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Photo: Chip Somodevilla/Getty Images

President Biden's $1.9 trillion COVID-19 relief package will give the poorest 20% of Americans a 20% boost in income, according to an analysis by the non-partisan Urban-Brookings Tax Policy Center.

Why it matters: Biden and Democrats have touted the "American Rescue Plan" as one of the most impactful anti-poverty bills of this era. Sen. Bernie Sanders (I-Vt.) dubbed it "the most significant piece of legislation to benefit working people in the modern history of this country."

Details: The legislation would lower federal taxes in 2021 by an average of $3,000, while raising net incomes by some 3.8%, per the analysis.

  • Families with children would see their taxes cut by an average of more than $6,000.
  • On a national scale, the relief package would cut taxes by some $467 billion in 2021, and about $590 billion over 10 years.

The big picture: "Simply in terms of whose taxes are cut, the bill is in stark contrast to the 2017 Tax Cuts and Jobs Act" writes Urban Tax Policy Center fellow Howard Gleckman.

  • People making $91,000 or less would get nearly 70% of the tax benefits from the package, Gleckman writes. The Republicans' 2017 bill signed by former President Trump saw nearly half of its tax cuts go toward people in the top 5% of income earners.

What to watch: The House plans to vote on the Senate's version of the bill on Wednesday, sending it to Biden's desk for a signature before key unemployment benefits expire on March 14.

Go deeper

Updated 1 hour ago - Politics & Policy

3 killed, 2 wounded overnight in Kenosha bar shooting

Three people died and two others were hospitalized with serious injuries after a gunman entered bar in Kenosha County, Wisconsin, the police department said in a statement on Sunday.

The latest: Officers arrested a "person of interest" Sunday afternoon in connection with the 12:42 a.m. shooting and there's "no threat to the community at this time," per a later police statement.

Updated 2 hours ago - Sports

Big European soccer teams announce breakaway league

Liverpool's Mohamed Salah (L) after striking the ball during the UEFA Champions League Quarter Final Second Leg match between Liverpool F.C. and Real Madrid at Anfield in Liverpool, England, last Wednesday. Photo: John Powell/Liverpool FC via Getty Images

12 of world soccer's biggest and richest clubs announced Sunday they've formed a breakaway European "Super League" — with clubs Manchester United, Liverpool, Barcelona Real Madrid, Juventus and A.C. Milan among those to sign up.

Why it matters: The prime ministers of the U.K. and Italy are among those to express concern at the move — which marks a massive overhaul of the sport's structure and finances, and it effectively ends the decades-old UEFA Champions League's run as the top tournament for European soccer.

5 hours ago - Politics & Policy

Senate Democrats settling on 25% corporate tax rate

Sen. Joe Manchin (D-W.Va.). Photo: Chip Somodevilla/Getty Images

The universe of Democratic senators concerned about raising the corporate tax rate to 28% is broader than Sen. Joe Manchin, and the rate will likely land at 25%, parties close to the discussion tell Axios.

Why it matters: While increasing the rate from 21% to 25% would raise about $600 billion over 15 years, it would leave President Biden well short of paying for his proposed $2.25 trillion, eight-year infrastructure package.