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.
Michael Avenatti, the attorney representing adult film star Stormy Daniels, says he's fighting to keep the case out in the open and will renew a motion to depose both the president and his lawyer, Michael Cohen.
The governor of Colorado, a state where marijuana is legal, told Cheddar the federal government's negative stance against cannabis has created uncertainty in the space. Gov. Hickenlooper says not only is that "bad for business," but also makes it hard for states to maintain a good relationship with Washington.
Stringer wants Facebook to bring in more independent directors and experts on data protection to provide more oversight at the company. As the comptroller, Stringer manages the city's public pension funds, which have close to $1 billion invested in Facebook.
Jennifer Palmieri, former director of communications for Hillary Clinton's 2016 presidential campaign, says women have to face the question of female ambition and motivation. "That's different than the questions people have for male candidates," she told Cheddar Monday.
The California billionaire says he isn't thinking that far ahead and is just focused on his "Need to Impeach" campaign going into the midterm elections in November.
For the full interview, [click here](https://cheddar.com/videos/the-man-behind-the-need-to-impeach-campaign).
The California billionaire says Trump "is a lawless president," which is why he's focusing his efforts on a "Need to Impeach" campaign. So far, more than 5 million people signed on, which Steyer says will add pressure on lawmakers to take the drastic step.
President Trump called out Amazon in an early morning tweet Thursday, saying he's concerned the company pays "little or no taxes." This follows reports that the president wants to go after Amazon. Immediately following these reports, Amazon stock tanked, losing billions of dollars in market cap. This is not the first time Trump has attacked Amazon.
Facebook is making changes to its data-sharing practices in the wake of the Cambridge Analytica scandal. The social media company announced late Wednesday that it would stop sharing user information with third-party data firms. This strategy has been at the core of Facebook's business for the past few years.
Bryan Cranston, star of the hit show "Breaking Bad," joins us to talk about this new project. He's the co-creator of "The Dangerous Book for Boys," a new TV series which will stream on Amazon Prime. Fans won't see him on camera, but they will see actress Erinn Hayes. Cranston and Hayes tell us what to expect from the family-friendly show. It premieres on Amazon this Friday, March 30th.
Facebook is making changes to its data-sharing practices in the wake of the Cambridge Analytica scandal. The social media company announced late Wednesday that it would stop sharing user information with third-party data firms.
President Trump called out Amazon in an early morning tweet today, saying he's concerned the company pays "little or no taxes." This follows reports that the president wanted to go after Amazon.
Comedian Anthony Atamanuik guesses whether the president has taken to Twitter to discuss sandwiches and nipples. Atamanuik impersonates Trump for Comedy Central's "The President's Show."
The Congressman favors gun control rather than a full-blown repeal of the Constitutional Amendment, including controls on semi-automatic weapons and bump stocks. Early Tuesday, John Paul Stevens, a former Associate Justice of the U.S. Supreme Court, published an op-ed calling for a repeal of the Amendment.
