A post shared on social media purports that President Joe Biden has proposed a policy to give Americans $400 a month for the next two years.

 

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A post shared by Hood Stocks CEO (@luckysuntzu)

Verdict: Misleading

The claim is inaccurate. Biden announced a $400 tax credit over two years that would grant first time homeowners or those who sell starter homes.

Fact Check:

Biden recently unveiled a budget proposal for the 2025 fiscal year that sought to raise taxes on corporations and the wealthy, along with lower health care costs and tax breaks for families, according to The Associated Press. The president also reiterated his desire for a $2,000 cap on drug costs and universal $35 insulin, the outlet reported.

A post shared on Instagram purports Biden proposed a policy to give Americans $400 a month. The post shared an image of Biden with text superimposed.

The text on the image reads, “PRESIDENT BIDEN WANTS TO GIVE AMERICANS $400 A MONTH FOR THE NEXT TWO YEARS.”

The claim is inaccurate. During the recent State of the Union address Biden did propose a first time homebuyers policy that would offer a $400 monthly credit.

“I want to provide an annual tax credit that will give Americans $400 a month for the next two years as mortgage rates come down to put toward their mortgage when they buy a first home or trade up for a little more space,” Biden said during the speech.

Biden’s plan, specifically, would create a $10,000 credit that would be spread over two years, resulting in $400 monthly payments to eligible homebuyers, according to Fox Business.

A bill that was introduced by Democratic Rhode Island Sen. Sheldon Whitehouse following the address calls for “provide qualifying first-time homebuyers with a $15,000 tax credit toward the purchase of a new home.” (RELATED: Fact Checking Biden’s Recent Claims About Wage Growth, Inflation)

There is no policy announced during the address that simply offers $400 to all Americans. There is no press release from the White House that calls for a blanket payment to citizens.

This is not the first time misinformation has been shared online. Check Your Fact debunked a claim that the recent Odysseus moon landing was faked.