{"id":518315,"date":"2021-05-17T15:06:14","date_gmt":"2021-05-17T19:06:14","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=518315"},"modified":"2021-05-17T15:06:17","modified_gmt":"2021-05-17T19:06:17","slug":"president-biden-says-child-tax-credits-will-hit-americans-bank-accounts-starting-this-summer","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/president-biden-says-child-tax-credits-will-hit-americans-bank-accounts-starting-this-summer\/","title":{"rendered":"President Biden Says \u2018Child Tax Credits\u2019 Will Hit Americans\u2019 Bank Accounts Starting This Summer"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">28<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fpresident-biden-says-child-tax-credits-will-hit-americans-bank-accounts-starting-this-summer%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=518315&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/05\/GettyImages-1318503792.jpg?w=1200&#038;h=800&#038;ixlib=react-9.0.3\" class=\"ff-og-image-inserted\"  style=\"display:none\"><\/div>\n<p>Starting this summer, the Internal Revenue Service (IRS) will provide a \u201cchild tax credit\u201d in the form of a stimulus payment to families across the nation. Beginning July 15th, families that fall into a specific income bracket will receive a monthly payment for each child. The payments will continue through December, part of President Joe Biden\u2019s $1.9 trillion American Rescue Plan, which was signed into law back in March.<\/p>\n<p>\u201cHere\u2019s the great news: you won\u2019t have to wait until your next year\u2019s tax return to get that break,\u201d Biden said. \u201cI\u2019m announcing today that on July 15th and on the 15th of every month thereafter throughout year, you will get deposited in your bank account, half of your tax cut, at least $250 per child each month, a direct deposit into your account. So if you\u2019re a working family with two kids, you\u2019re going to get $500 a month into your bank account on the 15th of every month starting in July.\u201d<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\" readability=\"12.269662921348\">\n<p lang=\"en\" dir=\"ltr\">\u201cYou won\u2019t have to wait until your next year\u2019s tax return to get [the Child Tax Credit]. I\u2019m announcing today that on July 15th, on the 15th of every month thereafter throughout the year, you will get deposited in your bank\u2026 $250 per child each month\u2026<\/p>\n<p>Help is here.\u201d \u2014<a href=\"https:\/\/twitter.com\/POTUS?ref_src=twsrc%5Etfw\">@POTUS<\/a> <a href=\"https:\/\/t.co\/w22mKvMxjb\">pic.twitter.com\/w22mKvMxjb<\/a><\/p>\n<p>\u2014 CAP Action (@CAPAction) <a href=\"https:\/\/twitter.com\/CAPAction\/status\/1394346458862825474?ref_src=twsrc%5Etfw\">May 17, 2021<\/a><\/p>\n<\/blockquote>\n<p>Part of Biden\u2019s American Rescue Plan also upped the child tax credit for the 2021 tax year, something Biden has talked about extending through 2025, and potentially making permanent, <a href=\"https:\/\/www.nbcnews.com\/politics\/white-house\/monthly-child-tax-credit-payments-start-hitting-bank-accounts-july-n1267535?cid=sm_npd_nn_fb_ma&#038;fbclid=IwAR3Nqx79gqJhWnhn_ftfx4qcyDPUep9a1hHouAaqBwYucaLzVjWAJN0KvEw\">NBC News<\/a>\u00a0reported.<\/p>\n<p>\u201cUnder the American Rescue Plan, families can receive a credit totaling $3,600 for each child under 6 and $3,000 for each one under age 18 for 2021. This is up from the current credit of up to $2,000 per child under age 17,\u201d <a href=\"https:\/\/www.cnn.com\/2021\/05\/17\/politics\/child-tax-credit-payments-july-15\/index.html\">CNN<\/a> reported. \u201cThe enhanced portion of the credit will be available for single parents with annual incomes up to $75,000, heads of households earning $112,500 and joint filers making up to $150,000 a year.\u201d<\/p>\n<p>The IRS is developing two online portals for the benefit. The first is for Americans who would qualify for the child tax credit but do not file taxes on a yearly basis because their income is below the poverty line, which the <a href=\"https:\/\/aspe.hhs.gov\/poverty-guidelines\">Department of Health and Human Services<\/a> (HHS) indicates is $26,500 for a family of four. According to <a href=\"https:\/\/www.hrblock.com\/tax-center\/income\/other-income\/how-much-do-you-have-to-make-to-file-taxes\/\">H&#038;R Block<\/a>, the minimum income to file taxes for a single filer under the age of 65 is $14,050. That number increases to $24,800 for married filing separately if both spouses are under the age of 65.<\/p>\n<p>The second portal, according to <a href=\"https:\/\/www.washingtonpost.com\/us-policy\/2021\/05\/17\/biden-child-tax-benefit\/\">The Washington Post<\/a>, is for Americans to alert the IRS about \u201cchanges in custodial status,\u201d as well as a change in income, number of children, or filing status. This portal can also be used to opt out of the monthly payment and receive the full benefit next year come tax season.<\/p>\n<p>The Biden administration <a href=\"https:\/\/twitter.com\/kylegriffin1\/status\/1394284094108815360?s=20\">claims<\/a> 88% of children in the United States, or roughly 39 million households, will benefit from the child tax credit payments.<\/p>\n<p>House Speaker Nancy Pelosi (D-CA) applauded the move, <a href=\"https:\/\/twitter.com\/SpeakerPelosi\">saying<\/a>\u00a0Biden and the House Democrats\u2019 \u201cleadership\u201d will result \u201cin nearly 40 million families with children will soon have critical financial relief that will help sustain them during the pandemic and in the days ahead.\u201d She also <a href=\"https:\/\/twitter.com\/SpeakerPelosi\/status\/1394344866818236416?s=20\">said<\/a> the \u201clifeline\u201d should be made \u201cpermanent.\u201d<\/p>\n<p>If the enhanced benefit becomes permanent, independent analysts estimate it would cost Americans roughly $100 billion per year, <a href=\"https:\/\/www.chicagotribune.com\/business\/ct-biz-covid-child-tax-credit-stimulus-payments-20210517-4sgrvu5mkvez5czbwnru3fowzu-story.html\">The Chicago Tribune<\/a> reported.<\/p>\n<p><i>The Daily Wire is one of America\u2019s fastest-growing conservative media companies and counter-cultural outlets for news, opinion, and entertainment. Get inside access to The Daily Wire by becoming a\u00a0<\/i><a href=\"https:\/\/www.dailywire.com\/subscribe\"><span class=\"s1\"><i>member<\/i><\/span><\/a><i>.<\/i><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Starting this summer, the Internal Revenue Service (IRS) will provide a \u201cchild tax credit\u201d in the form of a stimulus payment to families across the nation. Beginning July 15th, families &#8230;<\/p>\n","protected":false},"author":1,"featured_media":2278338,"comment_status":"close","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/05\/GettyImages-1318503792.jpg?w=1200&h=800&ixlib=react-9.0.3","fifu_image_alt":"President Biden Says \u2018Child Tax Credits\u2019 Will Hit Americans\u2019 Bank Accounts Starting This Summer","footnotes":""},"categories":[],"tags":[],"class_list":["post-518315","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"fifu_image_url":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/05\/GettyImages-1318503792.jpg?w=1200&h=800&ixlib=react-9.0.3","fifu_image_alt":"President Biden Says \u2018Child Tax Credits\u2019 Will Hit Americans\u2019 Bank Accounts Starting This Summer","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/518315","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=518315"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/518315\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2278338"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=518315"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=518315"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=518315"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}