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.
Tubi Daily News Powered by Cheddar for the morning of November 11th, 2018
These are the headlines you Need 2 Know for Monday, Nov. 19, 2018.
These are the top stories, from Wall Street to Silicon Valley, that moved markets and had investors, business leaders, and entrepreneurs talking this week on Cheddar.
Michelle Obama's memoir, "Becoming," hit shelves this week, with a rollout that felt more like a concert tour ー including appearances by Oprah, packed stadium events, and near-universal morning TV coverage.
British Prime Minister Theresa May's Brexit plan had a turbulent rollout this week, but the British Trade Commissioner for North America said the path to a successful exit from the European Union is still on track. "So far, we are on course for the path that she set out just after the referendum almost two years ago," Antony Phillipson said Friday in an interview on Cheddar.
Facebook CEO Mark Zuckerberg is fighting back after the New York Times published an investigation into how the company failed to address Russian meddling in the 2016 election. California officials doubled the number of people missing as a result of the wildfires to more than 600. And Bill Oliver, director of the new sci-fi drama 'Jonathan,' joins Cheddar to discuss his new film starring Ansel Elgort.
Facebook's latest scandal has raised serious questions about founder and CEO Mark Zuckerberg's oversight of the troubled media giant.
A federal judge made a limited ruling Friday that the White House must immediately restore press access to CNN correspondent Jim Acosta on Fifth Amendment grounds.
After a machine recount of ballots in the U.S. Senate race in Florida between Republican Gov. Rick Scott and Democratic incumbent Sen. Bill Nelson found them still within a hair's breadth of each other, the state is now endeavoring to recount, by hand, millions of the votes cast. Cheddar's J.D. Durkin reports from Palm Beach County on the latest developments.
These are the headlines you Need 2 Know for Friday, Nov. 16, 2018.
