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.
2017 saw multiple historic elections, including the election of Ravinder Bhalla, the first Sikh to be elected mayor in New Jersey. Bhalla will be inaugurated on January 1st and intends to hit the ground running.
Ravinder Bhalla, Mayor-Elect of Hoboken, says that he will do everything that he can to protect New Jersey residents from Capitol Hill.
Between Bells: Motor Trend's Car, Truck, and SUV of the year, the top entertainment stories of 2017, and gearing up for recreational cannabis legalization in 2018. We're joined by Cannabis Culture, Rare Media, PCMag, Hollywood Life and more.
Taking on the credibility of the FBI has become increasingly common in the Trump era, but one Congressman took it to a new level this week.
Prince Harry interviews Barack Obama, Kanye gives Kim top stocks for Christmas, and Americans are expended to send back around $90 billion worth of presents.
It's no surprise that the year "fake news" entered our vocabularies was a controversial one for media. NewsBusters' Curtis Houck joins Cheddar to break down the year's most polarizing press events.
Republicans are celebrating a big policy win on tax reform. They hope to use the momentum they've picked up to replicate their victory in the new year, but can President Trump squeak out another win as the GOP advantage in the Senate shrinks?
President Trump notched his first major policy win with tax reform last week. Can he use the momentum from that win to push his policies through in 2018, or will Democrats stand in his way?
President Donald Trump touting his tax bill over Twitter. Politifact Staff Writer Jon Greenberg fact-checks claims Trump made over the impact of tax reform.
Money shouldn't have any influence on politics. Represent.Us, the nation's largest grassroots anti-corruption campaign, is looking to make sure corruption is eradicated from America's political system. Josh Silver, Founder & Director of Represent.Us, joined us to share why he feels corruption is a major problem hurting real Americans every day.
