While the pilot focuses on “simple tax situations,” the U.S. Treasury estimates the pilot could cover about one-third of tax situations for 19 million taxpayers. Within five years, the program could save the average filer $160 per year, or a collective $11 billion annually including tax prep fees and time, according to a report from the Economic Security Project.
The Japanese government announced that it will now offer free daycare to all children aged 6 months to 2 years old, regardless of parents’ employment status. The “Childcare Access for All” program, set to begin in April 2024 with a trial run in 150 municipalities, will see nationwide implementation by 2026. All children within the age range will be eligible, with initial access capped at 10 hours per month, though an increase is planned for 2026.
The Biden administration will forgive another $1.2 billion in student debt for nearly 153,000 borrowers enrolled its new repayment program, called the Saving on a Valuable Education, or SAVE, plan. The relief will go to borrowers who have been in repayment for a decade or longer, and originally took out $12,000 or less. Biden has now canceled debt for almost 3.9 million borrowers, totaling $138 billion in relief.
Once the city takes over operations of the hotels at the end of this year, it intends to convert the units for “permanent supportive housing,” a form of affordable housing that provides subsidized rent and social services, health care, counseling and other supports. The city plans to partner with a nonprofit provider to offer services to residents in the two buildings.
The city is working with RIP Medical Debt, a nonprofit that buys medical debt in bulk from hospitals and debt collectors for pennies on the dollar. The group targets the debt of people with low incomes or financial hardships and then forgives the amounts. Under the program, the city will spend $18 million over three years.
The Biden administration has now canceled more than $136 billion in student debt for over 3.7 million Americans, according to the White House. Around $1.7 billion of this new aid will go to 29,700 borrowers enrolled in income-driven repayment plans. In addition, 43,900 borrowers who have worked in public service for a decade or more will receive $3.2 billion in loan cancellation.
Between 1980 and 2022, consumption poverty fell from 33.8% to 6.0% even though the official poverty rate indicated a drop by only 1.5 percentage points over that same period. According to researchers from the University of Notre Dame, consumption, which measures what families are able to purchase in terms of food, housing, transportation, and other goods and services, offers a better indicator of economic well-being than income, which can fluctuate for reasons unrelated to well-being.
With the opening of a new micro-community in northeast Denver, Mayor Mike Johnston estimated over 1,100 hundred people will have been housed before the end of 2023. “As of yesterday, this city succeeded, in under six months, in moving more than 1,000 people off of the streets and into housing,” he said.
The Biden administration has now cancelled an unprecedented $130 billion in student debt for more than 3.6 million Americans, offering much-needed relief to low-income families across the country.
This funding will also support thousands of local clean energy jobs, help achieve President Biden’s goal of lowering energy costs for all Americans, as well as help Puerto Rico achieve its goal of 100% renewable energy by 2050. The first installations are slated to begin in Spring 2024.
