February 16, 2021

NEXSTAR Media Wire: Biden stimulus plan would boost incomes for poorest, analysis shows

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President Joe Biden’s $1.9 trillion American Rescue Plan would benefit millions of Americans, but it would have an outsized impact for the people who make up the poorest fifth of the population, according to an analysis by the Institute on Taxation and Economic Policy (ITEP).

The nonpartisan, nonprofit think tank that studies tax policy analyzed the proposal laid out by the House Ways and Means Committee last week and found that, between the stimulus checks and tax credit expansions, the average family income for the poorest 20% of America would jump by 33%, or $3,590, pre-tax. Read more