By Josh Boak
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.
Russian President Vladimir Putin says he and U.S. President Joe Biden agreed in a “constructive” summit to return their ambassadors to their posts and to begin consultations to replace the last remaining treaty between the two countries limiting nuclear weapons.
Joe Biden has arrived in the summit city of Geneva ahead of what will be the most-watched part of his first trip abroad as president: talks with Russia’s Vladimir Putin.
The U.S. death toll from COVID-19 has topped 600,000, even as the vaccination drive has slashed daily cases and deaths and allowed the country to emerge from the gloom.
MacKenzie Scott, the billionaire philanthropist known for her impromptu multi-billion dollar donations to charities and racial equity causes, announced Tuesday that she has given $2.7 billion to 286 organizations.
A French court has ordered home furnishings giant Ikea to pay more than $1.3 million in fines and damages Tuesday over a campaign to spy on union representatives, employees and some unhappy customers in France.
Retail sales fell in May, dragged down by a decline in auto sales and a shift by Americans to spend more on vacations and other services instead of goods.
British Prime Minister Boris Johnson has confirmed that the next planned relaxation of coronavirus restrictions in England will be delayed by four weeks until July 19, as a result of the spread of the delta variant.
J&J Contamination, New Israeli Government, Djokovic wins. Here are the headlines you Need2Know for Monday, June 14, 2021:
From Wall Street to Silicon Valley, these are the top stories that moved markets and had investors, business leaders, and entrepreneurs talking this week on Cheddar.
OhmConnect, an Oakland-based company, is offering a demand-side solution that could end up playing a crucial role in helping California avoid rolling blackouts this summer.
