Monthly Child Tax Credits Begin To Go Out To Parents
Summary from AllSides News Team
On Thursday, about 39 million American families will start to receive monthly tax credit payments ranging from $2,000 to $3,000 per child. The payments will continue for six months, and are part of the Biden administration's $1.9 trillion economic aid package.
Critics say the child tax credit payments are a disincentive to work and an expansion of the welfare state. Proponents say the checks are needed by working families and will help prevent child poverty.
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From the LeftNew 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....
From the LeftIRS sends Child Tax Credit payments to families of 60 million children
The Internal Revenue Service sent the first set of monthly Child Tax Credit payments to families of nearly 60 million children this week, averaging out to $483 per family.
Approximately $15 billion worth of payments were distributed, the government said.
“For the first time in our nation's history, American working families are receiving monthly tax relief payments to help pay for essentials like doctor’s visits, school supplies, and groceries,” Treasury Secretary Janet Yellen said in a statement on Thursday. “This major middle-class tax relief and step in reducing child poverty is a...
From the RightChild tax credit payments go out July 15: Here’s what you need to know
American parents are in for a payday.
The federal government will begin forking over monthly payments to millions of US families July 15 under President Biden’s controversial expanded child tax credit plan.
The cash — approved as part of the Democrat’s 1.9 trillion stimulus package in March — aims to prevent child poverty.
But critics say the checks, which are part of Biden’s coronavirus relief plan, are an expansion of the welfare state and a disincentive to work.
Here’s what you need to know about the child tax credit, including whether you’re eligible.