On Saturday, politicians in the U.S. approved the massive $1.9 trillion Covid-19 relief package dubbed President Biden’s “American Rescue Plan.” The stimulus plan will see American citizens earning $75k or less eligible to receive $1,400. Moreover, households will get an additional $1,400 for every dependent child claimed. Despite the direct cash payments, Biden’s American Rescue Plan is also filled with pork-barrel items that have nothing to do with coronavirus relief.
The So-Called ‘American Rescue Plan’
Americans are expecting a third stimulus check in the near future, after members of the U.S. Congress approved the $1.9 trillion relief package called the “American Rescue Plan.” The 628 page bill worth nearly two trillion U.S. dollars will see American citizens get the largest cash payments to-date.
The bill’s pages outline that individual Americans who earn $75,000 per year or less will get a payment for $1,400. American couples will get a check worth $2,800 if they make $150k or less per year. In addition to this, U.S. households will get an additional $1,400 per child dependent that is claimed on their income tax filings.
Estimates also show that all the direct payments to American citizens and households will cost roughly $422 billion. Furthermore, Biden’s American Rescue Plan includes $246 billion dedicated to the weekly unemployment supplement that will last up until August 29, 2021. This money will also be leveraged for an extension of programs that may provide even more people with unemployment benefits.
There’s also the “Child Care Tax Credit” that households can use to get …
Story continues on Bitcoin.com