President Joe Biden is set to unveil his American Families Plan this Wednesday (April 28), and while Americans shouldn’t hold out for a fourth stimulus check, there are several provisions on the table that could provide additional financial relief.
The $1.8 trillion proposal, which is expected to be released before the president’s address to Congress on Wednesday evening, is said to extend the expanded child-tax credit included in the administration’s stimulus package passed earlier this year.
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That credit, which amounts to up to $3,600 per year for each dependent child, was originally set to begin in July and expire at the end of the year. The proposed extension would last through December 2025 — four years’ worth of credits worth up to $16,200 per dependent. While this credit existed prior to any stimulus bill, it was capped at $2,000 per child annually.
This is a significant amount of relief for families, but if you don’t have kids, there are still a few ways Biden’s latest plan could benefit you.
What’s expected in the American Families Plan
In addition to the child-tax credit, families could get some assistance with child care costs as well as paid parental leave, though the amount and length of these benefits isn't known yet. Biden has also proposed free universal pre-kindergarten.
Those without children could take advantage of two years of free community college. And the plan is also said to include expanded Affordable Care Act subsidies to help individuals afford health insurance plans.
Some Democrats are calling for even greater enhancements to healthcare benefits. A group of 17 lawmakers, including Senators Bernie Sanders (I-Vermont) and Elizabeth Warren (D-Massachusetts), recently sent a letter to the administration requesting changes to Medicare eligibility and benefit caps.
Specifically, the senators asked Biden to lower the eligibility age for Medicare and include hearing, dental and vision benefits in Medicare plans.
The path to passage for this relief package is not entirely clear, but it’s unlikely it will get through Congress without some changes. Either way, individuals and families will hopefully see some benefits from the final bill.
