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.
A full transcript of President Trump's statement from the Diplomatic Reception Room at the White House on Monday morning addressing the mass shootings that took place over the weekend.
President Trump denounced white supremacy and called for a bipartisan effort to combat gun violence on Monday, two days after back-to-back mass shootings in El Paso, Texas and Dayton, Ohio killed nearly 30 people and shocked the nation. He did not propose any major overhaul to gun control legislation.
President Trump announced a deal with the European Union on Friday that will nearly triple the amount of U.S. beef exported to Europe in the coming years. The hike in U.S. beef exports to the EU will boost the industry’s sales in Europe from $150 million to an estimated $420 million annually.
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.
Stock markets worldwide tumbled on Friday following President Trump’s announcement that the U.S. will impose tariffs on $300 billion worth of Chinese imports. Trade groups across industries also came out in fierce opposition to the move, which is the latest escalation in the now years-long trade dispute between the U.S. and China.
The U.S. is escalating the enduring trade war with China with a new round of 10 percent tariffs that will be imposed on $300 billion worth of Chinese imports, President Trump announced Thursday.
The candidate from Hawaii doubled-down on her criticism of the California Senator regarding her record on criminal justice policies like the death penalty and marijuana prosecution.
On Thursday, four major progressive groups announced they will team up this month to use their collective force to put more pressure on lawmakers to open formal impeachment proceedings against President Trump.
These are the headlines you Need 2 Know for Thursday, August 1, 2019.
These are the headlines you Need 2 Know for Thursday, August 1, 2019.
