The Coronavirus Bill Would Give This Tax Break to Every American

Lawmakers in Washington have worked hard all week to try to come up with legislation to help those whom the coronavirus pandemic has hurt financially. With a $2 trillion stimulus package having passed through the Senate on Wednesday night, many are hopeful that by the end of Friday, the nation could start getting some of the positive effects of financial assistance from the federal government.

By far the most attention among average Americans has gone to the coronavirus checks that are included in the Senate bill. That makes sense, given the immediate impact that $1,200 for adults and $500 for children can have on your finances. But not everyone will get a coronavirus check, because eligibility is subject to income limits.

Also included in the Senate bill is a provision that would unlock an additional tax break for millions of taxpayers who haven't been able to use it in recent years. Not only is it good news for taxpayers, but it'll also help some worthy causes that are in the best position to offer further aid to those in need.

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Source Fool.com