American parents will soon get a payday.
The federal government will begin forking over monthly payments to millions of US families this week under President Biden’s …
American parents will soon get a payday. The federal government will begin forking over monthly payments to millions of US families this week under President Biden’s controversial expanded child tax credit plan. The cash — approved as part of the Democrat’s 1.9 trillion stimulus package in March — aims to prevent child poverty. But critics say the checks, which are part of Biden’s coronavirus relief plan, are an expansion of the welfare state and a disincentive to work. Here’s what you need to know about the child tax credit, including whether you’re eligible. The expanded payments will go to couples who earn $150,000 or less per year along with heads of households who earn $112,500 or less. Individuals who earn $75,000 or less also qualify, according to the IRS. It depends on your situation. Eligible families with kids under the age of 6 will receive a total of up to $3,600 per child, while families of older children between the ages of 6 and 17 could get up to $3,000 per kid.
