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February 9, 2021 7:27 AM Lisa Rowan - Forbes Advisor
Posted:
Updated:
February 11, 2021 3:20 AM
As debate continues on the best methods for reinvigorating the post-pandemic economy, attention in Washington has suddenly turned to child poverty.
The U.S. has a higher poverty rate than many other developed nations, including Australia, Russia and the United Kingdom. The Covid-19 pandemic has only exacerbated the economic divide, forcing more low-income families to rely on food banks and other forms of temporary aid.
In the past month, there have been three major proposals to address the growing issue of child poverty:
President Joe Biden has proposed
Senior Democrats in the US will unveil legislation to provide $4162 (US$3000) per child to tens of millions of American families, aiming to make a major dent in child poverty as part of US President Joe Biden s US$1.9 trillion economic relief package. The 22-page bill to dramatically expand direct cash benefits to American families was obtained by
The Washington Post ahead of its release. Under the proposal, the Internal Revenue Service would provide US$3600 over the course of the year per child under the age of 6, as well as US$3000 per child of ages 6 to 17. The size of the benefit would diminish for Americans earning more than US$75,000 per year, as well as for couples jointly earning more than US$150,000 per year. The payments would be sent monthly beginning in July, a delay intended to give the tax department time to prepare for the massive new initiative.