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.
The European Commission has issued a statement condemning President Donald Trump’s travel ban to 26 European countries, announced last night in a widely criticized speech.
Massachusetts Rep. Katherine Clark called out Republican leaders for characterizing the House Democratic aid bill as being "partisan."
Canadian Prime Minister Justin Trudeau is quarantining himself at home after his wife exhibited flu-like symptoms. Trudeau's office said Thursday that Sophie Grégoire Trudeau returned from a speaking engagement in Britain and had mild flu-like symptoms, including a low fever late, Wednesday night.
Turbulent oil prices dropped to the low $30s on Thursday, falling to 16-year lows just hours after President Donald Trump announced a 30-day ban on travel from more than two dozen countries in Europe in an attempt to stem the spread of coronavirus.
She confirmed that Democrats and Republicans are working closely to pass a bill today that would provide additional protections, and free testing, following an $8.3 billion aid package last week. "No one will say I can't afford it," she said.
President Donald Trump said Wednesday he is suspending all travel between the U.S. and Europe for 30 days beginning Friday as he seeks to combat a viral pandemic.
Dow drops more than 1,400 points, or 5.9 percent.
Stocks are tumbling again Wednesday, and indexes lost more than 4 percent to wipe out their huge gains from a day earlier as Wall Street keeps reeling on worries about the coronavirus.
Senator Bernie Sanders of Vermont spoke at length about the need to defeat Donald Trump and discussed his campaign today after falling behind in another set of Democratic primaries on Tuesday but did not announce his intention to drop out of the contest.
These are the headlines you Need 2 Know for Wednesday, March 11, 2020.
