Last month, President Biden Joe Biden Biden taps California workplace safety leader to head up OSHA Romney blasts end of filibuster, expansion of SCOTUS US mulling cash payments to help curb migration MORE signed into law the most significant piece of legislation in a generation, the American Rescue Plan . Included among funding for schools to reopen, increased numbers of vaccination sites and stimulus checks to help individuals make ends meet, was a quiet, but revolutionary proposal: an expanded child tax credit. This revamped child tax credit takes a brand-new approach to supporting families by delivering monthly payments of up to $300 per child directly into parents’ bank accounts, through the end of 2021. It’s a significant change from the previous version of the policy, which was about half the amount, gave families the credit as a lump-sum in their annual tax refund and only included families with income. In short, this new child tax credit gets … [Read more...] about The new child tax credit must be delivered monthly
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Child Tax Credit: ‘IRS Not Set Up Currently To Provide Regular Monthly Payments,’ Says Expert
( CBS Detroit ) — Sometime later in 2021 raising a child will become a little cheaper for most Americans. The American Rescue Plan Act, which recently became law, increases the Child Tax Credit and changes how it is distributed. What was once $2,000 per child received at tax time will become up to $3,600 divided up and distributed periodically. The change will lift millions of children out of poverty. But that can only happen if the government is able to get the program going. How Will A Revised Child Tax Credit Work? According to the stimulus package, the Internal Revenue Service (IRS) will pay out $3,600 per year for each child up to five years old and $3,000 per year for each child ages six through 17. Payments will be issued automatically on a periodic basis from July to December of 2021, with the remainder issued when the recipient files their 2021 taxes. (Many expect that “periodic” will actually mean monthly or possibly quarterly, but the IRS still has to determine that.) … [Read more...] about Child Tax Credit: ‘IRS Not Set Up Currently To Provide Regular Monthly Payments,’ Says Expert
Child care tax credit can end no-win choice for working parents
Much has been made of the unprecedented delivery of meaningful financial relief and support to low- and moderate-income Americans under President Biden Joe Biden The Hill's Morning Report - Biden officials brace for worst despite vaccine data Congress looks to rein in Biden's war powers Democrats seize on voting rights; GOP cries foul MORE ’s $1.9 trillion American Rescue Plan Act (ARP). In particular, the Child Tax Credit is being heralded as an impressive step to dramatically reduce child poverty . Not getting nearly enough attention is another provision of the legislation that will go a long way towards lifting up those hardest hit by COVID-19 — working poor parents , many of whom are people of color. Among them are the low-wage workers most likely to be deemed essential: grocery, food service and retail workers and ride-share drivers who couldn’t opt to work from home and who lost or had to abandon their jobs to care for children during the crisis. … [Read more...] about Child care tax credit can end no-win choice for working parents
GOP lawmakers raise concerns about child tax credit expansion
Top Republicans on the House Ways and Means Committee are raising concerns about the expansion of the child tax credit (CTC) contained in President Biden Joe Biden Federal Reserve chair: Economy would have been 'so much worse' without COVID-19 relief bills Biden to meet Monday with bipartisan lawmakers about infrastructure Jill Biden gives shout out to Champ, Major on National Pet Day MORE 's coronavirus relief law. The relief law makes several changes to the credit for 2021, including by increasing the credit amount, making the credit fully refundable, and directing the IRS to make advance payments of the credit on a periodic basis. Republicans are concerned that the advance payments of the credit could lead to an increase in improper payments. "The new CTC and other provisions in [the American Rescue Plan] fail to learn from lessons of the past, are not targeted to pandemic relief, and risk the loss of billions of taxpayer dollars in fraudulent and improper … [Read more...] about GOP lawmakers raise concerns about child tax credit expansion
Self provides credit-building approaches for people from all walks of life
The Hill may be compensated and/or receive an affiliate commission if you buy through our links. We're all attempting to navigate through an era that has presented more economic obstacles than any in most of our lifetimes. Those efforts have required adjustments and sacrifices to ensure that families are fed fulfilling meals and bills are paid in a timely manner. For some of us, that's meant putting some extra burden on personal credit. As America collectively attempts to advance toward a post-pandemic future, Self is setting the stage for individual financial growth. Self's unique credit builder setup is enabling thousands of citizens from all walks of life to get on track for a bright future filled with exciting options. Through honesty, integrity and innovative technology, Self eases the process of building credit by helping users establish a consistent payment history . Whether or not you've missed payments in the past, there is a way to … [Read more...] about Self provides credit-building approaches for people from all walks of life
