Covid stimulus 3

The Biden Covid stimulus plan is very similar to that which was proposed last summer even down to the total cost of $2 trillion. The summer plan never made it because congress could not agree on the details. Let's hope this new plan will have better luck. One point of interest is increase the child tax credit from the current $2,000 per child to $3,000 per child an $3,600 per child under age 6. This means a family of four with two children under age 6 can earn up to $88,000 and pay no income tax. Another change lowers the monthly cost for Obamacare for lower income people but this will be of little help since the big cost is in the deductible. The plan temporally increases most public assistance plans which primarily help the poor, things like food stamps, WIC and nutritional aid. The plan calls for an increase in the tax deduction for child care, this will not help the working poor since they pay no income tax and this plan is not refundable. Both plans provide more income for not working than for working for many low income workers. For example if you earn $600 per week your benefit will be $700. Both plans offered $2,000 to many people who were still working when this could have provided $6,000 to those who were laid off,