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.
The president, in an interview with CNBC this week, said he's looking to tax every single Chinese good that enters the U.S., which amounts to $505 billion. The tariffs would come at a time when prices for common consumer products, including the Apple Watch, FitBit, and smart speakers, could rise. Cheddar's Tim Stenovec and Kristen Scholer break down the news.
The actor, comedian, and activist created an augmented reality app called "House of Cats," which features an animated, satirical version of the president called "Trump-y Cat." A portion of the proceeds will go to support refugees. "We are going to counter his hostility with support," Takei tells Cheddar.
Economic growth at 4 percent is unsustainable and could pull back, warns Samantha Azzarello, Global Market Strategist at JPMorgan ETFs. GDP has been energized by tax cuts, increased spending, and consumption, and Azzarello predicts the high won't last.
Christopher Wray, who became director of the FBI last August, said in a statement that his assessment of Russia and the 2016 election has not changed, despite what Trump may say. "The President clearly has personal interests, or some sort of interests, that are separate from what the U.S. intelligence community has when it comes to Russia," says Eric Boehm, reporter for Reason.com.
These are the headlines you Need2Know.
* **Damage Control at the White House:** President Trump will meet with his cabinet today after widespread criticism of his comments spread following Monday's joint meeting with Russian President Vladimir Putin. To appease his base,Trump declared yesterday that he simply misspoke during the presser--but some critics find that hard to believe.
* **Manafort Goes to Court:** The case against former Trump campaign manager Paul Manafort is moving forward--despite a denial of his team's request for a change of location. Manafort's team asked for the trial to be moved from Alexandria to Roanoke, believing that Alexandria's more liberal base would be less forgiving and attract more press.
* **University Doctor Under Fire:** A former Ohio State University doctor is accused of molesting student athletes after complaints surfaced from several ex-wrestlers--one of whom condemned is Congressman Jim Jordan for ignoring the allegations.
* **Vacancies at Comic-Con:** The 2018 Comic-Con kicks of in San Diego tonight. But some of the usual attendees will be missing: network HBO, the Avengers, X-Men and Deadpool will be among the absent guests.
* **American League Still Number One:** The American league clung to its title as reigning champ after it defeated the National League for the sixth straight year during last night's MLB All-Star game.
Cheddar Big News' Hena Doba gives us the details.
Cheddar's J.D. Durkin recounts the tense moment during the Trump-Putin press conference in Helsinki when the Russian president was asked if he had any compromising material on President Trump.
The president said on Tuesday that he has "full faith and support" in U.S. intelligence agencies, walking back comments he made a day prior during a joint press conference with Russian President Vladimir Putin. During Monday's conference, Trump seemed to challenge the findings of American agencies that Russia interfered with the 2016 elections, sparking widespread criticism at home -- even from his most loyal backers.
