New York City (Washington Insider Magazine) Perhaps the most ambitious “government initiative” thus far for the Biden administration is the upcoming federal government payments to children. They will be monthly payments worth $300 per child to millions of American children, starting in July.
The Treasury Department has said that ”some 39 million households, including almost 90 percent of the nation’s children, are set to receive the payments.” This will be the first time that the nation has given out a child allowance.
Checks will be going out on the 15th of each month. With this in mind, the parents can plan their budgets around these payments.
President Biden said, “For working families with children, this tax cut sends a clear message: help is here.”
The March stimulus package is seeing the Democrats “radically expanding the nearly 24-year-old child tax credit,” which will increase the payments from $2,000 per child to $3,600 per child. In addition, the government has “transformed” the credit that is normally taken at the end of the year into “one person can take piecemeal each month.”
This government plan is designed to especially help the poor so that they have money coming in at a slow but continual stream. It should aid with unexpected expenses that come up during the month. Hopefully, it will help those children that live in poverty.
Right now, the plan is expected to run just until the end of 2021. Democrats would really like to extend the package, though, if possible. It would be “part of their latest spending packages.”
Biden encouraged the public with a recent statement. “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.”
The Treasury said that parents should not have to do anything. They will just start receiving the benefits for their children on the 15th of each month. However, the Treasury and the IRS will make efforts to make sure that Americans are aware of their eligibility to receive the benefits.