One Year of the American Rescue Plan in Minnesota
New data shows impact of ARP tax credits & health care savings provisions in MN
Ahead of tomorrow’s anniversary of the signing of President Joe Biden’s American Rescue Plan, new data shows that millions across Minnesota benefitted from the law.
Toplines: The ARP funded the creation of a robust vaccination infrastructure that has both saved lives across Minnesota and boosted our state’s economic recovery from the pandemic by getting folks back to work.
Week of March 11, 2021: 14.1%
Week of March 11, 2022: 74.1%
Minnesota Unemployment Rate:
March 2021: 3.7%
January 2022: 2.9%
New Data: The American Rescue Plan also helped Minnesotans balance their budgets and meet their needs through tax credits targeted to working people and families across the state. New data released by the White House this week shows that over 1 million children benefited from Child Tax Credits and over a quarter of a million workers benefited from the expanded Earned Income Tax Credit.
653,000 families with 1,166,000 children in Minnesota benefited from $3,000 per child ages 6-17 years old and $3,600 per child under 6.
The American Rescue Plan tripled the EITC from $540 to $1,500, which put money back in the pockets of 288,000 workers across Minnesota.
Over 121,000 Minnesotans are enrolled in the Health Insurance Marketplace, an 8% increase over 2021. Those with a Marketplace plan are saving over $800 a year due to increased premium subsidies in the American Rescue Plan.
DFL Party Chairman Ken Martin released the following statement:
“One year ago this week, President Biden signed the American Rescue Plan into law and the results are clear: vaccinations are up, job creation is up, our businesses are open, and our kids are safely learning in-person.
“The American Rescue Plan also helped Minnesotans balance their budgets by delivering thousands of dollars of relief in the form of tax credits for workers and families, lower health care costs, and checks delivered directly into the bank accounts of most Minnesotans. Minnesota and America are moving forward thanks to President Joe Biden, Democrats in Congress, and the American Rescue Plan.”