On July 15th, nearly all working families will start seeing $250 to $300 per child automatically deposited in their bank accounts or sent to their mailboxes. #ChildTaxCredit THREAD: 1/7
What's happening:
The American Rescue Plan increased the #ChildTaxCredit payments from $2,000 per child to $3,000 per child for children over the age of six and from $2,000 to $3,600 for children under the age of six -- and made the payments automatic and monthly for most. 2/7
Nearly all families with kids will qualify. Couples making less than $150,000 and single parents making less than $112,500 qualify for the full benefit. Those with higher incomes may qualify for a smaller benefit or no benefit. 3/7
Do I have to do anything to get the payments?
Nearly all working families with kids will get the #ChildTaxCredit automatically. If you filed your 2019 or 2020 tax return, or if you signed up for stimulus payments using the IRS's Non-filer tool last year, you're all set. 4/7
What if I didn't file taxes?
For those who didn't earn enough income to be required to pay taxes, you can use the Non-Filers tool to sign up for the #ChildTaxCredit.
If you're late filing taxes, you can still file a return to get monthly Child Tax Credit payments in 2021. 5/7
Can we get these benefits after 2021?
The new #ChildTaxCredit enacted in the American Rescue Plan is only for 2021 -- but President Biden's American Families Plan proposes extending the credit for years and years to come. 6/7
The United States is one of the only countries in the world that doesn't guarantee paid leave.
President Biden wants to change that.
Today, we're taking a #WhiteHouseDeepDive into how the American Families Plan can help. THREAD: 1/9
The U.S. has fallen behind our economic competitors when it comes to the number of women in the labor force.
The pandemic has exacerbated this problem. A lack of family friendly policies, such as paid family and medical leave, is a key reason for declining competitiveness. 2/9
The lack of paid family and medical leave has severe consequences on the U.S. economy.
1 in 5 retirees leave the workforce sooner than planned and the decline in women's participation in the workforce has led to over $64 billion lost in wages and economic activity per year. 3/9
THREAD: For today’s Wednesday Deep Dive, we’re breaking down President Biden’s Made in America Tax Plan. The plan will help ensure corporations pay their fair share in taxes and encourage job creation at home.
The 2017 tax law made an unfair system worse. A recent study found that 55 Fortune 500 companies paid $0 in federal corporate taxes on U.S. income in 2020.
The Made in America Tax Plan will reform the way the tax code treats the largest corporations.
The President’s tax plan will ensure that corporations pay their fair share by increasing the corporate tax rate to 28% – a lower tax rate than at any point since World War II other than the years after 2017.
This will fund investments to create good-paying, union jobs.
Yesterday, the President visited Tulsa, Oklahoma, to remember the Tulsa Massacre and recommit to building an economy that works for every American.
Today, we're doing a deep-dive into how the American Jobs Plan prioritizes addressing long-standing racial injustice.
The American Jobs Plan will expand job opportunities for communities of color by investing in equitable workforce development and job training, helping Black and Brown-owned small businesses access capital, and delivering high-speed broadband to all Americans.
People of color and low-income workers are more likely to live in areas burdened by pollution or vulnerable to climate change-related weather events. The American Jobs Plan will target 40% of the benefits of its climate and infrastructure investments to underserved communities.
Nearly 170 million Americans have stepped up and rolled up their sleeves to get a shot. 52% of adults are now fully vaccinated – including 75% of all seniors.
Today we are announcing a month-long effort to pull out all the stops to get 70% of adult Americans vaccinated.
Starting next week, many vaccination sites – will be offering extended hours during the month of June – including pharmacies that will be open 24 hours every Friday night this month.
For parents who haven’t been able to get the shot because they didn’t have child care. Starting today, KinderCare, Learning Care Group, and Bright Horizons – alongside hundreds of YMCA locations – will offer free, drop-in child care while parents are getting vaccinated.
Today, the President released a budget that details his plan to reimagine and rebuild a new economy that invests in the promise and potential of every single American and positions the United States to out-compete our rivals.
THREAD 1/10 -- Here's what the budget includes:
President Biden's proposal includes the two historic plans he has already put forward — the American Jobs Plan and the American Families Plan. Both plans will help us seize this moment to reimagine and rebuild a new American economy that invests in every single American.
(2/10)
Through the American Jobs Plan, we can:
- Fix highways and bridges
- Upgrade ports, airports, and transit systems
- Deliver clean drinking water, a renewed electric grid, and high-speed broadband to all Americans
- Modernize schools and child care facilities