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Starting this summer, many American families are expected to get a financial boost in the form of direct monthly payments to support the cost of raising children.
As part of the $1.9 trillion stimulus bill passed in March, Congress expanded the child tax credit so eligible families can receive $3,600 for children under 6 years of age and $3,000 for those between the ages of 6 and 17. Researchers have said measures in the latest relief package could cut child poverty in half. What we re talking about here is a potentially transformational policy that s going to put the single biggest dent in child poverty in the United States of anything that we ve ever done, said Luke Shaefer, director of Poverty Solutions, an initiative at the University of Michigan that partners with communities and policymakers to find ways to prevent and alleviate poverty.
“What we’re talking about here is a potentially transformational policy that’s going to put the single biggest dent in child poverty in the United States of anything that we’ve ever done,” said Luke Shaefer, director of Poverty Solutions, an initiative at the University of Michigan that partners with communities and policymakers to find ways to prevent and alleviate poverty.
Poverty Solutions created a new website to help people navigate how to get the expanded benefits. The tax credits are expected to be paid starting in July, according to the Internal Revenue Service, which plans to create an electronic portal to process the payment. Families would see monthly payments of $250 to $300 per child through December and then the rest of the money next year during tax time, instead of the usual lump sum issued once a year.
Starting this summer, many American families are expected to get a financial boost in the form of direct monthly payments to support the cost of raising children.
As part of the $1.9 trillion stimulus bill passed in March, Congress expanded the child tax credit so eligible families can receive $3,600 for children under 6 years of age and $3,000 for those between the ages of 6 and 17. Researchers have said measures in the latest relief package could cut child poverty in half. What we re talking about here is a potentially transformational policy that s going to put the single biggest dent in child poverty in the United States of anything that we ve ever done, said Luke Shaefer, director of Poverty Solutions, an initiative at the University of Michigan that partners with communities and policymakers to find ways to prevent and alleviate poverty.