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.
President Donald Trump’s 2020 reelection campaign was powered by a cell phone app that allowed staff to monitor the movements of his millions of supporters, and offered intimate access to their social networks.
Rep. Chris Pappas is optimistic that President Donald Trump will sign the bipartisan Veterans COMPACT Act to provide mental health care and prevent veteran suicides.
the Trump administration’s unwillingness to begin steps to transition power to President-elect Joe Biden is preventing him from creating a national response, said Kathleen Sebelius, former United States Secretary of Health and Human Services under President Barack Obama.
President-elect Joe Biden on Monday said his administration would strengthen the country's vulnerable economy despite the exploding pandemic as he pushed forward with the business of preparing to assume the presidency.
President Donald Trump has hailed developments in the race for a vaccine for the resurgent coronavirus. He delivered his first public remarks Friday since his defeat by President-elect Joe Biden, even as he refuses to concede the election.
The reason for such calm is that Wall Street doesn't see Trump's anger, tweets or legal actions changing the results. And encouraging data about a potential COVID-19 vaccine has renewed investors' optimism even though virus cases are on the rise.
Just days following the presidential election, Twitter has stepped up its efforts to crackdown on misinformation, but questions are being raised about how marketers and users will interact with social media platforms going forward. Cheddar's Michelle Castillo reports.
New York's Lieutenant Governor, Kathy Hochul, joined Cheddar to discuss new state guidelines set to take effect as COVID-19 cases spike nationwide.
The report by Deutsche Bank proposed a 5% daily tax on each employee that continues to work from home.
California Rep. Ami Bera joined Cheddar to discuss what a transition to the Biden administration could look like for Americans in regards to the coronavirus pandemic. Bera also discusses how a Biden administration will tackle COVID-19 with science.
