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.
Amazon may have met the David to its Goliath in the epic battle for Long Island City ー provided that Gov. Cuomo doesn't stand in his way. State Sen. Michael Gianaris, who represents New York's 12th district, including Amazon's planned Long Island City outpost, said the tech giant's plan ー promising 25,000 jobs in exchange for billions in city funds ー doesn't even merit negotiation.
When President Trump addresses a joint sessions of Congress on Tuesday night ー the third such event of his presidency ー the most notable deviation from past speeches will be sitting just over his left shoulder. Speaker Nancy Pelosi is now ruling over a House Democratic majority ー including a boisterous class of progressive freshmen representatives elected in part as a rebuke to the Trump presidency.
These are the headlines you Need 2 Know for Tuesday, Feb. 5, 2019.
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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.
What government shutdown? Friday's jobs report showed a blockbuster 304,000 jobs were added in the month of January, despite fears that the partial government shutdown would weigh on the job market. The unemployment rate ticked up to 4 percent, as more Americans rejoined the labor pool. "This economy is now really firing on all cylinders," said Steve Moore, distinguished visiting fellow at the Heritage Foundation. "There's nothing negative about this."
These are the headlines you Need 2 Know for Friday, Feb. 1, 2019.
These are the headlines you Need 2 Know for Thursday Jan. 31, 2019.
Markets surged on Wednesday after the Federal Reserve announced it would leave interest rates unchanged. In a statement that was released following the conclusion of the Fed's quarterly, two-day meeting, the central bank said it would maintain the target range for the federal funds rate at 2.25 to 2.5 percent.
These are the headlines you Need 2 Know for Wednesday, Jan. 30, 2019.
