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How the COVID relief bill could help reshape the finances of American families

Various excepts

How the COVID relief bill could help reshape the finances of American families (s: $1.9 trillion stimulus, American Rescue Plan Act of 2021), Minnesota Public Radio, 3/14/21

Included in President Joe Biden's $1.9 trillion relief package is a provision that provides many American parents an allowance of $250 a month for each child and $300 for kids under 6.

Although set to last only through this year, ...

The federal government already offered a limited tax break for parents, but the new law expands that in a number of important ways.

First, it vastly expands the amount of money provided to families 50 percent to 80 percent more for each child.

Second, it's designed to be given out monthly, like an allowance, rather than just once a year.

And third, parents with little or no income still qualify for the full amount.

That's a departure from the existing tax break, which is less generous to low-income workers and gives the poorest families nothing at all.

"This is landmark legislation that would really slash child poverty and target benefits to the lowest-income families that need them the most," says Kris Cox, deputy director of federal tax policy at the left-leaning Center on Budget and Policy Priorities.

Congressional Democrats are already hoping to make the child subsidy payment permanent. Extending the child subsidy would cost about $100 billion a year.

MORE: https://www.mprnews.org/story/2021/03/14/npr-how-the-covid-relief-bill-could-help-reshape-the-finances-of-american-families

Tags: $1.9 Trillion Stimulus, ARPA 2021, American Rescue Plan Act of 2021
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