A morning thread on the American Rescue Plan. There are a number of outcomes from this legislation that have gotten less attention, but will change a lot of lives:
It makes healthcare more affordable:
-The 12m people getting healthcare through the exchanges will likely get a tax credit
- A family of four making $90k could see their monthly premium drop by $200
-No one will pay more than 8.5% of household income on the benchmark plan
It expands healthcare coverage:
- By making healthcare more affordable, it will reduce the number of uninsured by at least 1.3 million by next year.
It provides a tax cut to essential workers:
- It raises the maximum EITC for childless workers from ~$530 to ~$1500, and allows more low income workers to qualify
- It makes young adults aged 19-24 who aren’t full time student and people over 65 eligible
(Cont.)
- This will put money in the pockets of 17m low income workers, incl the 6m people who the federal tax system taxes deeper into poverty bc of a low EITC.
- The occupations with most workers who would benefit: cashiers, food preparers, servers, and home health aides
It makes the most significant childcare investment since WW II; $40bn to:
- Reduce child care costs for families
- Help women who left jobs to take on caregiving
- Rebuild the child care providers; mostly small, community-based bizs
- Increase pay & benefits of childcare workers
It makes major progress on housing assistance:
- $27.4b in rental assistance
- $10b in homeowner assistance
- $5b in Section 8 housing vouchers
- $5b in homelessness assistance
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