The package would provide an increase of the 33% to the income of the 20 Poorest% of United States Citizens
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The $ 1 stimulus package, 900 million dollars proposed by President Joe Biden would provide significant financial assistance to the poorest American households , which have faced higher rates of loss of income and jobs during the coronavirus pandemic.
Under the plan, already moving forward in the House of Representatives, the next stimulus bill would yield $ 1, 400 dollars in stimulus checks to eligible individuals, in addition to expanding the Child Tax Credit (CTC) and the Earned Income Tax Credit (EITC).
In total, the three programs would provide an increase in 33% of 20 Poorest% of United States Citizens , according to him Institute for Fiscal and Economic Policy (ITEP), according to CBS .
According to Biden’s project, the CTC would be expanded to give up to $ 3, 600 for children up to 6 years and $ 3, 000 for children up to 17 years. The current CTC limit is $ 2, 000. That is, there would be an increase of $ 1, 600 dollars .
On the other hand, it would also extend the EITC to more low-income workers without children, increasing the maximum tax credit for adults without children of approximately $ 530 at $ 1, 500. That is, there would be an increase of about $ 1, 000 Dollars.
If you add the $ 1 stimulus check, 500, plus the increase of $ 1, 600 of the CTC , and the $ 1 increment, 000 of the EITC, in total it will give you $ 4, 000 more dollars of support that will be given to the poorest in the country.
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