Key piece of Biden’s $1.8T families plan expires after 2025 By JOSH BOAK, Associated Press
Published: April 30, 2021, 4:24pm
Share: In this April 28, 2021, photo, President Joe Biden speaks to a joint session of Congress in the House Chamber at the U.S. Capitol in Washington. Biden couldn t get everything he wanted into his own $1.8 trillion families plan. His proposed child tax credit is set to expire after 2025. It would provide parents with $300 a month for each child under 6 and $250 a month for older children. (AP Photo/Andrew Harnik, Pool)
WASHINGTON President Joe Biden couldn’t get everything he wanted into his own $1.8 trillion families plan.
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Key piece of Biden s $1.8T families plan expires after 2025
In this April 28, 2021, photo, President Joe Biden speaks to a joint session of Congress in the House Chamber at the U.S. Capitol in Washington. Biden couldn’t get everything he wanted into his own $1.8 trillion families plan. His proposed child tax credit is set to expire after 2025. It would provide parents with $300 a month for each child under 6 and $250 a month for older children. (AP Photo/Andrew Harnik, Pool)
Still, the tax credit is integral to the administration s goal of reducing child poverty to the single digits and improving the well-being, education and earnings of America’s next generation. It was first introduced in part of Biden s $1.9 trillion coronavirus package as a yearlong benefit that increased the size of the existing credit, opened it up to almost every family and enabled it to be paid out monthly.
“With two parents, two kids, that’s up to $7,200 in your pocket to help take care of your family,” Biden said in his joint address to Congress on Wednesday night.
Credit: AP
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April 30, 2021 8:30 AM By JOSH BOAK, Associated Press
Posted:
Updated:
AP Photo/Evan Vucci
President Joe Biden speaks during a rally at Infinite Energy Center, to mark his 100th day in office, Thursday, April 29, 2021, in Duluth, Ga.
AP FILE
President Joe Biden s administration wants to make a $1.8 trillion down payment on the future of children, families and higher education, saying it would produce lasting benefits for the economy. Paying for it would be $1.5 trillion of tax hikes over the next decade on the wealthiest households.
A closer look at where the money is going and where it s coming from:
Child tax credit: Key piece of Biden’s $1.8 trillion families plan expires after 2025
Updated Apr 30, 2021;
Posted Apr 30, 2021
In this April 28, 2021, photo, President Joe Biden speaks to a joint session of Congress in the House Chamber at the U.S. Capitol in Washington.AP Photo/Andrew Harnik, Pool
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WASHINGTON (AP) President Joe Biden couldn’t get everything he wanted into his own $1.8 trillion families plan.
His proposed child tax credit is set to expire after 2025. It would provide parents with $300 a month for each child under 6 and $250 a month for older children. Democratic lawmakers are pushing hard to make the credit a permanent policy, but the administration told them that the annual costs of roughly $100 billion were too high.