President Biden faces hurdles toward getting consensus among Democrats on an infrastructure package, regardless of if it's bipartisan legislation or if Democrats pursue legislation on their own.
Marie Sapirie argues that the American Families Plan is likely an opening bid in what will invariably be a longer process of putting a capital gains tax rate increase into effect.
Meanwhile, states are withdrawing from unemployment programs anywhere from mid-June through mid-July.
Funds from the child tax credit may help offset some of a household s lost income if laid-off workers lose unemployment benefits but aren t able to find a job or return to work.
Roughly 46% of households receiving unemployment benefits also have kids under age 18, according to the U.S. Census Bureau s Household Pulse Survey. It will help, according to Heidi Shierholz, director of policy at the Economic Policy Institute, a progressive think tank, and former chief economist at the Department of Labor. But for most families it will be just a fraction of what they re losing.
The IRS will start sending payments of the child tax credit July 15, around the time when two dozen states are withdrawing from federal unemployment programs.