We all need extra cash!! Biden’s proposals will do just that if he wins. Let’s hope he keeps his word and helps the American citizens.
Biden has unveiled seven plans that could put extra money into peoples’ pockets. They include hazard pay for essential workers, a child allowance, a possible wave of stimulus checks, and boosted unemployment benefits.
Biden may have to deal with a divided government. Republicans are on track to keep control of the Senate and gain seats in the House, making Mitch McConnell the majority leader in the upper chamber.
Biden supports providing families with children with monthly payments. Earlier this year, Biden unveiled a plan to allow families with children to receive a monthly federal payment of $250 to $300 during the pandemic.
Currently, people can claim a child tax credit of up to $2,000 based on their annual income. Biden’s plan increases it to $3,000 for kids under 17 in 2021 and adds $600 for young children age 6 and below, totaling $3,600.
The credit is refundable in the Biden plan. Some people now get a smaller sum back from the government since their tax bill isn’t large enough to earn the full credit. It disproportionately impacts lower-income families.
The Tax Policy Center estimated that 90% of families with children would receive an average of $2,380 from the credit this year. About 40 million families claim it every year.
Boosted unemployment benefits for jobless people.
Biden supports extending unemployment benefits “as long as public health and economic conditions” call for it, per his campaign website. It didn’t specify any amount. Democrats have long pressed to reinstate the $600 federal unemployment benefit that expired in late July. But negotiations for another stimulus package has stalled between House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin.
Hazard pay for essential workers.
That proposal contained a $13 hourly boost for “frontline workers” like doctors, grocery store workers, nurses, and others employed in high-risk sectors. The sum a worker could receive until the end of the year is capped at $25,000 in the Senate Democratic plan.
Another possible round of direct payments.
Biden indicated on his campaign website more stimulus checks could be sent out to taxpayers “should conditions require.” McConnell has expressed support for them, though Senate Republicans are divided on it. Many GOP lawmakers staunchly oppose passing another large coronavirus relief plan, citing the growing national debt.
Sick pay for every worker.
The former vice president also supports providing paid sick leave for every worker during the pandemic “This should include workers in all industries and all sectors, regardless of company size, and including gig workers, domestic workers, contractors, and the self-employed,” the campaign website says. Workers are eligible for 12 weeks coronavirus-related paid sick leave because of a law Congress enacted in the spring. It took effect in April and expires Dec. 31.
Increased Social Security checks.
Biden wants to increase Social Security payments by $200 a month through the end of 2021, financed by higher payroll taxes on people earning above $400,000 annually. The former vice president would also boost Supplemental Security Income benefits, a program providing cash assistance to disabled and elderly people. The Urban Institute indicated in an analysis that SSI monthly payments would grow from $792 under existing law to $1,091 for a single adult — a 38% increase in the Biden plan.
Enacting a $15 minimum wage.
Biden supports raising the federal minimum wage to $15 an hour from its current level of $7.25. Congress hasn’t raised it since 2009, the longest the US has gone without an increase in hourly pay. His plan would increase the federal minimum wage and index it to the median hourly wage, so low-wage employees’ incomes tracks more closely with salaried middle-income workers. Research indicates it could increase paychecks for 27 million workers.