families Plan.
While the American employment plan will primarily focus on infrastructure spending, the American family plan would allocate $ 1 trillion in spending and $ 500 billion in tax credits to new programs and benefits.
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Biden presented the American Families Plan in a joint address to Congress.Image credit: AP
In a joint address to Congress on April 29, Biden called the American Families Plan “a one-time investment in our families and children.”
The details of the legislation have yet to be confirmed and could change significantly if Biden seeks congressional approval.
While Biden has not yet voiced support for recurring payments, he has announced other proposed provisions for the bill that would provide financial aid to American families.
The bill would provide assistance in the form of child tax credits, government-funded education and childcare, and paid family and sick leave.
Here are five ways you can get more cash:
Student loan forgiveness
Student debt rose more than 100% over the past decade, reaching $ 1.7 trillion by the end of 2020.
Since his presidential campaign, Biden has spoken out in favor of forgiving $ 10,000 in student debt.
The student loan payment hiatus was extended three times during the pandemic, first by former President Trump and then by Biden in an executive order signed in January.
Democratic Senators Elizabeth Warren and Chuck Schumer have both called for student loans equal to five times that amount.
At a town hall in February, Biden rejected the senators’ proposed increase, saying, “I’m ready to write off $ 10,000, but not 50.”
A new Change.org petition with over 1 million signatures calls on Biden to cancel all student debts through an executive order.
Extended tax credit for children
With the adoption of the American rescue plan, the child tax credit has been expanded for the next fiscal year.
Single parents earning less than $ 75,000 and married couples earning less than $ 150,000 are eligible for this year’s tax credit.
Applicants receive US $ 3,000 for children over five and US $ 3,600 for children under five.
If included, the new stimulus package would extend the child tax credit through 2025.
Paid medical and family leave
If you plan to take family or sick leave from work, you may be entitled to compensation.
Biden has proposed a measure to pay for time off work to care for children and sick family members, to heal from an illness, or to recover from mental trauma. This emerges from a White House information sheet.
The program would give workers who take vacation leave up to $ 4,000 a month and replace at least two-thirds of weekly wages.
Ten years after implementation, it would also guarantee 12 weeks of paid family or sick leave.
Democratic lawmakers Kirsten Gillibrand and Rosa DeLauro are behind the push for the program and have put in place a similar plan every year since 2013.
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Biden’s new stimulus package would extend the child tax credit.Photo credit: Getty
Free community college
If you are planning on enrolling in a two-year community college, the government could pay the cost of your degree.
The program would provide a total of $ 109 billion that students can access for up to four years.
In addition to the youngest high school graduates, workers interested in returning to school and DACA recipients would also be eligible.
The program would also include an increase in Pell grants for low-income students by up to $ 1,400.
Fourth stimulus check
Although the Biden government has not confirmed that it will send more checks directly to Americans’ bank accounts, a fourth stimulus check remains possible.
Speaking at a news conference on May 4, White House press secretary Jen Psaki said of the prospect of additional payments, “We’ll see what members of Congress propose, but they’re not free.”
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Despite the White House’s hesitation, calls for more direct controls are gathering pace.
A Change.org petition urging Biden to add $ 2,000 monthly recurring checks to the plan is now supported by 75 lawmakers.
“I urge Congress to provide immediate assistance to families with $ 2,000 for adults and $ 1,000 for children, and to continue regular checkups for the duration of the crisis,” wrote Stephanie Bonin, the Denver-based restaurant owner, who started the petition.
