In February, President Joe Biden claimed that the readjusted Child Tax Credit portion of the COVID relief bill would “cut child poverty in half.”
Five months later, Biden’s plan will be set in motion on Thursday, July 15, with the first round of monthly Child Tax Credit payments being distributed to nearly 39 million families, according to the U.S. Treasury Department.
Hoping to alleviate millions of children from poverty, Biden’s revised Child Tax Credit will provide monthly payments for 88% of children.
The Internal Revenue Service reported that the American Rescue Plan raised the maximum Child Tax Credit to “$3,600 for qualifying children under the age of 6 and to $3,000 per child for qualifying children between ages 6 and 17.”
Starting Thursday qualified households will receive their first round of monthly installments. Families can expect direct deposits or paper checks of up to $300 per child under age 6 and up to $250 per child age 6 through 17.
The monthly payments will only be distributed up to December 2021, however, Biden hopes to continue the Child Tax Credit through 2025 with his $1.8 trillion American Families plan.
Eligible families won’t have to do anything to receive their payment, the IRS will automatically calculate whether or not your household is eligible with your 2019 and 2020 federal income tax returns.
Qualified families will receive a personalized letter listing an estimate of their monthly payments.
Who qualifies?
The maximum credit is available to taxpayers with a modified adjusted gross income of $75,000 or less for a single taxpayer; $112,500 or less for a head of household; or $150,000 or less for married couples who file a joint tax return, said the IRS.
The IRS introduced a Child Tax Credit Eligibility Assistant tool on their website in June, to help families navigate through the Child Tax Credit process: check to see whether their family qualifies, manage incoming payments and adjust banking information.
Lawmakers say the tax credit will help lift 55,000 Massachusetts children out of poverty; U.S. Rep. Richard Neal recently said the Child Tax Credit would help more than 8,000 children in his district.
Using a child tax credit calculator
Those interested in unenrolling from the Child Tax Credit can do so on the Child Tax Credit Update Portal. This would enable you to be able to claim the full credit on your 2021 tax return with the IRS, rather than receive half of it in payments this year.
Want to see how much your family will potentially earn from the Child Tax Credit? You can use the Kiplinger Child Tax Credit Calculator to determine your monthly credit earnings.
©2021 Advance Local Media LLC. Visit masslive.com. Distributed by Tribune Content Agency, LLC.
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Qualified Households! In other words buying the vote and encouraging women to have more babies out of wedlock, encouraging a prolific welfare system. Government dependency.
THING IS, don’t ‘welfare moms’ ALREADY GET A HELL OF A LOT for their kids, in the vein of higher EBT, WIC, Child tax credits already, AND OTHER THINGS>
SO HOW THE HELL can there still be “children in poverty”?!?
The Gracchi brothers, Tiberius and Gaius, were Romans who both served as tribunes of the plebs between 133 and 121 BC. They attempted to redistribute the occupation of the ager publicus—the public land hitherto controlled principally by aristocrats—to the urban poor and vote themselves into the public granaries. Thus began the fall of Rome from within where the games and free bread replaced personal sacrifice and wealth creation. Biden and the Democrats have honed this into professional political bribery of the failed masses on a national American scale, on people too inept, lazy or dishonest to take responsibility for their own lives, who choose the chains of government social dependency over the freedom that comes with the ability to self-govern.,,,and they are doing it with the misappropriated money of WE THE PEOPLE. “Never in the field of human conflict was so much now owed by so many because of so few criminals who have managed to dishonestly seize power, and then govern more dishonestly than in the stealing. Just how many ways can they scheme and contrive to buy dishonest votes with honest money earned by others? Just how many people can they beguile into selling their American heritage of success by taking away their ability to govern their own lives to become socially dependent on a party of people of criminal intent.?
A vote buying scheme, using money from the treasury that will have to be borrowed since the country is so deeply in debt. Without a miracle from God, our constitutional Republic is finished. The president is a figurehead controlled by an unseen oligarchy, issuing executive orders to run the country as they see fit. Congress is as corrupt as can be, busy lining their own pockets. Corrupt judges issue insane decisions based upon their own personal whims and fancies. Elections are rigged, and the democrats are trying to get laws passed to make honest elections impossible. The average citizen who works for a living has our corrupt politicians reaching into their pockets, helping themselves to the money that they’ve earned. I could go on and on, but it’s obvious that the constitution means nothing to the corrupt grifters who actually run the country. The “news” media who should be exposing this corruption, has prostituted themselves with the corrupted!
That is why for years, i hav advocated, that ANYONE ON WELFARE, lose their right to vote.. PERIOD.
How about Gates, Buffet and Soros covering these costs. But that will never happen, I must have been dreaming.
Welfare and food stamps now child tax credits payments ?? think about this ? During the Pandemic. , they got there welfare but didn’t pay the rent. But hair salons opened , so they got their hair extensions and nails done. So this shows were their Priorities are. It’s not the kids. Welfare should be spent on rent and Utilities not SUV car payments or hair cuts. So do you really think these child credit payments will go to help children or not ???
I forgot which show i saw it on, but they had one house which CPS was investigating, cause the kids were literally starving (a 8 yr old at just over 50lb, and a 10 yr old just over 70lb, so well underweight). BUT THE MOTHER was raking in (via ebt/welfare/wic etc) almost 40k a year… AND THE MOTHER had over 100 pairs of BRAND NEW SHOES IN HER CLOSET…
IMO In situations like that, NOT ONLY SHOULD THE MOTHER go to jail, but the KIDS should be put with someone who WILL CARE FOR THEM properly.. AND WHEN MOM GETS OUT, she should never ever be allowed to get custody of her kids back.