39 Million Households to Receive Monthly Child Tax Credit Payments
President Joe Biden’s administration will begin sending about 39 million United States families cash child benefit payments in July, the White House announced Monday.
Under the newly expanded Child Tax Credit, families who qualify will receive monthly payments from the Internal Revenue Service around the 15th of every month for the rest of the year, The Washington Post reported: $300 for children under 6 and $250 for children older than 6.
Eighty-eight percent of all U.S. kids will receive the benefit according to Biden administration officials’ estimations, and 80 percent of that population will receive the payments directly through direct deposit, The Post reported.
Parents who are high income will either receive no child benefits or smaller ones depending on their incomes, the publication reported, with credit receding for an individual who has an adjusted gross income of over $75,000 or couples with an adjusted gross income of over $150,000.
“The American Rescue Plan is delivering critical tax relief to middle class and hard-pressed working families with children,” Biden said in a Monday statement.
“With today’s announcement, about 90 percent of families with children will get this new tax relief automatically, starting in July.”
“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,” he continued.
“For working families with children, this tax cut sends a clear message: help is here.”
The White House did not immediately respond to a request for comment from the Daily Caller News Foundation.
Biden also announced his new plan on April 29 to provide taxpayer-funded universal pre-school to all 3- and 4-year-old children.
The White House has said the move would benefit 5 million children.
“The President’s plan will invest in tuition-free community college and teacher scholarships to support those who wish to earn a bachelor’s degree or other credential that supports their work as an educator or their work to become an early childhood educator,” the White House said at the time.
Biden’s plan would invest $200 billion in the free universal preschool, including children from affluent families, The New York Times reported, giving child care providers the funds to have small classrooms and class sizes to help children with disabilities.
The plan would also cover the costs of child care for struggling working families, the publication reported.
Critics like “Hillbilly Elegy” author JD Vance insist the plan does not take into account the preferences of working-class Americans, many of whom would prefer to have one parent stay home with their child rather than pay for child care.
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