While speaking at Congress on March 11, 2021 (On Wednesday), US President Joe Biden presented a new stimulus package totaling $1.9 trillion aimed at supporting American families.
This stimulus package is also known as "The America Rescue Plan Act 2011".
The proposals relate to educational programs and social security for families with low or middle income.
Specifically, Biden is proposing creating a nationwide vacation pay program for the care of sick children or adults.
Specifically, Biden is proposing creating a nationwide vacation pay program for the care of sick children or adults.
The Biden administration expects to raise funds to pay for social programs by raising the income tax rate for wealthy Americans to 39.6% from 37%.
In addition, the president is proposing almost to double the tax on capital gains and dividends for people earning $1 million, from 20% to 39.6%.
With the current investment income tax surcharge of 3.8 percentage points, the tax rate for wealthy Americans will reach 43.4% (now it is 23.8%).
Biden's plan also includes tax cuts for low- and middle-income people, including permanent extensions of certain tax breaks.
The bill, approved by the Senate on March 14, 2021 (on Saturday), would broaden the range of people who could benefit and increase payments to up to $3,600 per child under six and $3,000 for children 6 to 17 years old.
This, apart from the stimulus checks for $1,400 that the American Rescue Plan contemplates, also extends unemployment support of $300 a week until September 6, among other stipulations.
The House of Representatives already gave its endorsement in a final vote on Wednesday 220-211. Now the law awaits on the desk of President Joe Biden, who is eager to sign it.
More than 6.6 million Texas children could benefit, according to a study by the Center on Budget and Public Priorities.
Low- and middle-income families in Texas and other states are poised to receive strong support, as Congress expanded the child tax credit as part of the $1.9 trillion stimulus package due to vote on Wednesday.
How can you claim the Stimulus Check for newborns?
All stimulus checks given in 2021 are considered front payments of the Recovery Rebate Credit. Every relief amount was based on a person's tax return in 2020 or 2019.
Now, if a baby borns in 2021, that baby won't be included in the payment for that year.
One must be under 19 years of age to get access to the payment. However, students are eligible up to 24 years of age.