Relevance to Generation Z:
Following the pandemic, the US economy needs a boost in several different ways. With this legislation, President Biden is focusing on the plight of families with young children.
Democrats in the House of Representatives are currently developing legislation suggested by President Joe Biden. The new legislation, which lasts for a year but could become permanent, would augment the child tax credit and allow the IRS to provide monthly allowances to families. One proposal provides monthly checks of $300 to be deposited by the IRS for every child under the age of 6 and $250 checks for every child between the ages of 6 and 17. Annually, parents would receive $3000 for every child aged 6 to 17 and $3,600 for every child under 6. Eligibility for these payments is expected to be based upon calculations of a family’s income from the previous year's taxes.
- Molly Alexander
Source: CNN
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