What you need to know about the expanded child tax credit
3 years, 5 months ago

What you need to know about the expanded child tax credit

LA Times  

President Biden called it a “historic” day as his administration was set to begin distributing expanded child tax credit payments. Then check your bank account — you might see up to $300 there for each kid, the first of many payments this year courtesy of the expanded federal child tax credit. The changes to the credit were part of the $1.9-trillion American Rescue Plan, a package of relief programs that President Biden signed into law in March to help the country overcome the coronavirus crisis. “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 L. Yellen said in a statement.

Children Credit Payments Families Biden Help President Biden File Tax Expanded Child  need  expanded  child  families  help  monthly  file  tax  know  biden  payments  credit  children

History of this topic

How a ‘game-changer’ child tax credit for families became a priority for Harris, Vance
4 months, 1 week ago

How a ‘game-changer’ child tax credit for families became a priority for Harris, Vance

LA Times  

Parent coach Alba Mariscal, left, makes a home visit to Cudahy in August 2023. And in an appearance on CBS’ “Face the Nation” last Sunday, Vance said he supported an increase to the child tax credit. “Look, I’d love to see a child tax credit that’s $5,000 per child,” he said. The child tax credit was first enacted in 1997 …

Harris wants to give families a big tax break for a new baby
4 months, 1 week ago

Harris wants to give families a big tax break for a new baby

NPR  

Harris wants to give families a big tax break for a new baby toggle caption Allison Joyce/AFP Vice President Harris unveiled an economic plan on Friday that focused on the high cost of housing, groceries and raising kids — top-of-mind expenses for voters pinched by years of rising prices. toggle caption Justin Sullivan/Getty Images Harris will focus on housing prices …

Senate rejects legislation that would expand child tax credit and restore business tax breaks
4 months, 3 weeks ago

Senate rejects legislation that would expand child tax credit and restore business tax breaks

Associated Press  

WASHINGTON — A bill to expand the child tax credit and restore some tax breaks for businesses failed to advance in the Senate on Thursday as Republicans largely opposed the measure, arguing they would be in position to get a better deal next year. He was also looking to counter assertions from Republican presidential nominee Donald Trump’s running mate, Sen. …

Got kids? Here’s what to know about filing your 2023 taxes
8 months, 1 week ago

Got kids? Here’s what to know about filing your 2023 taxes

Associated Press  

NEW YORK — There are a few tax tips parents of children 17 and under should keep in mind before filing, tax pros say. Here’s what to know: Child tax credit The child tax credit has reverted lower for 2023 than in previous years, when it was expanded due to COVID. If you have a dependent care program through your …

Parents are struggling with high prices this year. It may shape how they vote
8 months, 2 weeks ago

Parents are struggling with high prices this year. It may shape how they vote

NPR  

Parents are struggling with high prices this year. "I feel like it's harder now because even though I am financially where I wasn't 25 years ago, I feel like things have gotten more expensive," she says. Enlarge this image toggle caption Keren Carrión/NPR Keren Carrión/NPR Starsky Wilson, president and CEO of the Children's Defense Fund, says the economic benefits for …

US Child Tax Credit 2024: Who is eligible for the benefit?
10 months, 2 weeks ago

US Child Tax Credit 2024: Who is eligible for the benefit?

Hindustan Times  

The House introduced expansions to the Child Tax Credit 2024 scheme by passing a bill last week. What does the Child Tax Credit 2024 expansion mean? The child should not file a joint return with their partner for the tax year OR file it only to claim a refund of withheld income tax/ estimated tax paid. Lower-income families will Tax …

House passes bill to enhance child tax credit, revive key tax breaks for businesses
10 months, 3 weeks ago

House passes bill to enhance child tax credit, revive key tax breaks for businesses

Associated Press  

WASHINGTON — The House accomplished something unusual Wednesday in passing with broad, bipartisan support a roughly $79 billion tax cut package that would enhance the child tax credit for millions of lower-income families and boost three tax breaks for businesses, a combination that gives lawmakers on both sides of the political aisle coveted policy wins. He spent part of the …

Tax season is under way. Here are some tips to navigate it
10 months, 3 weeks ago

Tax season is under way. Here are some tips to navigate it

Associated Press  

NEW YORK — Tax season began Monday and for many people filing U.S. tax returns — especially those doing it for their first time — it can be a daunting task that’s often left to the last minute. The bill would incrementally increase the maximum refundable child tax credit to $1,800 for 2023 tax returns, $1,900 for the following year …

Lawmakers announce bipartisan effort to enhance child tax credit, revive tax breaks for businesses
11 months, 1 week ago

Lawmakers announce bipartisan effort to enhance child tax credit, revive tax breaks for businesses

LA Times  

The chairmen of the top tax policy committees in Congress announced a bipartisan agreement Tuesday to enhance the child tax credit and revive a variety of tax breaks for businesses, a combination designed to attract support from lawmakers of both political parties. The bill would incrementally increase the maximum refundable child tax credit to $1,800 for 2023 tax returns, $1,900 …

Lawmakers announce bipartisan effort to enhance child tax credit, revive tax breaks for businesses
11 months, 1 week ago

Lawmakers announce bipartisan effort to enhance child tax credit, revive tax breaks for businesses

Associated Press  

WASHINGTON — The chairmen of the top tax policy committees in Congress announced a bipartisan agreement Tuesday to enhance the child tax credit and revive a variety of tax breaks for businesses, a combination designed to attract support from lawmakers of both political parties. The bill would incrementally increase the maximum refundable child tax credit to $1,800 for 2023 tax …

To tackle poverty, more states will offer bigger child tax credits in 2024
11 months, 3 weeks ago

To tackle poverty, more states will offer bigger child tax credits in 2024

NPR  

To tackle poverty, more states will offer bigger child tax credits in 2024 Enlarge this image toggle caption Steve LeBlanc/AP Steve LeBlanc/AP Many Americans took a double whammy to the pocketbook this year: Prices for things like food and rent rose, and federal pandemic aid continued to peter out. "While the state-specific child tax credits are smaller than what we've …

You’re not getting child tax credit checks anymore. Here’s why
1 year, 11 months ago

You’re not getting child tax credit checks anymore. Here’s why

LA Times  

Christina Darling plays with her sons Kayden, 10, left, and Brennan, 4, at home in Nashua, N.H., in 2021. Darling and her family had qualified for the expanded child tax credit, part of President Biden’s $1.9-trillion coronavirus relief package. “It didn’t have enough time to just root in the way you need it to,” said DeLauro, who advocated for an …

Editorial: Congress can help struggling families by reviving the expanded child tax credit
2 years ago

Editorial: Congress can help struggling families by reviving the expanded child tax credit

LA Times  

For a brief, six-month period last year, something life-changing happened for tens of millions of American families: They started receiving automatic monthly payments of as much as $300 per child to use for whatever they needed. But Congress allowed the payments to expire in January, ending an expanded child tax credit that slashed child poverty and could have been a …

What is Child Tax Credit?
2 years, 3 months ago

What is Child Tax Credit?

The Independent  

Get the free Morning Headlines email for news from our reporters across the world Sign up to our free Morning Headlines email Sign up to our free Morning Headlines email SIGN UP I would like to be emailed about offers, events and updates from The Independent. First introduced by Tony Blair’s Labour government in April 2003, Child Tax Credit helps …

Study: Child poverty rising after tax credit expires
2 years, 10 months ago

Study: Child poverty rising after tax credit expires

Associated Press  

WASHINGTON — The number of children in America living in poverty jumped dramatically after just one month without the expanded child tax credit payments, according to a new study. As part of Biden’s $1.9 trillion COVID-19 rescue package last year, the existing child tax credit program was massively reshaped, boosting the amount of the payments, greatly expanding the pool of …

Child Poverty Spiked After Tax Credit Expired, Early Research Suggests
2 years, 10 months ago

Child Poverty Spiked After Tax Credit Expired, Early Research Suggests

Huff Post  

LOADING ERROR LOADING WASHINGTON – Low-income parents faced more hardship in January after Congress failed to continue the monthly child tax credit payments that slashed child poverty last year. “The monthly child poverty rate increased from 12.1% in December 2021 to 17% in January 2022, the highest rate since the end of 2020,” the Columbia researchers said in their latest …

Child tax credit: Brace for a smaller tax refund if you got monthly payments in 2021
2 years, 10 months ago

Child tax credit: Brace for a smaller tax refund if you got monthly payments in 2021

CNN  

CNN — Many parents may not be so happy when they file their tax returns this year. That’s because more than 36 million families already received half of their enhanced child tax credit in monthly payments during 2021. More complicated scenarios Some parents may find they’ll get a much smaller refund – or even have to pay back some or …

Op-Ed: One huge cost of letting the expanded child tax credit die? Harm to developing brains
2 years, 11 months ago

Op-Ed: One huge cost of letting the expanded child tax credit die? Harm to developing brains

LA Times  

Rep. Maxine Waters, left, and House Speaker Nancy Pelosi hold a news conference Aug. 12 at the Ethel Bradley Early Education Center in Los Angeles to discuss the importance of the expanded child tax credit. These payments reached 27 million children from families with taxable earnings too low to benefit from the annual tax refund provided by the previous child …

COVID-expanded child tax credit benefit nears lapse
3 years ago

COVID-expanded child tax credit benefit nears lapse

Associated Press  

WASHINGTON — It’s one of the most far-reaching of all the federal aid programs launched during the COVID-19 pandemic — up to $300 per child going directly into the bank accounts of families on the 15th of every month. The swift launch, and potentially quick end, to the bolstered child tax credit highlights the risks of enacting sweeping social policy …

What’s inside Biden’s $2T social and climate measure
3 years, 1 month ago

What’s inside Biden’s $2T social and climate measure

Associated Press  

WASHINGTON — President Joe Biden’s roughly $2 trillion plan to boost social and education programs as well as protect against global warming has passed the House, pushing it one step closer to law. FAMILY/CHILD CARE — Eligible workers would receive up to four weeks of paid leave to reimburse them for time taken to care for a new child or …

What’s in, and what’s out, as House nears vote on Biden bill
3 years, 1 month ago

What’s in, and what’s out, as House nears vote on Biden bill

Associated Press  

WASHINGTON — President Joe Biden’s now- $1.85 trillion plan to boost social and education programs as well as protect against global warming continues to be fine-tuned by Democrats in Congress with a new goal of completing work before Thanksgiving. TAX BREAKS — An expanded child tax credit would continue for another year. — The expanded Earned Income Tax Credit that …

What’s in, and what’s out, as Democrats trim Biden bill
3 years, 2 months ago

What’s in, and what’s out, as Democrats trim Biden bill

Associated Press  

WASHINGTON — After months of talks, Democrats are edging closer to an agreement on what programs and policies to include in President Joe Biden’s massive plan to expand health and safety net programs and combat global warming. But here’s where the bill stands so far, according to lawmakers and aides: — A child tax credit increase would continue for another …

Biden’s Build Back Better plan explained: What it is and what’s in it
3 years, 3 months ago

Biden’s Build Back Better plan explained: What it is and what’s in it

CNN  

CNN — After months of negotiations and passage in the House last month, President Joe Biden’s sweeping $1.75 trillion economic and climate package was dealt a major blow on Sunday when a key Democratic senator said he cannot support the bill. The provision, along with the child care measure, would cost an estimated $381.5 billion, according to the CBO. This …

Child tax credit starts hitting US families’ bank accounts
3 years, 5 months ago

Child tax credit starts hitting US families’ bank accounts

Associated Press  

WASHINGTON — The child tax credit had always been an empty gesture to millions of parents like Tamika Daniel. Daniel, a 35-year-old mother of four, didn’t even know the tax credit existed until President Joe Biden expanded it for one year as part of the $1.9 trillion coronavirus relief package that passed in March. And our country would be better …

How the expanded child tax credit payments work
3 years, 5 months ago

How the expanded child tax credit payments work

Associated Press  

The Biden administration is beginning to distribute expanded child tax credit payments, giving parents on average $423 this month, with payments continuing through the end of the year. President Joe Biden increased the size of the tax credit as part of his $1.9 trillion coronavirus relief package, as well as making it fully available to families without any tax obligations. …

The Expanded Child Tax Credit Is Here. Here's What You Need To Know
3 years, 5 months ago

The Expanded Child Tax Credit Is Here. Here's What You Need To Know

NPR  

The Expanded Child Tax Credit Is Here. The White House says $15 billion in payments have been sent out to the families of nearly 60 million children as part of the expanded child tax credit. In the past, families eligible for the child tax credit would have gotten it as a one-time lump sum when they filed their taxes. Columbia …

Parents Are Already Budgeting For New Child Tax Payments
3 years, 6 months ago

Parents Are Already Budgeting For New Child Tax Payments

Huff Post  

LOADING ERROR LOADING The IRS has notified millions of parents that they will soon receive monthly payments worth as much as $300 per child, and some have already made plans for the money. Rykiel, 33, does the family’s taxes, so she was well aware that the child tax credit benefited her family even before Democrats dramatically expanded it as part …

Biden will start sending monthly child tax credit checks up to $300 to 39 million families
3 years, 7 months ago

Biden will start sending monthly child tax credit checks up to $300 to 39 million families

Daily Mail  

Expanded monthly child tax credits will start going out to 39 million U.S. families starting July 15, the President Joe Biden and the Treasury Department announced Monday. Joe Biden announced Monday his Treasury Department will start sending monthly child tax credits to 39 million families on July 15 'We need to give ordinary families a break – a tax break …

New Monthly Child Tax Credits Are Starting To Go Out. Here's What It Means For You
3 years, 7 months ago

New Monthly Child Tax Credits Are Starting To Go Out. Here's What It Means For You

NPR  

New Monthly Child Tax Credits Are Starting To Go Out. Here's What It Means For You Enlarge this image toggle caption Andrew Harnik/AP Andrew Harnik/AP 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. …

Parents Would Keep Getting Monthly Checks Under Joe Biden's 'American Families Plan'
3 years, 7 months ago

Parents Would Keep Getting Monthly Checks Under Joe Biden's 'American Families Plan'

Huff Post  

LOADING ERROR LOADING Parents would receive monthly checks, even after this year is over, under President Joe Biden’s forthcoming multitrillion-dollar plan for American families. Economic advisers initially planned on a four-year extension of the child tax credit that would expire in 2025, The Washington Post first reported and HuffPost confirmed with two administration officials. Democrats significantly increased the child tax …

IRS chief expects new child payments to start this summer
3 years, 8 months ago

IRS chief expects new child payments to start this summer

Associated Press  

WASHINGTON — It’s a strain, but the head of the IRS said Tuesday he expects to meet the July 1 deadline in the new pandemic relief law for starting a groundbreaking tax program aimed at reducing child poverty. In testimony at a Senate hearing, IRS Commissioner Charles Rettig said it will cost nearly $400 million and require the hiring of …

Child Tax Credit: Millions of parents could soon get up to $3,600 per child
3 years, 9 months ago

Child Tax Credit: Millions of parents could soon get up to $3,600 per child

CBS News  

The $1.9 trillion American Rescue Plan, signed into law by President Joe Biden, is aimed at shoring up the pandemic-stricken economy through fiscal measures like expanded unemployment aid and direct stimulus checks. But the legislation also includes a relatively novel measure that offers a form of guaranteed income to parents of children under 18, or what one expert calls "a …

Democrats Have Passed Their COVID-19 Bill. Now Comes The Hard Part.
3 years, 9 months ago

Democrats Have Passed Their COVID-19 Bill. Now Comes The Hard Part.

Huff Post  

LOADING ERROR LOADING People already like the American Rescue Plan that House Democrats pushed through final passage on Wednesday. “The people of Georgia will know that it was this team and this White House that delivered this legislation.” If it weren’t for Ossoff and fellow Georgia Democratic Sen. Raphael Warnock, who together gave Democrats control of the Senate by winning …

What you’ll get from the stimulus: Child tax credit, unemployment and more
3 years, 9 months ago

What you’ll get from the stimulus: Child tax credit, unemployment and more

CNN  

Washington CNN — The $1.9 trillion coronavirus package contains a wide range of benefits to help Americans who are still struggling with the economic fallout of the pandemic. Here’s how Americans could benefit from the legislation: If your family makes less than $160,000 a year The bill provides direct payments worth up to $1,400 per person to married couples earning …

Child tax credit expansion sets up showdown with GOP
3 years, 9 months ago

Child tax credit expansion sets up showdown with GOP

Associated Press  

WASHINGTON — The massive coronavirus relief plan making its way to President Joe Biden’s desk includes a plan to temporarily raise the child tax credit that could end up permanently changing the way the country deals with child poverty. The American Rescue Plan, expected to receive final approval this week, temporarily raises the child tax credit, now at a maximum …

Americans can get $1,400 COVID cheques in days, tax experts say
3 years, 9 months ago

Americans can get $1,400 COVID cheques in days, tax experts say

Al Jazeera  

Tax experts say some Americans could receive $1,400 stimulus cheques as early as this week, but changes to the child tax credit present a massive undertaking. With plenty of practice sending coronavirus relief payments to Americans, the US federal government should be able to launch the delivery of $1,400 cheques almost immediately once Congress finalises a new aid bill and …

House democrats to introduce $3,000 child benefit legislation
3 years, 10 months ago

House democrats to introduce $3,000 child benefit legislation

Hindustan Times  

Democratic leaders from the US House of Representatives will unveil legislation on Monday that would provide millions of families at least USD 3,000 per child, advancing a key provision in President Joe Biden's USD 1.9 trillion Covid-19 relief package. Richard Neal, Chairman of the Ways and Means Committee, who is leading the crafting of the legislation for the stimulus package, …

Biden Plan To Expand Child Tax Credit Could Help Lift Millions Of Kids Out Of Poverty
3 years, 10 months ago

Biden Plan To Expand Child Tax Credit Could Help Lift Millions Of Kids Out Of Poverty

NPR  

Biden Plan To Expand Child Tax Credit Could Help Lift Millions Of Kids Out Of Poverty Enlarge this image toggle caption Pool/Getty Images Pool/Getty Images A big part of President Biden's coronavirus relief package is focused on children. Sponsor Message Currently, he says, "the child tax credit is a $2,000 credit, and it's very simple for middle-class children and higher-income …

Discover Related