President Joe Biden’s coronavirus relief plan will boost low-income households more than the tax law signed by former President Donald Trump did, an analysis shows.
The $1.9 trillion pandemic aid bill as passed by the Senate will raise after-tax income by about 20% on average for households making $25,000 or less, or the bottom 20% of earners, according to Tax Policy Center estimates released Monday. The typical first-year tax cut for those households under the 2017 Republican plan was 0.4%.
