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.
The RNC spokeswoman says Republicans are willing to look into tighter regulations and that even politicians who receive donations from the NRA want to "make sure this never happens again."
Saadia Zahidi, author of "Fifty Million Rising", says Saudi Arabia now has about half a million women in the workforce. She says governments need to realize how much market power this group has and what they can do to foster that talent.
CRTV's Nate Madden and Eric Boehm from Reason Magazine discuss the student survivors from the Parkland shooting who emerged this weekend as activists in the fight for gun reform.
Billionaire Tom Steyer is putting his personal fortune behind an effort to get President Trump out of office. Special counsel Robert Mueller has indicted 13 Russian nationals and three Russian entities for allegedly meddling in the 2016 presidential election. Coinbase users took to social media and Reddit to complain about glitches on the platform. Coinbase says the root of the problem is credit card processing managed by Visa. But, Visa says they didn't cause the problem.
The FBI is admitting that it failed to investigate the shooter who killed 17 people in Parkland, Florida this week. Now, Florida Governor Rick Scott is calling on FBI Director Christopher Wray's resignation. Axios Reporter Stef Kight explains the implications of these findings.
Billionaire Tom Steyer is putting his personal fortune behind an effort to get President Trump out of office. The "Need to Impeach" initiative started with a YouTube video, and now more than 4.7 Million people have signed its petition. Tom Steyer, Founder and President of "Need to Impeach," explains how he is trying to influence the political landscape.
The billionaire and former hedge fund manager questions the president's response to news that Special Counsel Robert Mueller indicted 13 Russian nationals. Steyer, who's launched a "Need to Impeach" campaign, wants to know what Trump is hiding.
The UK is pinning the blame on Russia for the "PETYA" cyberattack that crippled firms, including FedEx and Merck. Stu Woo, Reporter at The Wall Street Journal, joined us to break down the implications of the claim.
Snap CEO Evan Spiegel is doubling down on the app redesign. Shake Shack plans to open 32-35 new locations this year. Miso Robotics, the firm behind automated burger-flipper, "Flippy," The company behind a patty-flipping robot just got a major influx of cash.
The FCC Chairman is being investigated for potential collusion. Snap CEO Evan Spiegel is defending the controversial app redesign after growing backlash. The much-anticipated Marvel film "Black Panther" hits theaters Friday. Skip Kodak, SVP of LEGO Americas Group, joins Cheddar to discuss the 60th anniversary of the company.
