ELIZABETH – Sen. Cory Booker (D-N.J.) Said Friday that he was working on permanently expanding tax credits that were temporarily increased except for President Joe Biden $ 1.9 trillion coronavirus relief packageOne move he said could help middle-class families across the country.
“I have been trying to coordinate a full judicial press in America to make the United States child tax credit and earned income tax credit changes permanent so that we can join our industry peers and invest in America’s children can, “he said during a press event in Elizabeth with Sen. Bob Menendez (D-N.J.), Governor Phil Murphy and others to discuss the American Biden bailout plan, signed Thursday.
Booker said he had spoken to the White House and business executives about the matter. The new economic stimulus will temporarily increase the child tax credit to a maximum of $ 3,600 per child for children under 6 and $ 3,000 for children 6-17 years old from $ 2,000. The tax credits would also be available in monthly payments. Earned Income Tax Credit nearly tripled its maximum credit from $ 543 to $ 1,502.
Menendez said that in New Jersey alone, the increased child tax credit this year would benefit 560,000 children who were previously ineligible and lift 90,000 children out of poverty.
“This is the biggest and boldest poverty alleviation initiative our nation has taken in generations,” Menendez said.
State and local aid: New Jersey receives $ 10.2 billion in government and local aid from the coronavirus relief package. The lion’s share – $ 6.4 billion – goes to the state, $ 1.8 billion to the state’s 21 counties, and $ 1.7 billion to individual municipalities. The extra help could prevent layoffs in the public sector, which Menendez said could help the economy recover.
“It makes little difference whether someone receives a paycheck from a big company or a local government,” he said. “When families lose a source of income, the pain ripples across the community.”
Menendez also defended the size of the aid package – one of the largest in US history – as necessary to deal with the crisis caused by the pandemic.
“For me there is nothing bloated here,” he said. “Everything here saves our American family.