News Round Up: March 15, 2021
Top Story: A new report from the Center on Budget and Policy Priorities (CBPP) analyzed the key provisions in the historic American Rescue Plan Act, signed by President Joe Biden on March 11. The legislation will expand the Child Tax Credit (CTC) and Earned Income Tax Credit (EITC), along with expansions in health coverage, unemployment benefits, WIC, and other programs. (CBPP)
- A new blog post from the Institute on Taxation and Economic Policy (ITEP) visualized the American Rescue Plan Act in five charts, demonstrating the impact of new policies like a fully refundable CTC. (ITEP)
- A new blog post from CBPP examined the hardship that families with children have faced during the pandemic and the level of support that the American Rescue Plan Act will provide. At the end of February, 41% of adults with children reported difficulty covering typical household expenses. (CBPP)
- A new report from the Center for American Progress illustrated how low- and middle-income families will benefit from the American Rescue Plan Act, such as the removal of the CTC’s income phase-in which excluded the lowest-income families from claiming the credit. (Center for American Progress)
- A new brief from the Urban Institute projected the impact of the American Rescue Plan Act on poverty rates in 2021, estimating that the legislation will reduce the annual poverty rate to 8.7% from 13.7% otherwise. (Urban Institute)