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 is back at the White House after staging a dramatic return from the military hospital where he has been receiving an unprecedented level of care for COVID-19.
President Donald Trump says he will leave the military hospital and return to the White House Monday evening.
Former Obama officials say that the protocols in place are up to the task of preserving the continuity of the U.S. government in the event President Trump may be incapacitated.
White House press secretary Kayleigh McEnany says she has tested positive for COVID 19 days after President Trump's diagnosis.
Two days after being hospitalized with COVID-19, President Donald Trump declared, “I get it,” in a message to the nation Sunday before briefly leaving the hospital to salute supporters from his motorcade.
President Donald Trump faces “critical” coming days after a “very concerning” period in his fight against COVID-19 at a military hospital, his chief of staff said Saturday — in contrast to a rosier assessment moments earlier by Trump doctors, who took pains not to reveal the president had received supplemental oxygen at the White House before his hospital admission.
President Donald Trump went through a “very concerning” period Friday and faces a “critical” next two days in his fight against COVID-19 at a military hospital, his chief of staff said Saturday — in contrast to a rosier assessment moments earlier by Trump doctors, who took pains not to reveal the president had received supplemental oxygen at the White House before his hospital admission.
President Donald Trump appeared in public Friday evening for first time since testing positive for COVID-19 as he boarded Marine One for what was expected to be a stay of a “few days” at a military hospital.
Police said they knocked and announced themselves for a minute or more before bursting into Breonna Taylor’s apartment, but her boyfriend said he did not hear officers identify themselves, according to Kentucky grand jury recordings released Friday.
White House chief economist Joe LaVorgna joined Cheddar to discuss the economy's current standing.
