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.
Nate Madden, Congressional Correspondent for CRTV, discusses President Trump's recent alleged comments referring to Haiti and other African nations as "shithole countries." He weighs in on what that means for Washington as Democrats and Republicans try to avoid a government shutdown at the end of the week.
A look at the latest headlines on The Crypto Craze. South Korea bans Crypto, Ethereum hit an all time high. MoneyGram and Ripple team up. Arizona considers letting residents pay taxes with digital currency. The Wrap releasing a report saying Viacom and CBS are looking to merge.
President Trump facing backlash after reportedly delivering vulgar remarks at a meeting with lawmakers at the White house Thursday about immigration policy. Steve Bannon out of his role in the White House, and this week stepped down from his post at Breitbart News. Now, without a specific role in this political landscape we look at how the 2018 Midterms, and President Trump will fare without this political operative. Cheddar's Tim Stenovec speaks with Daily Wire Editor-in-Chief Ben Shapiro.
Facebook is changing up its News Feed, a new twist in the "All the Money in the World" wage gap controversy, and Lindsay Lohan might design a manmade island in Dubai. Plus, wrapping up the biggest headlines from CES with Wired, celebrity fashion designer Isaac Mizrahi, and the star of Amazon's "Philip K. Dick's Electric Dreams."
With companies such as Facebook and Twitter finding themselves in the crosshairs of politicians, overlap of law and business has become more and more of an issue. Raj Goyle, Founder of Bodhala, an A.I. tool working to improve business efficiencies in the legal industry, was with us to discuss how machine learning is revolutionizing law.
Get ready for major changes coming to your Facebook Newsfeed. The social media giant said it will favor posts shared by friends over what's published by businesses or news organizations.
Dropbox is going public. The file-sharing company confidentially filed for an IPO, with Goldman Sachs and JP Morgan reportedly leading the offering.
President Trump is in hot water after reportedly calling Haiti, El Salvador, and some African Countries "shitholes" in a closed-door immigration meeting with members of Congress. The President denies he used this language, but Senator Dick Durbin (D-IL) was in the room during the meeting and says he heard President Trump speak those words.
Congresswoman Marcy Kaptur is a Democrat who represents the ninth district of Ohio. Congressman Ro Khanna is a Democrat who represents the 17th district of California, better known as Silicon Valley. Cheddar sat the two members down to discuss innovation in America. How does Silicon Valley branch out to and revive middle America?
Todd Johnson, Managing Editor at The Grio, discusses David Letterman's return to late night with his new Netflix show "My Next Guest Needs No Introduction." Johnson shares his thoughts on what the new show means for comedy on the platform.
Reports say President Trump called Haiti and El Salvador "shitholes." Rep. Adriano Espaillat (D-NY) says he is not surprised to hear this type of talk coming from the president.
