President Biden! 12 Point Plan! 1/21/2021 - Stimulus update

what's going on everybody welcome back to another episode of taking a risk with george george today is thursday january 21st yesterday was inauguration i've got 12 points that president joe biden has made himself on how he plans on helping the economy recover so stay tuned [Music] all right so today's headline is 12 ways the biden stimulus package could put or keep money in your pocket for americans struggling financially because of the covid19 pandemic president joe biden's economic stimulus package would provide welcome relief biden recently released details of his american rescue plan which is a 1.9 trillion dollar package designed to rescue the american economy and start beating the virus next month he'll release his build back better recovery plan to generate more economic growth in addition to providing funding for vaccination distribution school reopening state and local governments small businesses and more biden's rescue plan would expand some of the previously enacted coveted relief measures for ordinary americans and a few new ones but where does it all fit in would you get any financial assistance if biden's stimulus package is eventually enacted into law in this article is outlined 12 provisions in president biden's american rescue plan that could put or keep money in your pocket at this point it's too early to say if the stimulus package will get through congress and even if it does it could be weeks or even months before that happens but the smart move is to start familiarizing yourself with the plan now so that you can act quickly if it does become law so step one of twelve is fourteen hundred dollar checks the covid related tax relief act which was enacted in december authorized a second round of 600 stimulus checks the cares act allowed her first round payment of 1200 but even before the coveted relief bill was signed lawmakers started calling for more money as a result the cash act was introduced and passed in the house of representatives that bill would have increased the six hundred dollar payments to two thousand dollar payments by authorizing a third round stimulus payment of fourteen hundred dollars which was six hundred plus the fourteen hundred dollars the cash act died in the senate without a vote but president biden now wants to revive the idea and send eligible americans another stimulus check for 1400 the biden plan also calls for an expansion of the additional amount tacked on for dependents for the first round stimulus check eligible americans received an extra 500 for the first round of checks and 600 for the second round for each dependent child at age 16 or younger under the president's plan the additional payments would be available for any dependent regardless of age that is good that means anybody you claim on your taxes that lives in your household you will get an additional monies for and it sounds like it's going to be 1400 per dependent which would be absolutely phenomenal because a lot of families are struggling and that money could definitely help so step 2 out of 12 is the unemployment benefits last march the cares act was a lifesaver for people who lost their job because of the pandemic unemployment benefits were provided to self-employed people independent contractors and others out of work because of the coronavirus pandemic who don't otherwise qualify for benefit weekly unemployment checks were also increased by 600 through july benefits were made available for a longer period of time too in december the coveted related tax relief act extended benefits for people who usually don't qualify for unemployment an extra payment was authorized but at three hundred dollars per week instead of six hundred dollars per week and the number of weeks of benefits someone may claim was increased from 39 to 50 weeks payments were extended to march 14 2021 but you may be able to continue receiving checks through april 5th 2021 if you haven't used the maximum number of weeks available to you under president biden's plan the supplemental unemployment compensation would increase to 400 per week until at least september 2021 or longer if employment opportunities remain limited by the pandemic biden also wants to extend unemployment benefits for people who have exhausted their regular benefits self-employed people would continue to qualify for unemployment benefits too which is also great step 3 out of 12 is to increase the minimum wage to 15 an hour and this is the one i have an issue with because the more you increase minimum wage the more you're going to increase regular things everything is going to go up just because of the fact that minimum wage is now raised that's just the way inflation works and a lot of people don't understand that that's why that happens as minimum wage goes up every other thing goes up because of that regular goods and services have to go up to compensate for the loss of those companies and i know a lot of people don't agree with corporate greed but that's just the world we live in i wish there was something we could do about it more than just raising the minimum wage because that's that's going to help in the short run but in the long run it's just going to raise things that's why five to 10 years ago you might have been able to find a suitable one-bedroom apartment here in columbus ohio where i live for about six hundred dollars a month now you can't find anything near that everything is about eight hundred dollars to a thousand dollars and i'm talking about for a single bedroom apartment in a decent area that always matters as well it has to be in a somewhat decent area and that is because of inflation as the minimum wage goes up so do the prices of regular goods and services as well as housing so the 15 an hour might sound great to people who work those minimum wage jobs but for anybody else who is struggling to get by making you know already making 15 bucks an hour it is going to raise the prices on things that we are already struggling to get so let's get into the article portion of this and see what it says although it's not strictly coveted related president biden's plan calls for an upping of the federal minimum wage to 15 an hour that's more than double the current rate of 7.25 cents per hour biden also wants to end the tipped minimum wage and sub-minimum wage for people with disabilities 29 states and the district of columbia already have a minimum wage that's higher than 7.25 cents per hour dc's rate is 15 per hour which is higher than any state's current minimum wage not including any local government minimum wage requirements all right so step 4 out of 12 is child care costs finding and affording child care is one of the more difficult challenges workers are facing during the pandemic to help address the child care affordability crisis president biden wants to expand the child care tax act for one year currently if your child's are younger than 13 you're eligible for a 25 to 35 credit for up to three thousand dollars in child care expenses for one child or six thousand dollars for two more the percentages decrease as income increases under biden's plan families would get a refundable tax credit for up to fifty percent of their child care costs for children under age of thirteen not to exceed four thousand dollars for one child or eight thousand dollars for two or more children the full 50 credit would be allowed for families making less than 125 000 a year all families making between 125 000 and 400 000 would receive a partial credit so they would receive a benefit at least as generous as what they can receive today in addition biden wants to pump an additional 15 billion dollars into child care and development block grant programs two among other things help people who are furloughed or laid off during the pandemic and are struggling to afford child care the program received 10 billion dollars in funding in december 2. that sounds like a great thing to me i'd love to learn more about this because i do pay for child care this is definitely something that pertains to me and i had no clue about so i'm glad i learned about this and i'm hoping it helps somebody out there as well all right and step number five has to do with step number four which is the child tax credit another way to help families with children is to increase the child tax credit right now the credit is worth two thousand dollars per child age 16 or younger the credit begins to disappear as income rises above four hundred thousand dollars on joint returns and above two hundred thousand dollars on single and head of household returns for some lower income taxpayers the credit is refundable up to fourteen hundred dollars per qualifying child meaning that if it's worth more than your income tax liability the irs will issue you a refund check for the difference president biden is calling for a one-year expansion of the credit specifically he wants to make the credit fully refundable increase it to three thousand dollars per child 3 600 for a child under the age of 6 and allow the credit for 17 year old children all right number six is earned income tax credit the earned income tax credit provides an incentive for people to work for 2020 tax returns the maximum eitc which is the earned income tax credit ranges from 538 dollars to six thousand six hundred and sixty dollars depending on your income and how many children you have for 2021 returns the range will be 543. to 6 728 there are income limits for the credit for example if you have no children your 2020 earned income adjusted gross income must be less than 15 820 for single and twenty one thousand seven hundred and ten for joint filers for 2021 those income limits rise to fifteen thousand nine hundred eight dollars and twenty one thousand nine hundred twenty dollars respectively if you have three or more children and are married though your 2020 earned income and agi can be as high as 56 844 for 2020 and 57 414 in 2021 people can use their earned income from 2019 to determine their eitc for the 2020 tax year president biden is calling for an expansion of the eitc for one year among other things he wants to raise the maximum credit amount for childless adults to around fifteen hundred dollars raise the credit income limit for singles to about twenty one thousand dollars and eliminate the age gap for older workers so that they can claim the credit too alright number seven of twelve is the premium tax credit obviously during a pandemic it's a good thing to have as many people as possible covered by a health insurance plan we already have the premium tax credit which helps eligible lower income people pay for health insurance purchased through the marketplace the credit amount is estimated when you go on a marketplace website such as healthcare.gov to buy insurance you can choose to have the credit paid in advance directly to the health insurance company to lower your monthly payments you then have to attach irs form 8962 to your tax return to compute your actual credit list any advance subsidy paid to the insurer and then reconcile the two figures president biden wants to boost the national health insurance coverage rate by making the premium tax credit more attractive he supports increasing the value of the credit to ensure that people buying health insurance through the marketplace don't pay more than all right number eight of 12 is support for frontline essential workers we can't thank the frontline workers enough for getting us through the pandemic this group of course includes all of healthcare workers police officers firefighters paramedics and the like but farmers truckers and people working in grocery stores deserve our thanks as well as well as anybody else who did have to work through the pandemic any anybody who is classified an essential worker i do want to thank you and i know america thanks you for pulling us through and keeping us going so thank you all very much we really do appreciate it i know you guys don't get that enough and i know a thank you is really not that much but you guys really are heroes and we all do really appreciate you although it doesn't provide money for it the biden plan calls for pressure on ceos and other business leaders to provide hazard pay for essential workers including back hazard pay for work done in 2020 which would be absolutely fantastic but i have a feeling that might drive a lot of places out of business there's also a provision in the biden plan to pay for a hundred thousand public health workers to perform vital tasks like take vaccine outreach and contact tracing later they will transition into community health roles to build long-term public health capacity all right number nine out of 12 is college financial aid it's been a rough year for students of all ages including college students but there might be some additional financial aid available to certain college students in the form of emergency grants to students in need if president biden's stimulus package becomes a reality part of the president's plan is to spend 35 billion dollars to public institutions of higher learning including community college public and private historically black colleges and universities and other minority serving institutions this funding will in part provide up to one thousand seven hundred dollars in additional financial aid for millions of students all right number 10 out of 12 is paid family and sick leave we don't want sick or potentially infected people going to work simply because they don't want to miss a paycheck to address this concern paid sick and family for many workers affected by the coronavirus outbreak was expanded by the family's first coronavirus response act which was enacted back in march under that law employees with fewer than 500 workers were required to provide up to 80 hours of paid sick leave to employees affected by the virus workers could take paid leave if they are sick for quarantined or if they had to stay home for care for someone else leave could also be taken to care for minor children who were home from school the law also extended the existing family and medical leave act to cover a worker's absence to care for a child home from school or daycare to shift most of the financial burden for paid leave off the employer's back tax credits were also made available to reimburse employers for some of the cost while the employer tax credits were extended through march 2021 the requirement that employees provide paid leave was not as a result president biden wants to extend the paid leave requirements and eliminate exemptions for employees with more than 500 and less than 50 employees make sure health care workers and first responders get their benefits provide over 14 weeks of paid sick and family and medical leave for parents when a child or loved one's school or care center is closed people who have or are caring for people with coven-19 symptoms or who are quarantining due to exposure and people needing to take time to get the vaccine expand emergency paid leave to include federal workers provide a maximum paid leave benefit of fourteen hundred dollars per week for eligible workers this will provide full wage replacement to workers earning up to 73 000 annually reimburse employees with less than 500 employees for the cost of leave reimburse state and local government for the cost of leave and extend emergency paid leave measures until september 30th 2021 alright number 11 out of 12 is mortgage foreclosure and eviction relief for anyone laid off from work or otherwise suffering financially because of the pandemic losing the roof over your head is one of the scariest outcomes according to the biden team 20 of renters and 10 percent of homeowners with mortgages are behind on their payments there's already a federal eviction moratorium in place until january 31st but many people fear a wave of evictions will begin in february to prevent a spike in evictions president biden is calling for an extension of the eviction and foreclosure moratoriums in place through september 2021 he's also asking for an additional 25 billion dollars in rental assistance especially for low and moderate income americans who are out of work biden wants five billion dollars to cover home energy and water costs for struggling renters too and finally last but not least has to do with snap which is supplemental nutrition assistance program in december food assistance available under the supplemental nutrition assistance program or snap were increased by 15 from january 1st to june 30th 2021 in most states a family of four receiving the maximum in snap benefits will receive 782 dollars per month for the first half of 2021 that's an increase of 102 higher amounts are available for residents of alaska and hawaii so if you're out there listening higher amounts are available for you president biden wants to extend this benefit increase through september 2021 in addition he wants to continue snap benefits at the increase rate for the duration of the pandemic at least the binding administration will work with congress to automatically adjust the length and amount of this relief depending on health and economic conditions in the country so there you have it folks there are your 12 points on how president biden's relief package will help the american economy continue to recover and grow thank you all so very much for watching if you found the video informational as well as helpful go ahead and subscribe down below and while you're there don't forget to turn that bell notification to all that way you're notified the instant i upload a new video which could be helpful to you go ahead and smash that thumbs up it really does help my channel in the comment section below let me know what's going on i love answering your guys's questions you guys always have great questions if you want to ask me something more personal 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Channel: Taking A Rizk

Views: 416

Rating: 5 out of 5

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Id: spfdh7a3NBE

Length: 16min 44sec (1004 seconds)

Published: Thu Jan 21 2021