CNN: Historic Benefits in Stimulus Bill May Answer a Big Question for Democrats
media mentionIn figures provided exclusively to CNN, the Institute on Taxation and Economic Policy, which generally advocates for a more progressive tax code, similarly calculated that households headed by Whites will make up 67% of those receiving the bill’s direct cash payments, 64% of those benefiting from its expanded child tax credit and 62% benefiting from its enhancements to the Earned Income Tax Credit.
Families in the middle of the income distribution (two-thirds of whom are White) will see their income rise by nearly 7% as a result of the bill, while families with children in that income bracket will receive even more assistance, the group calculates. A married couple earning about $40,000 annually with one child at home, the group projects, could see their income rise by nearly $6,000, a 15% increase.