Even as the demand for a fourth stimulus check grows, there are ways you can get more money from the American Rescue Plan. Every week a new round of stimulus funds is sent out. The IRS has dispatched around a million checks this week, many of which are plus up payments.
This is the ninth week running where checks have been regularly sent out since the second week of March 2021 when the bill was signed by President Biden.
More than 165M Americans have received their stimulus checks, getting a total of around $388 billion. As Americans rushed to file their taxes before the deadline ended on May 17, many more stimulus payments will roll out.
Immediate Need For More Stimulus Checks
But the payments are not expected to last long as the economic downturn continues to affect fresh recruitment. And millions are clinging to hopes of a fourth stimulus check.
But any hopes for an immediate fourth stimulus check are on hold, at least for the present. President Biden continues to remain preoccupied with the American Infrastructure Plan. With an expected outlay of $2 trillion, this bill will concentrate on overhauling the infrastructure across all sectors including roads, electricity, bridges, telecommunication, and education.
A second proposed package is the American Families Plan that will ensure more money for Americans affected by the economic downturn caused by the pandemic. And here are ways that this future payment can bring in money and give support more wide-ranging than the third stimulus check. The only catch is that these payments are subject to the bill getting through Congress.
Free Training Support And Tuitions For College
Both the American Infrastructure Plan and the American Families Plan have a common objective. They aim to build the education infrastructure and get more money directly to students in schools and colleges. This plan includes the DREAMers project that would give a couple of years of education and training in community college to every American free of charge.
President Biden has requested $109 billion to fund this project. Every American who wishes to further their skills can get themselves admitted to any community college and pick up a credential or a degree. The period can be stretched over three to four years. The whole project will be free.
This should be a boon for all those who have struggled with the high cost of college and job training. Higher education will be within the reach of everyone.
The President has also requested an investment of $85 billion to help poorer students complete their college education.
This project will help the marginalized communities, including black, Hispanic, and tribal, and their educational institutions.
3 And 4 Year Old To Get Free Preschool
The Families Plan also has plans for parents struggling to meet the expense of pre-schools. President Biden wants to set aside $200 billion for pre-school education.
This project will be an inclusive collaboration with states. The plan is to help 5 million students and would save a staggering $13,000 per family.
Plans For The Pre Schools Educators
The Families Plan could also support the early childhood educators who receive only $12.24 an hour. If the plan gets through, early educators could earn a minimum of $15 an hour.
Further, such educators would receive wages on par with public school teachers, if they have the qualification of kindergarten teachers.
Bring Down Cost Of Childcare For Low Income And Families With Moderate Income
This plan is an extension of President Biden’s plan to help parents struggling to provide for their children affected by the downturn brought about by the pandemic. The Child Tax Rebate, set to begin immediately after the stimulus check, could achieve just that.
The plan is to ensure that families are not made to spend 7% and more of their total income on education. It could save as much as $14,800 each year in childcare costs.
Paid Family Leave And Medical Leave
Just holding on to a job is tough under the current circumstances. And any medical expense could break most families given the high cost of medicine and treatment in America.
The aim is to provide free paid leave for 12 weeks to all Americans for medical reasons. It would cover personal and family illnesses, including parents. There are also 3 bereavement leaves allowed.
Workers can get a maximum of $4,000 per month, with around 65% of regular weekly wages substituted. For lower-income, the figure is 80%.
The Child Tax Credit To Be Expanded Through 2025
The plan to stretch the Child Tax Credit set to start along with the third stimulus check, through 2025 will help to bring many families out of the grip of poverty.
The plan is to offer an additional $1.600 per child below the age of six for couples earning less than $100,000. And $2,200 more could be added if the combined income was below $24,000 a year.
Tens of millions of families are expected to gain from this amount that will be above the $1,400 max that families have already received as stimulus payment. But unlike the stimulus check, the Child Tax Credit payment is expected to be given several times through December 2021.
More Health Insurance Tax Credits
Health insurance support could also get bigger with tax credits to be added to the rescue plan. Health insurance expenses could come down by $50 per month for each person.
This will immensely benefit 9 million Americans already covered and bring 4 million more within the medical insurance coverage.
A Permanent EITC To Benefit Childless Workers
The earned income benefits for childless workers could get a boost as the family plan aims to increase the earned tax credit by three times. Around 17 million workers stand to benefit if the proposal is implemented.
At present, childless workers earning $9 while working 30 hours every week could slip below the federal poverty mark post taxes. An increase in the EITC above $1,100 will ensure that millions are pulled out of severe scarcity.
Families Bearing Childcare Costs Could Get Tax Credits Permanently
The Child and Dependent Care Tax Credit, a part of the Rescue Plan could get permanent under the American Families Plan.
Parents will get half of every dollar they spend as qualified healthcare for kids under 13. In terms of the amount allowed, it is $4000 maximum for a child and $8,000 for a couple of children or more.
For families earning below $125,000 each year, the benefits could be in the form of a 50% refund. The credit could be partial for those earning above $125,000 but less than $400,000.
The credit could be passed from early childhood expenditures to full-time, after-school, and even summer care.
The American Families Plan could give equal or even more benefits than the third stimulus check if passed. And for those waiting for the fourth stimulus check, this plan is comprehensive and covers areas that are economically affecting American families the most at the moment.
