NEWS: Senior Dems drafting plan to directly send $3K per kid (& $3,600/young kid) to millions
Aides say effort to look more like direct checks -- aiming for direct monthly deposit of $300 -- than traditional tax credit offsetting liability
Details --> https://www.washingtonpost.com/us-policy/2021/01/22/biden-childtaxcredit-stimulus/
Aides say effort to look more like direct checks -- aiming for direct monthly deposit of $300 -- than traditional tax credit offsetting liability
Details --> https://www.washingtonpost.com/us-policy/2021/01/22/biden-childtaxcredit-stimulus/
Big hurdles remain. Plan still has to be written & passed; aides said planning subject to change. Some Dems worried about IRS capacity.
Caveats aside: Leading Dem plan would NOT require families to offset credit against liability to receive it monthly https://www.washingtonpost.com/us-policy/2021/01/22/biden-childtaxcredit-stimulus/
Caveats aside: Leading Dem plan would NOT require families to offset credit against liability to receive it monthly https://www.washingtonpost.com/us-policy/2021/01/22/biden-childtaxcredit-stimulus/
Other details:
-- Ds eyeing basing income cutoff on prior year income, w/ new online Treasury portal to adjust for current year income shocks
-- Columbia experts: Bill could reduce child poverty by ~50%
-- Pricetag ~$120B/year https://www.washingtonpost.com/us-policy/2021/01/22/biden-childtaxcredit-stimulus/
-- Ds eyeing basing income cutoff on prior year income, w/ new online Treasury portal to adjust for current year income shocks
-- Columbia experts: Bill could reduce child poverty by ~50%
-- Pricetag ~$120B/year https://www.washingtonpost.com/us-policy/2021/01/22/biden-childtaxcredit-stimulus/