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.
Presidential hopefuls sparred over immigration at the Democratic debate in Detroit Wednesday night, arguing specifically over how the next occupant of the White House will improve the system and correct approaches taken by past administrations.
On the Detroit Democratic debate stage, Sen. Kamala Harris, a former prosecutor, found herself grilled on her record regarding cannabis and criminal justice by fellow candidate Rep. Tulsi Gabbard.
Rep. Ryan told Cheddar that he's so focused on making sure American workers are prepared for the future of manufacturing and wants to drive investment in the electric vehicle market.
The Federal Reserve cut interest rates by 0.25 percent on Wednesday, marking the first time the U.S. central bank had lowered rates since the financial collapse in 2008. The decision puts the benchmark rate at a range between 2 and 2.25 percent.
Fox News personality Judge Jeanine Pirro is jumping into the cannabis game. She joined the board of Heavenly Rx, the hemp and CBD company announced on Wednesday.
These are the headlines you Need 2 Know for Wednesday, July 31, 2019.
Candidates like Pete Buttigieg, Tim Ryan, and Amy Klobuchar were very critical of the student loan forgiveness plans put forth by Bernie Sanders and Elizabeth Warren on the Detroit debate stage.
In a debate heavy on the topic of Medicare for All versus private insurance, the 2020 Democratic candidates also wrangled about expanding guaranteed coverage to undocumented immigrants on the Detroit stage.
The president's team is in Detroit as Democratic hopefuls flock to the second primary debates, and it's banking on the economic improvements in the Great Lakes State to help him bring home another victory in 2020.
President Trump may be excluded from the nation’s largest primary election after California Gov. Gavin Newsom signed a bill into law on Tuesday that would require presidential hopefuls to release their tax returns in order to appear on the ballot.
