The Biden Plan restores the American Rescue Plan’s expansions of the Child Tax Credit and Earned Income Tax Credit, including:
— Cuts taxes by an average of $2,600 for 39 million families, including 62 million children
through the CTC expansion
— Cuts taxes by an average of $800 for 19 million working individuals or couples through the EITC expansion. …. and more related to health care and single parents working minimum wage jobs.
Best of all: It pays for these policies and cuts the deficit by making the wealthy and corporations pay their fair share, such as with a billionaire minimum tax.
Read more at the Tax Foundation.