Democrats will present a proposal attached to the next stimulus package that would provide direct payments of $ 3,000 per child in certain households.
Why it’s important: The new legislation, led by Ways and Means President Richard Neal (Massachusetts), comes shortly after Senator Mitt Romney (R-Utah) introduced a similar proposal, supporting bipartisan support for expanding cash benefits for families with children.
The Biden Administration has reviewed and supports the proposal, according to the Washington Post, which first reported on the plan. The legislative proposal, revised by Axios, will be revealed on Monday along with other provisions on forms and means.
- The IRS would begin depositing payments into bank accounts on July 1st.
- Payments would be made in monthly installments.
- Qualifying household income would be based on the previous year with lower payments for people earning $ 75,000 for individuals and $ 150,000 for those filing jointly.
- Eligible households with children ages 17 to 6 could receive payments of $ 3,000 for each child and $ 3,600 for children under 6 years of age.
What they say: “The pandemic is driving families increasingly into poverty and is devastating,” Rep. Ritchie Neal (D-Mass.), Chair of the Forms and Means Committee, said in a statement.
- “We’re making the children’s tax credit more generous, more accessible, and by paying it monthly, that money will be the difference on a roof over someone’s head or eating at the table,” he said.