JOE Biden's $1.9billion stimulus check bill might cut American's taxes by $3,100 this year.
The huge savings could come alongside the president's third round of $1,400 checks.
Additional proposal's in Biden's bill mean that the average household could see $3,100 in savings, according to Urban-Brookings Tax Policy Center.
According to the proposed legislation, Americans would see tax savings from four areas – the $1,400 stimulus check, an expanded earned income tax credit, an expanded child tax credit and a bigger credit for those paying for child care.
These credits will give tax-filers a dollar-for-dollar reduction on their tax return this year.
Some of these credits will also be refundable for 2021.
This means that if your tax liability drops to zero thanks to the credits, the IRS will send you a cash refund.
This refund will mainly help households that are earning less than $91,000 a year, with a huge two-thirds going to them.
However, roughly 11 percent of the rebates will go to families that are making more than $164,000.
Those who qualify for the child tax credit will benefit from the fact it is refundable, meaning more cash for families claiming this.
Low-income parents would be able to claim $3,600 for children under the age of six, and $3,000 for children under 18.
The tax center's analysis claims that nearly 80 percent of the expected benefits will be received by low to moderate income families.
This would help to lift 11million children out of poverty, Yahoo reported that the Center for American Progress said.
With regards to the earned income tax credit, the bill proposes that the maximum credit would almost triple for workers without children.
It would also extend eligibility to more Americans.
The House is set to vote on President Joe Biden's $1.9trillion Covid relief bill on Friday.
In a Tuesday night tweet, Majority Leader Steny Hoyer wrote: "The House will vote on Friday on @POTUS’ #AmericanRescuePlan to end this pandemic and deliver urgently needed relief to America’s families and small businesses.
"The American people strongly support this bill, and we are moving swiftly to see it enacted into law."
A Rules Committee Meeting Notice was also shared to Twitter on Tuesday night.
It read: "The Committee on Rules will meet Friday, February 26 at 9:30 AM via Cisco Webex on the following measure: H.R. __ – American Rescue Plan Act of 2021."
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