American Families Plan: What's In It, And How Could It Put Money In Your Pocket?
Added 05-04-21 04:29:02pm EST - “This sweeping piece of legislation can be loosely divided into childcare, education and paid family leave, but it also includes tax cuts and support for nutrition.” - Stlouis.cbslocal.com
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(CBS San Francisco) — Last week President Biden announced the American Families Plan. The $1.8 trillion package focuses on reforming childcare, education and paid family leave. A fact sheet on the plan calls it “an investment in our children and our families—helping families cover the basic expenses that so many struggle with now, lowering health insurance premiums, and continuing the American Rescue Plan’s historic reductions in child poverty.”
This is the administration’s next step in its bid to rebuild and remake the economy in what are hopefully the waning days of the COVID pandemic and into the future. The first step was the American Rescue Plan, which included $1,400 stimulus checks, extended federal unemployment benefits and an upgraded Child Tax Credit. It was signed into law in mid-March, and implementation is ongoing.
The American Jobs Plan was announced a few weeks later. The companion bill to the American Families Plan is worth about $2.3 trillion in its current form. It aims to rebuild roads, repair bridges, do away with lead pipes, extend broadband, and modernize the country’s electric grid, among other things. While restoring the country’s infrastructure, the plan also seeks to create jobs and a climate-friendly future.
The far-reaching Jobs Plan includes many items that don’t qualify as infrastructure in the traditional sense. Those range from $213 billion earmarked for affordable housing to $100 billion set aside for workforce development among underserved groups. The plan also looks to increase pay for caregivers who tend to the elderly and disabled. Each of these efforts would mean more money for those affected. On a broader scale, the plan also has the potential to create many jobs across a wide swath of the economy. Spending would be spread out over eight years.
The Families Plan could have a more direct and noticeable effect on households and bank accounts than the Jobs Plan. Spread over 10 years, it includes investments worth approximately $1 trillion and tax cuts worth about $800 billion. Many of its key components address issues that affect household budgets on a month-to-month basis.
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