Washington To Discuss COVID-19 Relief Plan, Including $3,600 Per Child, Over 1 Year
We can start off this article by stating the obvious - Washington D.C. will argue about this in their typical political way before anything is made to directly impact the American people. Yep. Now that we have that disclaimer out of the way, let me tell you about the plan under discussion.
The House Ways and Means Committee is expected to layout a proposal today (Monday) to send $3,600 per child to millions of American families. The proposal comes as House Democrats work to assemble the $1.9 trillion COVID-19 relief package put forth by President Biden.
According to USA Today, the proposal would expand the child tax credit to up to $3,600 for children up to 6 years old, or $3,000 for children up to age 17.
If this legislation is passed by Congress, the payments would begin in July for one year. The payments would be split over the course of the 12 months - equaling $300 per month or $250 per month.
"The pandemic is driving families deeper and deeper into poverty, and it’s devastating. We are making the child tax credit more generous, more accessible, and by paying it out monthly, this money is going to be the difference in a roof over someone’s head or food on their table," said Rep. Richard Neal, D-Mass., the chairman of the tax-writing House Ways and Means Committee
So what makes you qualified for the child tax credit expansion?
- Individuals earning under $75,000 per year
- Couples not earning more that $150,000 per year
Payments would phase out after those thresholds.
According to CNN, the current Child Tax Credit provides up to $2,000 per child under the age of 17. The credit phases out for single parents with a modified adjusted gross income over $200,000, and $400,000 for married couples. Families receive a single payment.
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