(C) Reuters. FILE PHOTO: U.S. President Joe Biden speaks inside the Oval Office at the White House in Washington, U.S., March 11, 2021. REUTERS/Tom Brenner
(Reuters) – A poverty-fighting measure included in the COVID-19 relief bill passed this year will deliver monthly payments to households including 88% of children in the United States, starting in July, Biden administration officials said on Monday.
The Democratic-backed American Rescue Plan, signed into law by President Joe Biden in March as a response to the coronavirus pandemic, expanded a tax credit available to most parents.
Those people will get up to $3,000 per child, or $3,600 for each child under the age of 6, in 2021, subject to income restrictions. The benefit will reach 39 million households, many automatically and by direct deposit every month, starting on July 15.
It is one of several measures the administration says could lift more than 5 million children out of poverty, half of the total number of U.S. youngsters in that situation.
Biden has asked Congress to extend the tax credit through 2025.
Officials are trying to help the economy recover from the pandemic. Yet recent signs of higher inflation have raised concern that those costs could eat away at incomes and exacerbate inequality.
Households including most U.S. children to get monthly stimulus payment
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.