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.
New York Congresswoman Alexandria Ocasio-Cortez is "cautiously optimistic" that the September 11th Victim's Compensation Fund's permanent extension will be passed in the Senate.
President Donald Trump Thursday evening decided to share his negative opinions on cryptocurrencies and Facebook's plans for the Libra currency, drawing a backlash among blockchain proponents.
Mississippi Rep. Robert Foster, currently running for governor of the state, is denying a female reporter from his campaign trip — unless she is accompanied by a male colleague. That Mississippi Today reporter Larrison Campbell joined Cheddar to give her reaction.
Nike announced on Thursday that it is moving forward with its plan to open a Nike Air Manufacturing Innovation facility in Goodyear, Arizona, just a week after the Governor Doug Ducey said the company was not welcome.
On Friday morning, President Donald Trump announced that Labor Secretary Alex Acosta resigned from his position. The decision follows widespread outrage over Acosta's handling of a 2008 case involving hedge fund manager Jeffrey Epstein, who had been accused of being a sexual predator.
These are the headlines you Need 2 Know for Friday, July 12, 2019.
President Donald Trump abandoned his administration's years-long pursuit to add a citizenship question to the 2020 census, but through an executive order demanded that all government agencies compile and disclose existing data on citizenship.
According to the 16-page report obtained by Cheddar, the expected price tag of the Victim's Compensation Fund is expected to be more than $10 billion over the next 10 years.
French lawmakers voted to impose a 3 percent tax on revenues from digital services that reach French users that could leave U.S. tech giants like Facebook, Google, and Amazon facing a hefty new tax bill.
Billionaire progressive activist Tom Steyer who joined the 2020 race spoke with Cheddar about his focus on the avarice of big business and its undue influence.
