Millions of Americans, even those who didn't vote for Biden and VP-Elect Kamala Harris, are hoping it passes soon. The key appeal of the plan is more coronavirus relief money.
Last year, some House and Senate Republicans joined their Democratic colleagues in calling for the second economic relief payment of $2,000 per person. That was trimmed to $600 per person in the final bill that became law on Dec. 27, 2020.
Now Biden wants Capitol Hill to add the missing $1,400 per person to bring the total to the $2,000 level.
Appealing to the public: But that's just one part of Biden's $1.9 trillion proposal, which he announced in the C-SPAN clip below.
That straight-from-the-President-Elect video about the latest coronavirus financial help proposal earns this weekend's Saturday Shout Out.
If you don't want to watch the full 26-minute video, just below Biden talking is a transcript you can scroll through. If you're looking for something specific, there's also a word search option.
Or you can check out today's other shout outs to the following articles that examine some of the Biden proposal's other components.
- President-elect Biden Outlines Plan for Additional Coronavirus-Related Relief and Stimulus is the straightforward headline on the Tax Foundation piece. It's written by the conservative-leaning Washington, D.C.-based nonprofit's Erica York (Economist), Garrett Watson (Senior Policy Analyst) and Huaqun Li (Senior Economist).
- Biden's Huge Pandemic Relief Plan Would Cut Taxes for Low- and Moderate-Income Households, writes Howard Gleckman at TaxVox. That's the blog of the more liberal Urban Institute/Brookings Institution Tax Policy Center, also based in the national capital and where Gleckman is a Senior Fellow.
More than checks: In addition to the additional payments to individuals, Biden proposes expansion of a couple of family-friendly tax credits, the Child Tax Credit and Child and Dependent Care Tax Credit). He also wants to make the Earned Income Tax Credit more beneficial to people without children.
Biden's plan also calls for extended unemployment benefits and more help to small businesses and state and local governments.
Even with Democrats still in charge of the House and having Harris' vote to break a 50-50 Senate tie, getting the plan through both chambers in Biden's original form is not guaranteed.
So check out the plan and see what portions would help and/or are important to you. Then let your lawmakers know. You voice could make a difference.
You also might find these items of interest:
- 8 Q&As about the $600 COVID-19 payments that already are on their way
- Got COVID relief money questions? The IRS has updated its online answers
- If you don't get your COVID money by Jan. 15, you'll have to claim it on your 2020 tax return
|Coronavirus Caveat & More Information
In 2020, we're all dealing with extraordinary circumstances,
both in our daily lives and when it comes to our taxes.
The COVID-19 pandemic and efforts to reduce its transmission
and protect ourselves and our families means that,
for the most part, we're focusing on just getting through these trying days.
But life as we knew it before the coronavirus will return,
along with our mundane tax matters.
Here's hoping that happens soon!
In the meantime, you can find more on the virus and its effects on our taxes
by clicking Coronavirus (COVID-19) and Taxes.