The Covid Relief bill, which as many of you have already noted, is a pretty big fucking deal, has a lot of good stuff that will help a lot of people. I think the part that excites me the most is the billions spent to expand and facilitate covid testing and distribution of the vaccine, as well as help development of a new vaccine.
The other part that strikes me as game changing is the child tax credit:
The package makes a significant change to the social safety net through the tax code that could have an impact on child poverty rates and potentially form a pillar of Mr. Biden’s economic legacy. The plan would raise the $2,000 Child Tax Credit to $3,000, set the credit at $3,600 for parents of children under age 6 and make parents of 17-year-olds eligible. It would also make the credit fully refundable, so low-income households would get the full benefit, no matter how little they earn. For a household with a 4-year-old and 7-year-old that doesn’t earn enough to pay income taxes, the plan would boost their maximum child tax credit to $6,600 from $2,800.
The proposal would also authorize periodic payments, so that the credit becomes a near-universal child allowance like those in some other countries instead of part of a lump-sum tax refund.
While the package would make the child tax-credit changes only for one year, it is broadly expected that Democrats will seek to make them permanent in the future.
Again, game changing. This will help lift so many kids out of poverty.