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 daunting task of paying back astronomical student loans may soon be less taxing, California Congressman Scott Peters tells told Cheddar Tuesday. Rep. Peters (D-Calif.) has received 99 co-sponsors on his bipartisan Employer Participation in Repayment Act, which would allow employers to contribute to their employees' student loan payments, tax-free.
The shocking rise in teen vaping is a public health crisis that the FDA has been slow to address, according to a nationally recognized cardiologist. Dr. Kevin Campbell, who is also CEO of Pace Mate, a digital cardiac monitoring service, said the recent study from the CDC that linked vaping to a spike in teen tobacco use shows that more serious steps need to be take. The first step? Get rid of the flavored nicotine "pods," which Campbell said are acting as a gateway for teenage beginner vapers to get hooked on nicotine.
These are the headlines you Need 2 Know for Tuesday, Jan. 12, 2019.
There's a dearth of research to back up the abundance of miraculous health claims tied to CBD ー but that won't stop celebrities from endorsing it. CBD, or cannabidiol, is a component of cannabis or hemp with little to no psychotropic effects. It is purported to have an array of applications to treat everything from epilepsy to anxiety, pain, depression, and sleeplessness. When Congress and President Trump signed the latest version of the Farm Bill into effect, they also legalized hemp, and thereby CBD derived from hemp.
President Trump and Chinese President Xi Jinping are reportedly considering a meeting at Trump's Mar-a-Lago Resort in March to resume trade talks. But whether or not any major developments will result is a toss-up, former State Department Senior Advisor Christian Whiton told Cheddar.
As a member of the House Intelligence Committee, Rep. Mike Quigley, a Democrat representing Illinois' 5th district ー who worked as a criminal defense attorney before his election to Congress ー said he's focused on the president's finances and foreign investments, like the Trump Tower Moscow project, and how that may have influenced the Trump campaign in 2016.
New York City Council Member Jimmy Van Bramer is owning his status as one of the so-called "job killers" trying to chase Amazon out of Queens. "We should fight for jobs, but we should fight for jobs on our terms, consistent with our values," said Van Bramer, who represents New York's 26th district, which includes the Queens neighborhoods of Long Island City, Astoria, Sunnyside, and Woodside.
Sen. Kamala Harris, weeks into her campaign for president, not only acknowledged that she has smoked pot, but said she isn't opposed to federal legalization of marijuana. "I think it gives a lot of people joy and we need more joy," Harris said, laughing, during an interview on the influential hip-hop radio show The Breakfast Club Monday morning.
These are the headlines you Need 2 Know for Monday, Feb. 11, 2019.
From Wall Street to Silicon Valley, these are the top stories that moved markets and had investors, business leaders, and entrepreneurs talking this week on Cheddar.
