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 Trump escalated his war of words with Anthony Scaramucci on Monday, calling the Mooch "highly unstable" in an early morning tweet storm. Scaramucci joined Cheddar to unpack the string of insults and to discuss the coalition of former cabinet members he is assembling to stop Trump in 2020.
Nearly a thousand Twitter accounts were blocked and several Facebook pages taken down on Monday in a coordinated effort by the social media platforms to curb misinformation campaigns spread by the Chinese government against protesters in Hong Kong.
San Jose could become the first city in the U.S. to implement a novel ordinance aimed at curbing gun violence: requiring gun owners to carry liability insurance.
Rep. Rashida Tlaib of Michigan said on Friday that she will not visit her family in the West Bank due to the conditions required by the Israeli government. The decision follows a reversal by Israel, which first barred her from the country and later granted her entry on humanitarian grounds.
In Srinagar, the capital city of Jammu and Kashmir, over one million people woke up last week to a complete telecommunications blackout. The blackout was mandated by the Indian government, which just hours later would unilaterally strip the disputed territory of its autonomy status.
Recently passed legislation in New York City will track commercial storefronts, giving the city a comprehensive database on building vacancies for the first time ever.
Former two-term Colorado Governor John Hickenlooper has officially dropped out of the 2020 race, slimming the Democratic field to just over two-dozen.
These are the headlines you Need 2 Know for Thursday, Aug. 15, 2019.
An unofficial coalition of far-right extremist groups are set to descend on Portland, Oregon this weekend and the city’s mayor has a clear message for them: you are not welcome.
J.D. Durkin made his way to an Iowan raceway and watering hole as the Hawkeye State hosts the many candidates vying for the primary election.
