New Monthly Child Tax Credits Are Starting To Go Out. Here's What It Means For You
Roughly 39 million American families will begin receiving the first of six monthly installments of the enhanced child tax credit payments on Thursday, providing at least temporary relief for households living below the poverty line.
The program is part of the Biden administration's $1.9 trillion economic aid package called the American Rescue Plan that was passed in March. It increases the existing tax benefit from $2,000 up to $3,600 for younger kids and $3,000 for older ones, for the 2021 tax year.
It also broadens the umbrella of who's eligible for the full refund....