This proposal would be included in Biden’s proposed $ 1.9 billion stimulus bill.
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Recent reports suggest that Democrats are drafting legislation to expand the child tax credit from $ 2,000 to $ 3,000, or up to $ 3,600, depending on the age of the child and the family’s income.
Qualifying parents wouldn’t have to wait for a tax refund to get that money, as payments would be made monthly. This proposal would be included in Biden’s proposed $ 1.9 billion stimulus bill, and it is not yet certain whether it will pass.
According to Biden’s plan, the IRS would pay $ 300 per month for each child up to five years old and $ 250 per month for each child ages six to 17. That adds up to $ 3,600 or $ 3,000 per year, depending on the age of each child, according to CBS.
Payments would be issued automatically – similar to what happened with the first stimulus checks – and would not depend on the beneficiary’s current fiscal situation. In other words, eligible families would receive the full amount of money.
Payments would gradually decline beyond an income threshold yet to be determined. Recipients may also have the option of receiving annual payments instead of monthly.
It should be noted that between eight and 12 million children currently live in households that face food insecurity due to lack of money, according to recent census data.
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