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Biden's new stimulus plan features family benefits that include an annual credit of up to $3,600

Added 01-15-21 11:14:02am EST - “Biden's American Rescue Plan expands the Child Tax Credit to include $3,600 yearly benefits for families with children under the age of 6.” - Businessinsider.com

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Posted By TheNewsCommenter: From Businessinsider.com: “Biden's new stimulus plan features family benefits that include an annual credit of up to $3,600”. Below is an excerpt from the article.

President-elect Joe Biden's economic relief package unveiled on Thursday included yearly benefits for families with children, marking his first official step toward addressing child poverty.

According to Biden's American Rescue Plan, the Child Tax Credit will be expanded so that families with children under the age of 6 will receive $3,600 per year, along with $3,000 per year for every child between the ages of 6 and 17. In addition, this credit will be "fully refundable," meaning that taxpayers will get a refund check even if the tax credit is greater than their tax liability.

"We are facing an acute, immediate child care crisis in America, which is exacerbating our economic crisis," Biden said in a statement.

He continued: "If left unaddressed, many child care providers will close – some permanently – and millions of children could go without necessary care, and millions of parents could be left to make devastating choices this winter between caring for their children and working to put food on the table."

Biden also plans on expanding child and dependent care tax credit for a year, covering half the cost of childcare up to $4,000 for one child and $8,000 for families with two or more children making less than $125,000 a year. As with the Child Tax Credit, this credit will be fully refundable, as well, further assisting low-income families. 

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