Home » Economy » IRS to deliver final child tax credit payment of 2021 to 36M families
IRS to deliver final child tax credit payment of 2021 to 36M families
Biden’s spending bill is ‘unsustainable’ for US economy: Rep. Cammack
Rep. Kat Cammack, R-Fla., argues that President Biden’s ‘level of spending’ on his economic agenda is ‘unsustainable’ for Americans.
Millions of parents across the U.S. can expect to receive some extra cash this week, when the IRS will start distributing the sixth and final payment from the expanded child tax credit.
Roughly $16 billion has been sent to 36 million families, the Treasury Department and IRS said in a joint statement on Wednesday. The money is expected to reach some 60 million children.
The monthly installment, worth up to $300 per child, will be issued via direct deposit for most families beginning on Dec. 15, part of a program authorized as part of the stimulus bill that Democrats passed without any Republican votes in March.
THE IRS PROBABLY WON'T AUDIT YOU THIS YEAR – HERE'S WHY
Low- and middle-income parents can expect to receive $3,000 for every child ages 6 to 17 and $3,600 for every child under age 6 under the expanded child tax credit. The payments are income-based and begin to phase out for individuals earning more than $75,000 and married couples earning more than $150,000. The tax credit is tapered by $50 for every $1,000 a family makes over the income thresholds.
EconomyComments Off on IRS to deliver final child tax credit payment of 2021 to 36M families