Child Tax Credit Payments Being Distributed Today, Biden Set to Speak

President Biden is set to deliver remarks today regarding the expanded Child Tax Credits his administration began as part of their Covid-19 Relief Package aimed at reducing childhood poverty. According to a White House official, Biden will “explain in clear language how the Child Tax Credit works and provide an overview of how some families may use this money, from basics, like food and housing to new school supplies or after-school activities.” The full credit will be available to heads of households earning $122,500 and joint filers making up to $150,000 a year.
Starting today, American families should expect to see payments on the 15th of every month through the end of this year with an accompanying tax break when they file their returns next year. Roughly 39 million households which is 88% of children will get the credit automatically because they filed 2019 or 2020 returns claiming the credit. Families that filed taxes electronically should see payments in their accounts that say ‘Child CTC’ while families that file via mail should expects checks in their mailboxes. The White House believes the payments will be ‘transformative’ for families and will lead to the ‘largest-ever one-year decrease in child poverty in American history.’