Washington Post: Joe Biden’s COVID-19 Relief Bill Is an Extraordinary Achievement (Opinion)

The American Rescue Plan assumes that almost everyone can use a helping hand. According to the Institute on Taxation and Economic Policy, roughly 85 percent of adults and children will receive a stimulus payment — meaning, as Biden said in his Thursday night speech, that “a typical family of four earning about $110,000 will get checks for $5,600.” The yearlong expansion of the earned-income tax credit will significantly reduce child poverty, and the additional child tax credit will impact more than 90 percent of households with children under the age of 17. And for those who receive their health insurance through a federal exchange, not only are subsidies upped for two years but premium payments also are capped at 8.5 percent of household income. There’s $39 billion in aid for child-care centers, and $29 billion in help for restaurants.

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