childtaxcredit
The child tax credit’s pandemic expansion, in which the Biden administration gave millions of American families a child benefit each month since July, has ended. The payments amounted to hundreds of dollars a month for most families. It kept millions of children out of poverty and injected billions of dollars into the U.S. economy. Democrats hoped to extend the program in Biden’s Build Back Better Act but that has stalled in the Senate and its fate remains uncertain. The benefit is ending as the latest surge of Covid-19 has forced more people home and led to more layoffs. Economists warn that ...
uPolitics.com
Another part of President Joe Biden’s coronavirus relief went into effect last week: the first monthly child tax credit payments were sent out to millions of families who have been struggling amid the pandemic. The IRS and the Treasury Department paid, predominantly through direct deposit, a total of $15 billion to about 35 million families. Altogether in those families, there are more than 60 million children. Experts expect the credit to help lift 50% of poor American children out of poverty. These are the first batch of payments. The IRS plans to make those payments on the 15th of every mo...
uPolitics.com
Thirty-nine million households across the United States will be receiving monthly child tax credit payments starting July 15, the Biden administration announced Monday. The payments are part of the expanded child tax credit program from the American Rescue Plan, the $1.9 trillion project to help American families that are affected by the COVID-19 pandemic, which passed Congress in March. With the bill passed, the maximum payments families can receive per child is up to $3,600. About 80% of the families that qualify for the payments do not need to take additional steps to receive their funds. S...
uPolitics.com
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