What is in the American Rescue Plan?
Taken from Indivisible AZ
The American Rescue Plan is a groundbreaking $1.9 trillion dollar package that includes a host of provisions to get the pandemic under control, help families and communities facing economic hardship, and lay the groundwork for an equitable recovery. It is significantly bolder than the response to the Great Recession in 2009, an encouraging sign that many Democrats have learned critical lessons from the failures of the early Obama years. Here are some of the highlights:
- $1,400 direct checks for every adult citizen and all dependents, phasing out above $75k annual income (or $150k for joint filers), nearly 90% of Americans. Unlike previous bills, there’s no “marriage penalty” or “family penalty” denying citizens relief because they have immigrants/ITIN filers in their families.
- Extended enhanced unemployment insurance until September 6th, including $300 a week in additional benefits and extending the program for independent contractors and small business owners. Taxes on the first $10,200 of unemployment benefits will also be waived;
- More than $50 billion for vaccines, testing, contract tracing, and personal protective equipment to finally put an end to the pandemic;
- Expanded Child Tax Credit (CTC) which will cut child poverty in HALF by providing families $3,600 for every child under age 6 and $3,000 for children age 6-17. For the first time, lowest income parents will receive the benefit, even if they don’t owe taxes, and it will be delivered monthly starting in July, instead of just at tax time;
- $350 billion for state and local governments to plug the budget holes caused by the pandemic and help them continue to offer services like testing and vaccination sites;
- $178 billion for schools to help all schools reopen safely;
- Increased Affordable Care Act subsidies and subsidies for COBRA so folks purchasing health coverage on the exchanges or who have lost their employer sponsored insurance can more easily afford coverage;
- Funding for rent and mortgage assistance, nutrition benefits, small businesses especially bars and restaurants, child care, farm aid, and more!