The Treasury Department said Monday that 39 million families are set to receive monthly child payments beginning on July 15.
The payments are part of President Joe Biden's $1.9 trillion coronavirus relief package, which expanded the child tax credit for one year and made it possible to pre-pay the benefits on a monthly basis. Nearly 88% of children are set to receive the benefits without their parents needing to take any additional action.
“This tax cut sends a clear and powerful message to American workers, working families with children: Help is here,” Biden said in remarks at the White House.
Qualified families will receive a payment of up to $300 per month for each child under 6 and up to $250 per month for children between the ages of 6 and 17. The child tax credit was previously capped at $2,000 and only paid out to families with income tax obligations after they filed with the IRS.
But for this year, couples earning $150,000 or less can receive the full payments on the 15th of each month, in most cases by direct deposit. The benefits total $3,600 annually for children under 6 and $3,000 for those who are older. The IRS will determine eligibility based on the 2019 and 2020 tax years, but people will also be able to update their status through an online portal. The administration is also setting up another online portal for non-filers who might be eligible for the child tax credit.
The president has proposed an extension of the increased child tax credit through 2025 as part of his $1.8 trillion families plan. Outside analysts estimate that the payments could essentially halve child poverty. The expanded credits could cost roughly $100 billion a year.
Updated on May 17, 2021, at 2:06 p.m. ET with the latest details.
The school shooting in Texas that left 19 children and 2 teachers dead has reignited the debate over gun control.
The tragedy in Uvalde is the deadliest school shooting in nearly a decade and marks the latest in a string of mass shootings in the country. Jared Moskowitz, Broward County Commissioner and candidate for Congress in FL-23, joined Cheddar's Opening Bell to discuss why gun control measures are stalled in the Senate, and where legislation can move forward from here.
Police and detectives are still investigating the tragic school shooting in Uvalde, Texas that killed 19 children and two adults. Cheddar News was joined by Kirk Burkhalter, professor at New York Law School and former NYPD detective to gain some insight on what investigators are looking for and what comes next.
Texas authorities say the gunman who massacred 21 people at an elementary school was in the building for over an hour before he was killed by law enforcement officers.
Join Cheddar News as we break down the top headlines for Thursday, May 26 including updates on the Texas school shooting, President Joe Biden's executive order on police reform, and a recount in the Pennsylvania GOP Senate primary.
Representative Morgan Griffith of Virginia rebuked words from the FDA commissioner that could have been construed as blaming parents for stockpiling baby formula exacerbating the shortage.
Cheddar News reporter Megan Pratz brings the latest from the scene of yesterday's horrific school shooting at a Robb Elementary School in Uvalde, Texas. Now the second-deadliest school shooting in U.S. history with 19 children and two adults killed, Pratz goes into comments by Texas Gov. Greg Abbott, details about the deceased shooter, and reactions from members of the community.
The Robb Elementary School mass shooting killing 19 children and two adults in Uvalde, Texas pm Tuesday was the deadliest school shooting since the 2012 Sandy Hook massacre in Newtown, Connecticut, and came just 10 days after the grocery store shooting in Buffalo, New York. Nelson Vergara, the founder and CEO of 360 Protective Solutions, joined Cheddar’s Opening Bell to discuss. "Right now what law enforcement is concentrating on is trying to trace his steps as to what motivated the gunman to act the way he did. What it boils down to just trying to figure out what led to his motivation to do such a horrific act.”
An recently conducted AP-NORC poll found that majorities of the Black and Hispanic populations in the U.S. still find themselves either somewhat worried or extremely worried over the pandemic, while more than half of white Americans responded with either being not too worried or not worried at all. Dr. Chris Pernell, the chief strategic integration and health equity officer at University Hospital, joined Cheddar News to talk about how perceptions of COVID-19 differ between groups of Americans. "We’re still seeing people get infected, and because of the toll of the disproportionate impact, we have concerns among the Black and brown community about whether or not they have an increased risk of exposure because of where they work, because of the use of public transportation, because they live in homes that they may not be able to safely quarantine and or isolate in, and because they have at baseline chronic health conditions that may make coronavirus more severe in those persons," she said.
Judith Enck, a former regional administrator for the EPA and the president of Beyond Plastics, joined Cheddar News to talk about the role of plastics in the climate crisis and California's investigation of ExxonMobil and other oil companies for misleading the public on the ability to recycle plastics. "The reason why petrochemical companies like Exxon have gotten away with selling more and more plastic is that they've lied to the public and told us don't worry about all those negative upstream impacts and downstream impacts of plastics. Just be sure to recycle it. Well, guess what? Plastics largely are not recycled," Enck said.
