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.
After news around Michael Wolff's book, "Fire and Fury: Inside the Trump White House," broke, the relationship between former White House advisor Steve Bannon and President Donald Trump completely deteriorated. The former team engaged in a very public fallout, but political consultant Rick Wilson was not all surprised. Wilson joins Cheddar to break down what this means for the GOP and how a Mitt Romney Senate run could further shake the White House.
VF Hive + Between Bells: The crew from Vanity Fair’s Hive discusses the new day at 'Today.' Between Bells looks at the Trump's new war on Bannon, and why Meryl is calling out Ivanka and Melania. With Women's Health, Mental Floss, YourTango and more.
Ken Stern, Former CEO of NPR and Author of "Republican Like Me: How I Left the Liberal Bubble and Learned to Love the Right," joins The Hive. Stern, Kristen Scholer, and Jon Kelly discuss the possible demise of the American two-party system and whether the Independent Party may be able to make a run in the next election. They talk about the impact the Trump Presidency may be having on the two-party system, and whether outsiders like Mark Cuban might be realistic in 2020.
Former State Department senior adviser Haroon Ullah joins the Hive to talk about his recent piece on the information war for control in Iran. He discusses the Iranian regime's strategy in dealing with protesters and what potential impact it may have. Ullah also talks about whether Iran's problems may spill out elsewhere in the Middle East.
The White House is demanding Michael Wolff not publish his upcoming tell-all, "Fire and Fury." Axios' Alayna Treene joins Cheddar to break down the story that's turning the political and media worlds on their heads.
VF Hive editor Jon Kelly, Kristen Scholer and the rest of the Hive Panel discuss the biggest stories of the week in politics, business and technology. Emily Jane Fox reports on her story on the rise of Hoda Kotb to Matt Lauer's former spot on the 7am and 8am hours of the Today Show on NBC. She discusses the notion that this role would have traditionally gone to a male. The panel also discusses a report on Fox that NBC had access to data indicating Matt Lauer's favorability had been declining for years.
Ken Stern, Author of "Republican Like Me" and former CEO of NPR, says the "independent billionaire,...the movie star who doesn't have any political baggage, may in fact be a credible candidate."
Jed Shugerman, Professor at Fordham Law, talks Paul Manafort's lawsuit against Robert Mueller and deputy attorney general Rod Rosenstein, which alleges Mueller's authority in the Russia investigation is too broad.
Jack Hunter, editor at Rare Politics, weighs in on President Trump's letter, which essentially announced the end of his relationship with former White House Chief Strategist Steve Bannon.
Fordham Law Professor Jed Shugerman says that the former campaign chair doesn't have a case against Robert Mueller, but he is trying to appeal to President Trump and his base and is seeking a pardon.
