Tag: Biden American Families Plan

By the Numbers: Making the Expanded Child Tax Credit Permanent Would Help Thousands of Minnesota Families

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MINNESOTA — The historic expansion of the Child Tax Credit passed by Democrats in Congress and without the support of a single Minnesota Republican will substantially reduce poverty for about 43,000 children in Minnesota. Now, President Biden and congressional Democrats are poised to make this life-changing provision permanent with the passage of the American Families Plan. 

Right now, the program is only written to last through the end of 2021. The American Families Plan would make the expanded Child Tax Credit available for at least the next four years, locking in these benefits for years to come. The numbers below help to show what passing the American Families Plan and making the expanded child tax credit permanent would mean for Minnesota families:

Continue reading “By the Numbers: Making the Expanded Child Tax Credit Permanent Would Help Thousands of Minnesota Families”

McConnell: No Senate Republicans will back Biden on $4T

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Senate Minority Leader Mitch McConnell (R-Ky.) said on Monday that he expected no Republicans would support President Biden‘s sweeping infrastructure package, indicating GOP lawmakers are open to a roughly $600 billion bill.

“I think it’s worth talking about but I don’t think there will be any Republican support — none, zero — for the $4.1 trillion grab bag which has infrastructure in it but a whole lot of other stuff,” McConnell said in a press conference in Kentucky.

Biden has proposed a sweeping roughly $4 trillion infrastructure package broken up into two pieces: A $2.3 trillion jobs package and a $1.8 trillion families package. While the package includes money for roads, bridges and broadband, it also expands into manufacturing, in-home care, housing, clean energy, public schools and manufacturing. Continue reading.

White House: Only couples making more than $509K would see tax hike

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President Biden’s proposed top income tax bracket of 39.6 percent would impact single filers with income above about $453,000 and married couples with income above roughly $509,000, a White House official said.

Biden is proposing as part of his American Families Plan to raise the top rate to 39.6 percent from 37 percent, bringing the rate back to where it was prior to the enactment of former President Trump’s tax law. 

The details about the income thresholds for the 39.6 percent bracket provide further clarity about how Biden’s pledge to not raise taxes on taxpayers making under $400,000 would work. Continue reading.