What Biden’s latest spending proposal means for NJ
Congress could vote this week on two major spending bills that would spend $ 1 trillion on infrastructure and have Republicans backing, and spend $ 1.75 trillion to fight climate change, increase health coverage and expand child care and would only be approved with Democratic votes.
For New Jersey, the infrastructure bill is at least $ 12.3 billion, plus accounts to operate for the Gateway Tunnel under the Hudson River.
The second bill, the framework of which was announced Thursday by President Joe Biden, also contains funds for the Garden State, including tax cuts for families and funds to reduce the cost of child care and health insurance.
The framework, however, does not address the Republican tax law’s $ 10,000 cap on state and local tax deduction, a provision that has disproportionately affected New Jersey and other high-tax states, but several Garden State lawmakers said they expected a provision to be added to the final legislation before it is passed in Congress.
here is New Jersey arrangements which are in the Biden proposition:
Child tax credit. Biden’s proposal includes a one-year extension of the expanded child tax credit for lower and middle class families of $ 300 per month for children under 6 or $ 250 per month for those under the age of 6. 6 to 17 years old.
According to the Center on Budget and Policy Priorities, a progressive research group, the initial credit was part of the $ 1.9 trillion coronavirus stimulus bill, passed unanimous Republican opposition, and was due to take 89,000 children out of the New Jersey of poverty.
âBy putting up to $ 300 per child each month in the bank accounts of millions of families across New Jersey and our country,
Nursery. Vice President Kamala Harris visited the Ben Samuels Children’s Center at Montclair State University in Little Falls on October 8 to highlight efforts to reduce the cost of child care. The average annual cost of babysitting a toddler in New Jersey is $ 14,954, and with two young children, that means the average family pays 23% of their income for child care, said the White House. According to the proposal, those earning less than 2.5 times the state’s median income of $ 308,575 for a family of four would pay no more than 7% of their income for child care.
Flood insurance. The proposal would write off $ 20.5 billion in debt accumulated by the National Flood Insurance Program, while funding new flood cards and helping cover premium costs for homeowners with incomes of up to at 120% of the median for their region.
Health care. An additional 88,000 New Jersey residents would benefit from health coverage and an additional 113,000 would see their premiums cut.
Higher Education. The bill would increase the maximum Pell grant to $ 550, helping the 122,469 students who receive such assistance pay for tuition. There is also funding for the 24 state institutions serving minorities.
Professional training. Federal grants that 18 state community colleges can compete for would fund new vocational training programs in areas such as information technology, health and clean energy.
No more tax cuts. As many as 388,400 low-wage workers in New Jersey without children would receive a tax cut of up to $ 1,500 by extending the expanded income tax credit.
Coastal drilling. The proposal permanently bans oil drilling off the Atlantic and Pacific coasts and in the eastern Gulf of Mexico. “There is simply no logical reason to endanger our coastal communities along the Jersey Shore with unnecessary and dangerous drilling,” said Representative Frank Pallone Jr., D-6th Dist., President of the House Energy and Commerce Committee.
Preschool. On Monday’s trip to New Jersey, Biden stopped by East End Elementary School in North Plainfield to visit preschool classes. The expenditure plan will allow 144,670 additional children aged 3 and 4 in the state to attend kindergarten.
School lunches. An additional 177,000 New Jersey students would be entitled to free meals and 594,207 students could obtain food during the summer months when not in school. One in 10 children in New Jersey don’t have enough to eat, the White House said.
Wind power. There is $ 100 million for the US Department of Energy and $ 600 million for the Maritime Administration to help develop offshore wind power, which the Garden State is already working on. âWe are definitely ahead of the line in deploying offshore wind,â said Ed Potosnak, head of the New Jersey League of Conservation Voters.
It’s part of the Biden administration’s efforts to tackle climate change, which has been blamed for contributing to more intense storms. According to the White House, New Jersey experienced 23 extreme weather events from 2010 to 2020, which cost up to $ 50 billion in damage.
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