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.
Florida Rep. Matt Gaetz, a conservative Republican congressman, is championing a medical cannabis research act, signaling the bipartisan shift in attitudes toward medical marijuana.
Apple appears to have dodged a bullet with the latest round of tariffs on Chinese imports. But if the trade war continues, the risks to the company get more serious, said Tom Forte, senior research analyst at D.A. Davidson. Apple currently gets 20 percent of its revenue from China
Gov. John Hickenlooper (D-CO) said the political action committee will help him "evaluate" the presidential landscape. The moderate Democrat is perhaps best known for overseeing Colorado's creation of a full-fledged cannabis economy.
Judge Brett Kavanaugh's confirmation to the Supreme Court is now more like a "jump shot in traffic," said Philip Wegmann of the Washington Examiner. Kavanaugh's nomination was put on hold following accusations of sexual assault by Christine Blasey Ford when they were both teenagers. Ford and Kavanaugh will testify at a Senate hearing next Monday, delaying the confirmation vote originally scheduled for this week and putting his place on the top court it peril less than two months before the midterm elections.
These are the headlines you Need 2 Know.
China retaliated to the latest round of tariffs announced by the Trump administration, announcing import taxes on $60 billion in U.S. goods. That came after the White House said it would impose tariffs on $200 billion of Chinese goods, though many of Apple's products will be exempt.
Kate Shaw, professor at Cardozo School of Law, breaks down the similarities between the current accusations against Supreme Court nominee Brett Kavanaugh and the accusations from Anita Hill in 1991 against Supreme Court Justice Clarence Thomas -- the latter largely considered to have been the basis for how workplace harassment is thought of today.
A new bill in New Jersey, if passed through the state legislature, would immediately release anyone in jail for non-violent marijuana crimes and expunge their records. Jake Hudnut, chief prosecutor for Jersey City, calls it the most progressive social justice bill in the nation.
These are the headlines you Need 2 Know.
Former Trump campaign chairman Paul Manafort pleaded guilty to reduced charges Friday morning and agreed to cooperate with Robert Mueller's investigation.
