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.
Christine Hallquist, the first transgender gubernatorial candidate to be nominated by a major party, faces an uphill battle in Vermont, where she is trying to unseat the popular Republican governor.
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Constellation Brands, the alcoholic beverage giant, is making a big bet that marijuana will be legalized in the United States by upping its investment in the Canadian cannabis company Canopy Growth. With legal marijuana coming to Canada in the fall, investors are preparing for a potential legal U.S. market to open up soon.
Rep. Tom Reed says he plans to propose a ban on House members serving on corporate boards, a bipartisan proposal designed to eliminate "potential conflict and the appearance of impropriety." The move comes a week after his New York Republican colleague Rep. Chris Collins was indicted on insider trading charges.
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A year after the white supremacist rally in Charlottesville, the country continues to see an upsurge in racism, says Patrisse Cullors, a co-founder of Black Lives Matter. But Cullors also says she sees more people "joining together in this moment to stand up for our rights."
Marc Lotter, former press secretary to Vice President Mike Pence, says Omarosa Manigault Newman's decision to record a conversation with White House Chief of Staff John Kelly in the Situation Room was a violation "of every protocol
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Spike Lee's "BlacKkKlansman" opened nationwide on Friday, on the eve of the anniversary of the Charlottesville riots ー and that's no coincidence. The movie recalls the true story of Ron Stallworth, a black Colorado Springs police officer who infiltrated the Ku Klux Klan in the 1970s.
