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 Supreme Court has declined to order the Texas Abortion case back to the original trial judge for further proceedings. Essentially if Texas abortion providers were able to get their case back to the lower court., It would have greatly helped the group move against the law. However, this decision is likely to prolong the case legal battle. Professor and Author of "The Turnaway Study: Ten Years, a Thousand Women, and the Consequences of Having — Or Being Denied — An Abortion", Diane Foster, joined Cheddar to discuss more.
The Supreme Court rejected yet another bid by abortion providers to block Texas's law - which bans most abortions after six weeks of pregnancy. This is the fourth time that advocates have tried and failed to block the most restrictive abortion ban in the country. Leah Litman, assistant professor of law at The University of Michigan and co-host of the "Strict Scrutiny" podcast, joins Cheddar News to discuss.
As the standoff between the U.S. and its allies continues with Russia over its possible designs to invade Ukraine, President Biden held a video conference call with European leadership and had 8,500 American troops put on high alert. Jamil Jaffer, a former associate White House counsel for the Bush Administration, joined Cheddar to discuss his views on the escalating crisis in Eastern Europe.
As controversy dogs the run-up to the 2022 Beijing Winter Olympics, China is hiring TikTokers and other social media influencers to promote the nation's history, culture, diplomatic efforts, and current trends.
The Supreme Court has rejected another request to block Texas' strict abortion law. This marks the third time the high court has declined to intervene in challenges to the law that bans abortions after six weeks, well before many women even know they're pregnant. Aziza Ahmed, professor of law at the University of California, Irvine, joined Cheddar News to discuss the impact of the law so far on women seeking abortion services in Texas.
Mayors in cities like Miami and New York City are considering introducing cryptocurrencies as a way to reduce economic inequality. Miami Mayor Francis X. Suarez has even pushed for distributing Bitcoin dividends to the city's inhabitants.
The U.S. will be implementing a vaccine mandate for all people entering through its land borders, removing exemptions for "essential" travelers such as truckers, students, and business people. While the Canadian Trucking Alliance argues that the new, stricter rule might exacerbate ongoing auto supply chain issues, some health experts see the potential for helping curb the ongoing pandemic. Anthony Santella, a professor of health administration at the University of New Haven, joined Cheddar to give his take on the updated border crossing restriction. "We can't just focus on one type of travel. We need to ensure that it's clear and consistent across all types of travel," Santella said.
Will Rhind, CEO of GraniteShares, joins Cheddar News' Closing Bell, where he says he believes the Fed's plans of increasing rates is taking its toll on some of the more speculative stocks and the technology market.
