Senior Democrats on Monday is likely to put legislation on the table, which will provide $3,000 per child benefits to American families, as part of President Joe Biden’s $1.9 trillion stimulus package, the Washington Post (WaPo) reports, citing the 22-page bill obtained by ahead of its release.
Key takeaways
“Under the proposal, the Internal Revenue Service (IRS) would provide $3,600 over the course of the year per child under the age of 6, as well as $3,000 per child of ages 6 to 17.”
“The size of the benefit would diminish for Americans earning more than $75,000 per year, as well as for couples jointly earning more than $150,000 per year. “
Market reaction
The risk sentiment is getting a boost from the US stimulus optimism, with the Democrats going ahead with President Joe Biden’s $1.9 trillion stimulus plan without the Bipartisan support.
The S&P 500 futures rise 0.20% in the weekly opening trades, trading just under 3,900 while the US dollar index keeps its range around 91.00, in the aftermath of mixed US jobs data-led slide.
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