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President-elect Biden’s COVID plan includes tax cuts for parents

Source: wafb.com - Jan 20, 2021

BATON ROUGE, La. (WAFB) - President-elect Joe Biden’s $1.9 trillion coronavirus aid package includes billions in temporary tax cuts for working parents that could cut child poverty by as much as 40 percent, experts say.

Though it’s not been drafted into a bill and the details are not final, Biden’s proposal aims to extend the Child Tax credit to most parents. Under current law, some 27 million American parents do not make enough money to capture the credit’s benefit.

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Category: General Business