President Biden Tax Credit to Deliver Benefits to Tens of Millions of Families, No Thanks to Republicans
May 17, 2021
Thanks to President Biden’s American Rescue Plan, tens of millions of families are set to receive thousands of dollars in child tax benefits starting in July. Despite Republicans’ best efforts to stand in the way, hardworking families will get desperately needed help.
The child tax benefit passed in the American Rescue Plan is set to cut child poverty nearly in half, and deliver benefits to the families of 88% of children in the US.
CNN: “The enhanced child tax credit alone is expected to cut child poverty nearly in half. In total, the Democrats’ relief package is projected to reduce the share of kids in poverty by more than half, lifting more than 5 million children out of poverty this year.”
Washington Post: “Biden administration officials estimate that households representing more than 65 million children — or 88 percent of all U.S. kids nationwide — will begin receiving the benefit through direct deposit, paper checks, or debit cards.”
Thanks to the American Rescue Plan, eligible families will begin receiving direct monthly payments on July 15 — $300 per child under six and $250 for children six and over.
USA Today: “Millions of Americans with children will see more money in their bank accounts starting in July. The Treasury Department and the Internal Revenue Service will begin sending monthly advance payments of $250 or $300 to low- and moderate-income families under the newly expanded Child Tax Credit starting July 15.”
USA Today: “Monthly advance payments under the Child Tax Credit are the result of President Joe Biden’s American Rescue Plan, a $1.9 trillion coronavirus-relief package that Congress passed in March. The law extended the tax credit, boosted the amount that eligible families could receive and provided for half of the money to be made available in monthly installments through December.”
President Biden and Democrats are fighting to pass the American Families Plan to extend the enhanced child tax credit and permanently make it fully refundable.
CBS News: “Mr. Biden’s proposed American Families Plan, introduced last month, calls for extending the increased child tax credit through 2025 and making it permanently fully refundable. A group of Democratic lawmakers is pushing to make the monthly child tax credit payments permanent.”
NBC News: “‘While the American Rescue Plan provides for this vital tax relief to hard working families for this year, Congress must pass the American Families Plan to ensure that working families will be able to count on this relief for years to come,’ Biden said in a statement…‘For working families with children, this tax cut sends a clear message: help is here.’”