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According to the Biden Administration, a main feature of its “Families Plan” would be “tax cuts for America’s families and workers,” asserting its plan would offer “key tax cuts…that benefit lower- and middle-income workers and families.”REF
In reality, the Biden “child allowance” plan would offer no long-term tax relief to families with children. Even in the short term, some 74 percent of aid would go for cash grants to families who owe no income tax; only 26 percent would go for tax relief. But even this limited tax relief would be temporary: The plan’s permanent provisions, in fact, would provide zero tax relief to families with children. All permanent assistance would be restricted to cash grants for families without tax liability.
President Biden introduced the American Families Plan, a plan for spending and tax changes that would include tax cuts, increased tax rates and IRS enforcement for Americans earning over $400,000, includes updates to taxes under decedent law.
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