In a weekend session, the U.S. Senate passed the ‘American Rescue Plan Act’ – a Democrat-supported bill that includes stimulus payments, COVID provisions, and a slew of liberal wish list items. The bill passed 50-49 in a strict party-line vote. (Full Text HERE)
The bill includes $1,400 per person stimulus payments for those earning less than $75,000 per year ($150,000 for couples), and for each of their dependents including college-aged children. President Biden said in an announcement Saturday that the payments would go out “this month.”
The bill also includes a $300 per week increase to unemployment benefits, $48 billion for testing, tracing and vaccination efforts, $150 billion for schools to implement COVID policies, $40 billion to help renters and homeowners afford their rent or mortgage, $25 billion for restaurants and bars, $7.5 billion for the CDC’s vaccine activities, 7.7 billion for State and local Public Health Departments, another $7.25 billion for the Paycheck Protection Program, and extends the PPP to nonprofits.
The bill includes:
There is an increase to the child tax credit from $2,000 to $3,000. The tax credit is different than the dependent exemption every earner can claim in that it is restricted to children 17 and younger (college students do not qualify) and they must live with the earner. The new credit is refundable and increased to $3,000 ($3,600 for children 6 and under) for those making less than $75,000 per year ($150k for married filing jointly). Up to $1400 of the credit can be received as a refund if the credit is worth more than a person owes in federal taxes. Any refundable portion will be paid out in 6 equal payments from July to December 2021.
The $15 minimum wage hike and Schumer’s $1.5 million for a bridge between New York and Canada were both pulled out during Senate debate..
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